Zhongyuan Bank Co. Ltd. has hired CITIC CLSA as the sponsor for its Hong Kong IPO, according to two people familiar with the situation.

The Henan province, China-based commercial lender plans to raise US$700 million to US$800 million in the share offering and list itself around the 2017 third quarter, one of the people said.

Bank of Zhengzhou Co. Ltd., another commercial bank based in the Henan province, raised US$656 million in a Hong Kong IPO in December 2015 after pricing its shares at HK$3.85, the low end of its indicative price range. The bank is now trading at HK$4.96, up 29% since its trading debut.

Nine out of the top 10 IPOs in Hong Kong in 2016 are from the financial sector, including share offerings by Postal Savings Bank of China Co. Ltd., China Zheshang Bank Co. Ltd. and Bank of Tianjin Co. Ltd.