Bank of Qingdao 3866

Bank of Qingdao 3866

Postby winston » Fri Dec 04, 2015 7:29 am

not vested

Lackluster debut

Bank of Qingdao (3866) shares rose marginally by 0.42 percent to HK$4.77 from their listing price on their debut yesterday after it raised US$606 million (HK$4.73 billion) from an initial public offering.

The Chinese lender is backed by Italian bank Intesa Sanpaolo and Rothschild, the world's largest financial advisory firm.

Investors stood to make a paper gain of HK$10 for one board lot of 500 shares.

Chairman Guo Shaoquan blamed the volatile market for the undersubscription of the public offering's retail tranche. The largest city commercial lender in Shandong province has a lower bad debt ratio than its Chinese peers.

Guo said the bank will increase its capital adequacy ratio to 15 percent from the current level of 10.75 percent after the listing.

Bank of Qingdao will focus on developing its asset management business, which will drive up future profits, he added.

Source: The Standard
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