Seventeen Chinese commercial banks are seeking approval for mainland initial public offerings that could raise up to $14bn, a sign that the regulator’s looser grip on share sales has opened financing for the sector.
Analysts expect demand for the new shares to be tepid, however, because investors typically view bank stock as a bet on the macroeconomy, and China’s is showing signs of a slowdown.
After a strong start to the year, Chinese bank shares are trading at their lowest valuations in almost a year in terms of price-to-earnings ratio.
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