Xinjiang Huihe Bank Obtains Approval for H-share IPO

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Regional bank Xinjiang Huihe Bank (新疆汇和银行股份有限公司) has obtained approval from domestic regulators for a H-share initial public offering (IPO)

The Xinjiang province banking regulator recently gave its approval to an application from Xinjiang Huihe Bank for an IPO in Hong Kong, for the issuance of 471 million shares.

The proceeds of the IPO will be fully used to shore up Xinjiang Huihe’s capital.

According to Xinjiang Huihe’s “2019 Annual Interbank CD Issuance Plan” (2019年度同业存单发行计划) during the years of 2016, 2017 and 2018 the bank’s operating revenues totalled 851 million yuan, 1.781 billion yuan and 1.574 billion yuan respectively, for net profits of 170 million yuan, 227 million and 266 million yuan.

In 2016, 2017 and 2018 Xinjiang Huihe’s non-perform loan ratio was 1.45%, 1.09% and 1.85%, while its provision coverage ratio was 177.39%, 297.16% and 196.58%.

As of the end of 2018 Xinjiang Huihe’s assets were 31.5 billion yuan in total.

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