AMTD completes the H-Share IPO of Jinshang Bank as JGC
On July 18, 2019, Jinshang Bank Co., LTD (“Jinshang Bank”, stock code: 2558.HK), the only provincial city commercial bank in Shanxi Province, was successfully listed on the main board of the Hong Kong Stock Exchange, becoming the first HKEX-listed bank from Shanxi Province. AMTD acted as a Joint Global Coordinator and Joint Bookrunner of Jinshang Bank’s H-Share IPO, assisting the company to successfully land on the international capital market. This transaction is the sixth PRC regional bank’s IPO completed by AMTD, after Jiangxi Bank (1916.HK), Zhongyuan Bank (1216.HK), Guangzhou Rural Commercial Bank (1551.HK), Bank of Tianjin (1578.HK) and Bank of Qingdao (3866.HK), and also the 12th IPO completed by AMTD in 2019, demonstrating AMTD’s strong execution capability and industry leadership in mega IPOs, especially the PRC regional banks’ H-Share IPOs.
Jinshang Bank Company Limited (2558.HK), the only provincial city commercial bank in Shanxi Province, was successfully listed on the main board of the Hong Kong Stock Exchange, becoming the first listed banking corporation in Shanxi Province. AMTD acted as a Joint Global Coordinator and Joint Bookrunner of Jinshang Bank’s H-Share IPO
Jinshang Bank offered a total of 860 million shares with an offer price of HK$3.82 per share, raising over US$420 million (pre-shoe). Jinshang Bank is the only provincial city commercial bank in Shanxi Province, headquartered in Taiyuan. Jinshang Bank ranked 440th among the “Top 1000 World Bank” by The Banker in 2018. In terms of total assets, total deposits from customers and total loans to customers, Jinshang Bank ranked first among all city commercial banks in Shanxi Province. As of December 31, 2018, the Bank’s total assets increased to RMB 227 billion and net profit was RMB 1.3 billion in 2018, strengthening by its business network comprising 160 outlets covering all 11 prefecture-level cities in Shanxi Province.
Mr. Yan Junsheng, Chairman of the Board of Directors of Jinshang Bank (3rd right), and Marcellus Wong, Vice Chairman of AMTD Group (3rd left), Raymond Yung, Vice Chairman of Global Advisory Committee of AMTD Group (2nd right), April He, Managing Director of the Board Office of AMTD Group (2nd left), Meng Xinghai, Head of Financial Institution Group of Capital Markets & Advisory of AMTD (1st left) and Tim Fang, Head of Global Markets of AMTD (1st right) attended the listing ceremony
AMTD has long-term commitment in the PRC regional bank sector and has been playing a prominent and influential role in various milestone IPOs. AMTD is a leading financial services provider for PRC regional banks, helping them gain access to international capital markets and promote their internationalization strategy. In the past 3.5 years, AMTD has led six H-Share IPOs of PRC regional banks, participating in almost all Hong Kong IPOs of PRC regional banks with an aggregate proceeds of over US$5.5 billion, and acted as joint global coordinator and lead manager in all of the transactions. Since the inception of AMTD’s investment banking business in October 2015, AMTD has also led the AT1 capital preferred share offerings of five PRC regional banks, with an aggregate proceeds of US$6.7 billion. Among these offerings, AMTD acted as joint global coordinators, a prominent and influential role in the syndicate teams, for almost all transactions. AMTD is the market leader for China reginal banks’ offshore transactions, including the H-share IPO and AT1 capital prefeered share offerings. AMTD is also the largest independent asset manager in Asia in serving PRC regional banks as measured by AUM.
With the development of the “Belt and Road Initiative” and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, more cooperation opportunities are mapped out by strengthening communication and interconnection between Hong Kong and PRC. PRC regional banks have also made full use of Hong Kong’s international capital market to achieve leapfrog development. To better facilitate the communication between Hong Kong and leading PRC regional banks, AMTD, together with regional banks including Zhongyuan Bank, Jiangxi Bank, Guangzhou Rural Commercial Bank and Bank of Qingdao, jointly launched the “Regional Banks+ Strategic Cooperation Alliance”. The Alliance aims to grasp the opportunities of building a “smart city” in Hong Kong and developing the Guangdong-Hong Kong-Macao Greater Bay Area, and promote the innovation and development in Fintech, smart finance, inclusive finance and green finance by utilizing various resources, mutual cooperation and collaborative synergy.