Qilu Bank’s IPO Application Accepted for Review by China Securities Regulatory Commission
The biggest bank on China’s “new third board” could soon migrate to one of the country’s two bourses following the China Securities Regulatory Commission’s (CSRC) decision to review its IPO application.
CSRC recently announced that it would review the IPO application of Shandong province’s Qilu Bank (齐鲁银行), which has long been the largest out of the nine banks featured on China’s National Equities Exchange and Quotations (NEEQ), often referred to as the “new third board.”
NEEQ is an over-the-counter system for trading in the shares of public limited companies that are not listed on the Shenzhen or Shanghai bourses.
There are currently a total of nine banks featured on NEEQ, including one municipal lender in the form of Qilu Bank, four rural commercial banks including Rugao Rural Commercial Bank (如皋银行), Huitong Bank (汇通银行), Kashi Bank (喀什银行) and Xingnong Bank (邢农银行); three rural county banks including Kejia Bank (客家银行), Lucheng Bank (鹿城银行) and Guomin Bank (国民银行), as well as one rural credit society – Qiongzhong Rural Credit (琼中农信).