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Dec. 27 (NBD) -- Chinese provincial lender Bank of Guizhou (06199.HK) disclosed on Friday that its Hong Kong Offer Shares were undersubscribed prior to its effective trading on December 30. 

The state-backed provincial lender said in a statement a total of 5,403 valid applications have been received pursuant to the Hong Kong public offering for a total of 55,873,000 Hong Kong Offer Shares. The subscription represents merely 0.25 times of the total number of its 220,000,000 Hong Kong Offer Shares initially available for subscription under the Hong Kong Public Offering. On the other hand, the Offer Shares initially offered under the International Offering have been slightly oversubscribed at rough 1.11 times.

According to the statement to the Hong Kong Exchanges and Clearing, Bank of Guizhou is estimated to raise approximately HK$5,307.5 million from the Global Offering, based on its offer price of HK$2.48 per share.

As a matter of fact, investors in Hong Kong used to take a prudent attitude towards stocks of banks on the mainland. Prior to Bank of Guizhou, China Zheshang Bank (02016.HK), Bank of Tianjin (01578.HK) and Bank of Qingdao (03866.HK)'s offer shares were undersubscribed.

Email: gaohan@nbd.com.cn