Bank of Changsha Co. Ltd. obtained regulatory approval to conduct an IPO to list on the Shanghai Stock Exchange.
The China Securities Regulatory Commission granted approval for the IPO at a May 29 meeting, according to a same-day filing.
In December 2017, the Chinese lender submitted a prospectus to the regulator, proposing to issue up to 1 billion shares, or 24.5% of its post-listing share capital. Funds raised in the offering will go toward replenishing Bank of Changsha's capital levels and raising its capital adequacy ratio.
Bank of Changsha would become the first lender in southern China's Hunan province to go public, and it is the second bank to obtain regulatory approval for an IPO in 2018, the Securities Times reported May 29.
CITIC Securities is the sponsor for the offering.
