How does this IPO compare to previous large listings in Hong Kong?

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China Zheshang Bank's IPO is the Largest in Hong Kong This Year, Following a Trend of Significant Listings

The initial public offering (IPO) by China Zheshang Bank, aiming to raise up to US$1.75 billion, marks the most substantial new listing in Hong Kong for the current year. This offering positions it as the largest since China Energy Engineering Corp Ltd's US$1.9 billion listing in December. The bank is offering 3.3 billion shares within an indicative price range of HK$3.92 to HK$4.12 each, representing 19 per cent of its expanded share capital. The IPO has already secured US$963 million from cornerstone investors, including Zhejiang Seaport Group and Alipay (Hong Kong) Investment, and is scheduled to be priced on March 21, with a debut on the Hong Kong stock exchange planned for March 30.
Hong Kong's IPO Market Landscape

Hong Kong has historically been a significant global hub for initial public offerings, even surpassing New York in 2015 to become the world's largest IPO market based on funds raised. However, the market has experienced a relatively subdued start to the current year, with only approximately US$800 million in new listings prior to Zheshang Bank's offering. Despite this, a pickup in activity is anticipated, with other substantial deals expected, such as an upcoming offering from Bank of Tianjin that could raise up to US$1 billion.
Zheshang Bank's Offering Size and Cornerstone Support

The scale of China Zheshang Bank's IPO, potentially reaching US$1.75 billion, underscores its significance in the current market. This offering is notable for being the largest in Hong Kong since the end of the previous year. A substantial portion of the IPO's success is already underpinned by strong investor commitment, with US$963 million secured from cornerstone investors. This group includes prominent entities like Zhejiang Seaport Group and Alipay (Hong Kong) Investment, which is affiliated with Alibaba Group's Ant Financial Services Group, indicating significant confidence in the offering.
Market Expectations and Future Listings

The launch of Zheshang Bank's IPO signals a potential resurgence in fundraising activities on the Hong Kong stock exchange. The bank is offering 3.3 billion shares, representing 19 per cent of its enlarged share capital, at a price expected to be determined on March 21. The debut on the exchange is slated for March 30. This event is seen as a prelude to increased IPO activity, with other financial institutions, such as Bank of Tianjin, also preparing for large-scale offerings in the near future, suggesting a positive outlook for new listings in the coming weeks.

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How does this IPO compare to previous large listings in Hong Kong?

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