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China's Luzhou Commercial Bank launches IPO in Hong Kong

China's Luzhou Commercial Bank Ltd. launched its IPO in Hong Kong on Dec. 4 and aims to sell 54,574,000 shares at a maximum of HK$3.40 apiece.

The share sale is expected to complete Dec. 10, with the H shares to commence trading Dec. 17, according to a Dec. 4 prospectus.

The state-owned lender is the largest commercial bank in the Chinese city of Luzhou by assets. It posted a net profit attributable to shareholders of 618.7 million yuan for the year ended Dec. 31, 2017, up from 451.5 million yuan as of Dec. 31, 2015. Its net profit for the half-year ended June 30 was 376.8 million yuan.

As of Dec. 4, US$1 was equivalent to 6.84 Chinese yuan.