China’s Xiamen Bank Plans Shanghai IPO

 

Xiamen Bank is planning an initial public offering on the Shanghai Stock Exchange, the Chinese lender said Tuesday.

The bank said it’s planning to sell up to 263.9 million shares and expects to take orders on Sept. 16. The lender didn’t disclose the offer price.

Xiamen Bank, a regional lender based in Fujian province in China’s southeast, said it plans to use the proceeds to raise its capital adequacy ratio.

The bank said it expects its net profit for the first nine months of the year to be CNY1.28 billion ($187.4 million) to CNY1.34 billion, an increase of 10%-15% from a year earlier.

China Securities is advising the bank on the share sale.