China Minsheng Banking Corp Wednesday said it gained approval from the Chinese mainland's securities regulator for an initial public offering in Hong Kong that could raise up to US$4.02 billion according to one analyst.
China Minsheng Banking Corp, the nation's first listed non-State lender, showed a significant rise in net profit in the first half, benefiting from higher lending growth and a one-time gain from the sale of its equity investment in a brokerage firm.
The robust capital flow to the Hong Kong capital market, has offered an attractive funding option to mainland enterprises, particularly banks, at a time when the ban on new share issues on the mainland is yet to be lifted.