Hefei, China-based Huishang Bank Corp. Ltd. revived its plan to seek a secondary listing on the Shanghai stock exchange in its latest attempt to restore its public float to the minimum threshold of 25% of its total issued shares.

The Hong Kong-listed lender said Dec. 30 that it plans to apply for an IPO and listing of up to 1.5 billion A shares to further optimize its corporate governance structure, develop domestic and international financing platforms and improve the liquidity of its shares. The bank said the actual IPO size will be based on capital requirements and market conditions, among others.

Subject to regulatory requirements, the bank will also apply to convert itself into a joint stock company with limited liability with domestic and Hong Kong-listed shares. It noted that the IPO plan will be submitted to its shareholders for consideration and approval by way of special resolution.

Huishang Bank has been struggling to restore the public float of its shares to the required threshold since at least May 2016. As of Dec. 30, the public float of its Hong Kong-listed H shares was 15.66%, lower than the required minimum. The bank said it expects the public float of its shares to restore to the required level upon completion of the proposed A-share IPO in Shanghai.

In February, Huishang Bank decided to withdraw its application for its proposed IPO in Shanghai but said will "make its best effort" to resume the application process of the IPO.