Fubon Life Insurance Co., a unit of Taiwan’s Fubon Financial Holding Co., and Chinese private-equity firm Citic Capital Holdings Ltd. are among seven cornerstone investors in Harbin Bank’s initial public offering, the Wall Street Journal reported Sunday, citing people familiar with the matter. The two firms have committed to buying a total of 43 percent of the institutional tranche of the Chinese bank’s IPO, which is expected to raise around US$1 billion, according to the report. Harbin Bank, which plans to sell 90 percent of the total offering to institutional investors beginning Tuesday, will be the fourth Chinese bank to list in Hong Kong since November last year. The bank plans to sell 3.02 billion shares, a source was quoted as saying. The report did not provide an indicative price range.
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