21 August 2019

Harbin Bank makes lackluster HK debut, report says

Harbin Bank shares were flat on their trading debut on the Hong Kong stock exchange on Monday after a rocky initial public offering, the Wall Street Journal reported. The mainland lender closed the morning trading session at HK$2.90 (37 US cents), unchanged from the offer price, it said. Harbin Bank had hoped to price its shares at as much as HK$3.33, but had to settle for a lower valuation amid market concerns over the growing levels of bad debts in China’s banking sector, the paper noted.

– Contact HKEJ at [email protected]



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