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Xinjiang Huihe Bank secures regulatory approval for Hong Kong IPO

The China Banking and Insurance Regulatory Commission has approved Xinjiang Huihe Bank Co. Ltd.'s planned Hong Kong IPO of up to 471 million shares.

The bank's total assets stood at 31.5 billion yuan as of the end of 2018, lower than most other publicly listed Chinese banks in Hong Kong, National Business Daily reported Sept. 22.

The city commercial bank's net profit for 2018 came to 266 million yuan, up year over year from 227 million yuan recorded in 2017. At the end of 2018, its nonperforming loan ratio came to 1.85%, compared with a 1.09% at the end of 2017.

As of Sept. 23, US$1 was equivalent to 7.12 Chinese yuan.