April 9, 2013 / 3:42 AM / 4 years ago

Bank of Shanghai plans $2.4 bln HK IPO this year -paper

SHANGHAI, April 9 (Reuters) - Bank of Shanghai plans to raise about 15 billion yuan ($2.4 billion) through an initial public offering in Hong Kong this year to replenish capital, the official Shanghai Securities News reported on Tuesday, citing an internal document distributed to shareholders.

The Chinese lender, which is eight percent owned by HSBC Holdings Plc , also plans to raise a similar amount of money by selling shares publicly in mainland China, the newspaper said, without giving a timeframe.

Both listings are subject to regulatory approval, it added.

Bank of Shanghai and some other Chinese companies are looking to raise funds in overseas markets as China’s securities regulator has frozen the domestic IPO market since last November as part of a campaign to get more than 800 IPO applicants to clean up their books.

The newspaper said Bank of Shanghai is expected to have a capital shortfall of 59 billion yuan by 2014, of which 35 billion yuan would be replenished through bond and share issuance.

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