Chongqing Three Gorges Bank Garners Approval for A-share Listing

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A leading regional bank in the central Chinese mega-city of Chongqing has just obtained approval from regulators for an A-share IPO.

On 17 June the China Banking and Insurance Regulatory Commission (CBIRC) announced that it had given its approval to an A-share initial public offering (IPO) of up to 1857.991653 billion shares for Chongqing Three Gorges Bank (重庆三峡银行).

CBIRC said that all proceeds from Chongqing Three Gorges’ IPO would be used to supplement its core tier-1 capital.

Chongqing is already host to two listed local banks: Shanghai-listed CQRC Bank (重庆农村商业银行) and Hong Kong-listed Bank of Chongqing (重庆银行), which is the first domestic municipal commercial bank to list in Hong Kong, and applied for domestic A-share listing in 2018.

Chongqing Three Gorges’ biggest shareholders are Chongqing Trust (重庆国际信托股份有限公司) with a 28.996% equity stake; Jinggong Holding Group (Zhejiang) Investment CO., Ltd. (精工控股集团(浙江)投资有限公司) with a 9.941% equity stake, and China Xigema Co., Ltd. (中国希格玛有限公司) with a 6.213% stake.

Bank of Chongqing also holds a 4.971% stake in Chongqing Three Gorges.

In 2019 Chongqing Three Gorges posted full year operating revenues of 4.492 billion yuan, for YoY growth of 18.94%, and net profits of 1.605 billion yuan, for YoY of 25.42%.

As of the end of 2019 total assets stood at 208.385 billion yuan, for a YoY rise of 1.81%. Total liabilities were 192.943 billion yuan, for a YoY rise of 1.05%.

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