Huishang Bank has secured US$510 million worth of investment from five major investors on a IPO offering that could go up to US$1.3 billion, The Wall Street Journal reported. China Vanke (000002.SHE), China’s largest property developer by market value, has committed to US$400 million of the shares, the biggest stake once the bank is listed. Huishang Bank is raising funds as bad loans continue to rise and earnings are slow for Chinese banks, who are also fighting against tighter banking regulations.
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