source from：WSJ
MARKETS
Guangzhou Rural Commercial Bank Plans to Raise 1.5 Billion dollars From Hong Kong IPO
A mandate is expected in mid-June

By KANE WU
May 26, 2016 5:15 a.m. ET
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A regional Chinese lender is planning to raise around 1.5 billion dollars from an initial public offering in Hong Kong, according to people familiar with the situation.

The lender, Guangzhou Rural Commercial Bank, based in southern China’s Guangdong province, has invited banks to pitch for the IPO in the next couple of weeks, the people said. A mandate is expected in mid-June, one of them said.

State-owned Guangzhou Rural Commercial Bank is focused on lending to the agricultural industry and providing financial services to farmers as well as small and medium-size enterprises, according to its website.

The bank recorded a net profit of 5 billion yuan (762 million dollars) in 2015, down around 9% year over year. Its total assets amounted to 583 billion yuan at the end of last year, with a nonperforming-loan ratio of 1.8%, higher than the 1.67% national average.

The bank’s three biggest shareholders are all wholly owned by the local government.