Shanxi province-lender Jinshang Bank (晋商银行) plans to list on the Hong Kong Stock Exchange next year according to reports from China’s domestic press.
According to a report from Sina Taiyuan-headquartered Jinshang Bank hopes to raised USD$600 million yuan via a Hong Kong IPO.
Jinshsang Bank is a joint stock commercial bank that was approved for establishment on 28 February 2009.
In the eight years since its founding the bank has established 13 second-tier branches, 98 traditional branches and 62 community branches.
As of the end of the second half of 2018 Jinshang Bank’s total assets were 208.73 billion yuan, while its deposit balance was 139.757 billion yuan and its loan balance was 104.388 billion yuan.
Operating profits were 1.717 billion yuan while net profits were 719 million yuan.
According to its official website Jinshang Bank joined the ranks of the world’s top 1000 banks in 2010, and is currently listed amongst the world’s top 440 lenders.
The China Banking and Insurance Regulatory Commission (CBIRC) has rated Jinshang Bank a “second-tier bank,”while its credit rating is AA+.