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China Zheshang Bank to issue new A shares ahead of secondary listing in Shanghai

China Zheshang Bank Co. Ltd. plans to issue 2.55 billion new A shares in an IPO, ahead of a secondary listing in Shanghai.

This will account for 11.99% of the lender's total share capital following the float, according to an Oct. 15 release.

The issue price of the shares will be determined Oct. 22, with subscription to take place Oct. 24.

The Hong Kong-listed bank said in August 2018 that it could seek fresh capital through a secondary listing in mainland China.