AMTD Group completes H-Share HK IPO for Jiangxi Bank, largest financial industry IPO in 2018 serving as Joint Global Coordinator

On 26th June 2018, Jiangxi Bank（1916.HK）, the largest city commercial bank in Jiangxi Province was successfully listed in Hong Kong Stock Exchange and raised over US$1bn becoming the largest IPO in financial industry in 2018. AMTD is the only investment bank that serve as the Joint Global Coordinator other than the Joint Sponsors in this transaction, and assisted Jiangxi Bank in successfully landing in international capital markets. Apart from completing major Chinese banks’ H-Share IPOs and preference shares issuances in 2016 and 2017, AMTD completed the largest IPO in financial industry in this year, demonstrating AMTD’s strong execution capabilities and leadership in leading large IPO projects, especially in Chinese regional banks’ IPO projects in Hong Kong.

Since its establishment, it took only 2.5 years for Jiangxi Bank to debut in the Hong Kong Stock Exchange, which is the shortest time taken for Chinese banks. Jiangxi Bank’s H-Share IPO enables the Bank to be the first listed company in Jiangxi’s financial industry and the first company to be listed overseas since Jiangxi’s “Azalea Action” （映山红行动） took place. Mao Weiming, Member of the Standing Committee of the CPC Jiangxi Provincial Committee and Executive Deputy Governor and Chen Xiaoming, Chairman and Executive Director of Jiangxi Bank attended the listing ceremony.

Jiangxi Bank is the only city commercial bank of provincial level in Jiangxi Province. According to the 2017 ranking by the Banker, a British magazine, in terms of Tier 1 Capital, Jiangxi Bank ranked 329th in 1000 large banks in the world and ranked 22nd in all Chinese city commercial banks. Jiangxi Bank ranks 1st in local Jiangxi Banks in terms of 7 KPIs including outlets, total assets, shareholder rights, operational revenue, net profits, total savings and total loans.

Jiangxi Bank issued 1.17 billion stocks at HKD 6.39 per stock raising around USD 1 billion funds and becoming the first listed bank in Jiangxi Province. AMTD served as Joint Global Coordinator and Joint Bookrunner and has successfully introduced in this IPO the important cornerstone investor, Sinolending Fintech Company Limited, a strategic investment partner of China’s leading FinTech unicorn company Dianrong, integrating the financial strength of Dianrong and Jiangxi Bank to explore domestic and international financial markets together.

Including Jiangxi Bank’s IPO, AMTD’s investment banking team has successfully assisted in the H-share IPO of Bank of Qingdao, the biggest commercial bank in Shandong province, the H-share IPO of Bank of Tianjin, one of the biggest city commercial banks in Bohai Gulf Rim Area, Guangzhou Rural Commercial Bank, the largest rural commercial bank in Guangdong Province and Zhongyuan Bank, the largest city commercial bank in Henan province. AMTD assisted Bank of Qingdao, Bank of Zhengzhou and Bank of Jinzhou in issuing offshore preference shares and assisted Guangzhou Rural Commercial Bank in achieving international investment grade credit ratings from Moody’s and S&P. AMTD’s services covers most of the Chinese regional banks listed in Hong Kong and has established a wide and in-depth “regional banks +” network. AMTD also assisted China Minsheng Bank Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, China Huarong Asset Management and Zhongrong International Trust in issuing offshore USD bond. Jiangxi Bank’s H-Share IPO is the 21st financial enterprises fundraising transactions successfully completed by AMTD Group, further demonstrating AMTD’s ability to serve Chinese financial institutions, especially to expand overseas fundraising channels for Chinese regional banks.