China’s banks have been dealt a further blow as falling share prices put on ice a number of potential Hong Kong listings.
Several smaller Chinese commercial lenders had been planning Hong Kong stock market debuts this year or early next year, including Bank of Shanghai, Guangfa Bank and Bank of Chongqing.
However, little-known regulations on bank capital raising, set by Chinese regulators, prevent mainland banks from raising funds in the equity markets at a price that values the company at a price-to-book ratio below one, an indication that investors do not believe the stated worth of a company’s assets.
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