A record HKD9.21 billion or USD1.19 billion was raised from its Hong Kong IPO for Huishang Bank after it had fixed the price slightly above the lowest rung in its price range at HKD3.53 per share. The city commercial bank based out of Anhui province located west of Shanghai had offered the shares between HKD3.47 and HKD3.88.

The pricing was in line with another Chinese bank IPO, Bank of Chongqing as this bank dropped its share pricing to a discounted HKD5.91 per share earlier on its market debut. The shares increased slightly to HKD6.00 until it settled at HKD6.03 per share, finally closing trading at HKD5.99.

The two banks are the first two Chinese banks to do an IPO in Hong Kong since Chongqing Rural Commercial Bank listed itself back in December 2010. That IPO raised HKD1.35 billion. Both banks have heavy investments from corporate firms as well as high net worth individuals. This though belies the current market conditions of low pricing to be able to obtain proper valuations as against their listed peers.