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Bank of Zhengzhou's 2.75B yuan Chinese IPO oversubscribed

Bank of Zhengzhou Co. Ltd. said its planned IPO on the Shenzhen stock exchange was oversubscribed 406.3x by retail investors.

The company is issuing up to 600 million shares at a price of 4.59 Chinese yuan per share, totaling 2.75 billion yuan, and expects to disclose allotment results Sept. 11.

Retail investors have been allocated 90% of the offer, while institutional investors will subscribe for the rest.

The Chinese lender announced plans to list in China in July 2016 to replenish the bank's capital, after raising US$656 million through an IPO in Hong Kong in 2015.

As of Sept. 10, US$1 was equivalent to 6.86 Chinese yuan.