Huishang Bank has shifted its listing target from the mainland to Hong Kong, as securities regulators maintain their freeze on approvals for mainland initial public offerings, Securities Daily reported Tuesday, citing sources. The Hefei-based city commercial lender has applied to the Hong Kong stock exchange for an IPO, and aims to float shares on the bourse before the end of this year, the paper said. Nine investment banks, including China International Capital Corp, Citic Securities and JPMorgan, have been appointed as underwriters, it said. Bian Xiaoyu, a researcher with CIConsulting, was quoted as saying that Huishang could raise US$1 billion – US$1.5 billion in the Hong Kong IPO.
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