Minsheng Bank to discuss HK IPO plan
(Xinhua)
Updated: 2004-12-21 10:16

China Minsheng Banking Corp., the country’s first privately held bank, said Monday its shareholders would discuss a revised timetable Friday for its planned initial public offering (IPO) in Hong Kong.

The Beijing-based lender, which has floated its A shares in Shanghai, said it would invite its shareholders to vote on a plan to extend the timeline for the Hong Kong IPO as well as the timeline to authorize its board of directors to carry out the plan.

Late last month, Minsheng Bank said it had postponed the share listing, originally planned for before January, until 2005-2006. It gave no reason for the delay, which had been approved by its board of directors.

The lender has said it plans to raise US$1 billion from the listing.

Minsheng Bank, founded in 1996, was China’s first bank to be launched with private shareholders and is generally considered among the country’s strongest lenders.

Last month, State media reported the country’s banking regulators had approved the purchase of a 4.55 percent stake in Minsheng Bank by Asia Financial Holdings, a unit of Singapore’s Temasek Holdings Pte. Ltd.

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