Harbin Bank Said Planning to Price $1.1 Billion IPO Near Low End

Harbin Bank Co., a Chinese lender near the nation’s border with Russia, and its shareholders will raise about $1.13 billion from a Hong Kong initial public offering, said two people with knowledge of the matter.

The lender plans to price its sale of 2.75 billion new shares at HK$2.90 each, near the bottom end of a marketed range, said the people, who asked not to be identified because the information is private. State-owned shareholders will sell about 275 million existing shares at the same price.