China's Bank of Nanjing, Bank of Ningbo Higher on Listing

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    Bank of Nanjing and Bank of Ningbo, two Chinese city commercial banks making their trading debuts in Shenzhen today [Photo:Bloomberg]
    Bank of Nanjing and Bank of Ningbo, two Chinese city commercial banks making their trading debuts today, were sharply higher after raising a combined 10.74 bln yuan in net proceeds from their IPOs.
    Bank of Nanjing Co Ltd (SHA 601009), in which BNP Paribas holds a 19.2 pct stake, opened up 75 pct from its IPO price of 11.0 yuan at 19.20 yuan in Shanghai debut.
    Bank of Ningbo Co Ltd (SZA 002142), in which Singapore's Oversea-Chinese Banking Corp holds a 10 pct stake, opened up 122 pct from its IPO price of 9.2 yuan at 20.38 yuan in Shenzhen.
    Bank of Nanjing was within the range forecast by analysts of 18 to 22 yuan while Bank of Ningbo exceeded the projected range of 18 to 20 yuan.
    'Although the two city commercial banks cannot compete with state-owned banks, their earnings outlooks are better,' Gu Junlei, an analyst at Orient Securities said.
    Gu sees pre-provisions profits of Bank of Ningbo and Bank of Nanjing to grow 30 pct and 25 pct respectively in the next two years.
    Growth will be supported by loan expansion after IPO proceeds supplement their capital, she added.
    Bank of Nanjing raised a net 6.71 bln yuan after issuing 630 mln shares, or 34.3 pct of its enlarged share capital, while Bank of Ningbo raised a net 4.027 bln yuan from the sale of 450 mln A-shares, or 18 pct of enlarged share capital.
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