Huishang Bank Corp., a lender in China’s Anhui province, will sell shares in Hong Kong after deciding a planned initial public offering in China won’t happen soon.
Huishang will sell as many as 632.5 million new H-shares, or the equivalent of 20 percent of stock now on issue, in a private placement, the bank told Hong Kong’s stock exchange on Thursday.
China has called a halt to initial public offerings as part of a package of measures to respond to a $5 trillion share rout. The lender had said in May that it planned to list on Shanghai’s stock exchange.
Huishang’s market capitalization is $4.9 billion.