Bank of Beijing debuts at the Shanghai stock exchange at 23 yuan (US$3.06), almost doubling its initial public offering (IPO) price of 12.5 yuan on Wednesday.

Following Bank of Nanjing and Bank of Ningbo, which raised a total of 11.07 billion yuan from their Shanghai IPOs in July, Bank of Beijing has become the third Chinese city-level commercial bank to go public.

Bank of Beijing sold 1.2 billion shares and it will also offer H shares after the A-share listing, but shareholders are yet to approve the pricing and timing.

The lender plans to sell one billion shares on the Hong Kong stock exchange, according to earlier report.

The bank posted a net profit of 550 million yuan in the first quarter this year. Its non-performing loan ratio was 3.34 percent.

Established in 1995, the bank has aggressively modernized in recent years. It has opened branches in Tianjin and Shanghai, and has won praise for its electronic banking service.

China has 114 city commercial banks. Bank of Shanghai, Bank of Tianjin, Bank of Chongqing and Hangzhou City Commercial Bank also plan to go public.