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Bank of Changsha scales back IPO plan

China-based Bank of Changsha Co. Ltd. has secured authorities' approval to issue up to 342,155,376 shares for an IPO on the Shanghai Stock Exchange, representing a 66% reduction from a previous plan to issue up to 1 billion shares through the offering.

The company expects to utilize proceeds from the planned IPO to boost its capital by 2.64 billion Chinese yuan. The Hunan province-based joint stock commercial bank said pricing will be subject to market conditions but did not elaborate on the downsizing of the offering.

As of March 31, the ratio stood at 11.93%, while the core Tier 1 capital adequacy ratio was at 8.95%, compared to the regulatory requirements of 10.5% and 7.5%, respectively.

Bank of Changsha's net interest margin was 2.43% as of March 31, down from 2.67% in 2017. For the first half, the company posted net profit of 2.44 billion yuan, up 10.01% from 2.22 billion yuan recorded a year ago.

As of Aug. 14, US$1 was equivalent to 6.88 Chinese yuan.