Chongqing Rural Commercial Bank, one of China’s largest lenders to farmers and small businesses, plans to raise up to $1.78bn in an initial public offering in Hong Kong in what is expected to be the first in a wave of listings by smaller rural-focused Chinese banks.

　　中國(guó)面向農(nóng)民和小企業(yè)的最大銀行之一——重慶農(nóng)村商業(yè)銀行(Chongqing Rural Commercial Bank, CRCB)計(jì)劃在香港進(jìn)行首次公開(kāi)發(fā)行(IPO)，籌資至多17.8億美元。預(yù)計(jì)在這宗IPO之后，面向農(nóng)村的中小規(guī)模中資銀行將掀起一波上市潮。

　　The bank launched its IPO roadshow in Hong Kong on Monday in spite of an uncertain market that prompted at least two other companies to cancel their planned listings in the city in the last week.

　　重慶農(nóng)商行周一在香港啟動(dòng)IPO路演，盡管過(guò)去一周，不確定的市場(chǎng)環(huán)境促使至少兩家公司取消了香港上市計(jì)劃。

　　CRCB will sell 2bn new shares for between HK$4.50 and HK$6.00, raising as much as $1.55bn, or up to $1.78bn if investors show a lot of interest and a “greenshoe” over- allotment quota is exercised.

　　重慶農(nóng)商行將發(fā)售20億股新股，定價(jià)區(qū)間為4.50港元至6.00港元，籌資至多15.5億美元，或在投資者興趣高漲、超額配售選擇權(quán)得到行使的情況下，籌資至多17.8億美元。

　　CRCB was formed through the merger of dozens of struggling rural credit cooperatives in Chongqing municipality in western China in 2008 and will be the ninth mainland Chinese bank to list in Hong Kong.

　　重慶農(nóng)商行是2008年通過(guò)合并重慶市數(shù)十家困境中的農(nóng)村信用合作社而成立的，該行將成為第九家在香港上市的中國(guó)內(nèi)地銀行。

　　But it will be the first of China’s regional rural commercial banks, which cater mostly to China’s vast impoverished rural hinterland, to list anywhere and could be followed by some of its peers around the country, many of which have already applied to list on the Shanghai stock exchange.

　　但它也將是中國(guó)內(nèi)地首家上市的地方性農(nóng)村商業(yè)銀行，可能得到全國(guó)各地同行的效仿，其中許多銀行已向上海證交所提出上市申請(qǐng)。農(nóng)村商業(yè)銀行主要為中國(guó)內(nèi)陸廣大的貧困農(nóng)村地區(qū)服務(wù)。

　　In the country’s affluent eastern province of Jiangsu alone, four such banks have already applied to regulators to sell shares in IPOs, according to senior regulatory officials.

　　據(jù)高級(jí)監(jiān)管官員介紹，僅在富裕的江蘇省，就有4家此類銀行已向監(jiān)管機(jī)構(gòu)申請(qǐng)通過(guò)IPO發(fā)售股票。

　　These banks are some of the least transparent and worst performing financial institutions in the country but are increasingly catching the attention of domestic and international investors now that nearly all of China’s large state-controlled national lenders have already listed in Shanghai or Hong Kong.

　　這些銀行躋身中國(guó)最不透明、業(yè)績(jī)最差的金融機(jī)構(gòu)之列，但在中國(guó)幾乎所有國(guó)家控股的大型全國(guó)性銀行已在上?；蛳愀凵鲜械那闆r下，農(nóng)村商業(yè)銀行日益引起了國(guó)內(nèi)外投資者的關(guān)注。

　　Investors are being enticed by the strong post-IPO performance of larger lenders such as Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China, which has seen its shares rise 28 per cent since its mid-July IPO in Hong Kong.

　　投資者受到大型銀行上市后股價(jià)表現(xiàn)的吸引，如中國(guó)工商銀行(ICBC)、中國(guó)建設(shè)銀行(CCB)和中國(guó)農(nóng)業(yè)銀行(Agricultural Bank of China)，后者自7月中旬在香港上市以來(lái)，股價(jià)已上漲28%。

　　CRCB, like most rural commercial banks in China, seriously lags behind its larger counterparts in terms of profitability, fee income and asset quality but the bank’s underwriters and some analysts say that this makes the bank a better investment because of room for future improvement.

　　與中國(guó)多數(shù)農(nóng)村商業(yè)銀行一樣，重慶農(nóng)商行在盈利能力、費(fèi)用收入和資產(chǎn)質(zhì)量方面嚴(yán)重落后于中國(guó)大型銀行，但該行的承銷商和一些分析師表示，這使該行成為一項(xiàng)更好的投資，因?yàn)樗哂形磥?lái)改善的空間。

　　They also cite very strong backing from the Chongqing government, which should protect the bank in the event of possible future financial crises, and the bank’s focus on China’s under-banked countryside as reasons for investor optimism.

　　他們還指出，重慶農(nóng)商行得到重慶市政府的強(qiáng)有力支持，這應(yīng)當(dāng)足以在未來(lái)發(fā)生金融危機(jī)時(shí)保護(hù)該行，同時(shí)該行的業(yè)務(wù)重點(diǎn)是目前銀行服務(wù)不充足的中國(guó)農(nóng)村地區(qū)，這些都是投資者應(yīng)當(dāng)樂(lè)觀的理由。

　　The bank says that it has reduced its non-performing loan ratio in recent years from 11.5 per cent to 2.73 per cent, while rapidly increasing its profits.

　　重慶農(nóng)商行表示，近年已將不良貸款率從11.5%降至2.73%，同時(shí)快速提高了利潤(rùn)。

　　It has 1,800 outlets across Chongqing municipality and it ranked as China’s 20th largest bank by assets by the middle of this year, with total assets of Rmb264.5bn.

　　該行在重慶市有1800個(gè)營(yíng)業(yè)網(wǎng)點(diǎn)，截至今年年中，該行總資產(chǎn)達(dá)到2645億元人民幣，為中國(guó)第20大銀行。

　　Morgan Stanley and Nomura are underwriters for CRCB’s Hong Kong IPO, which prices and closes on December 8.

　　摩根士丹利(Morgan Stanley)和野村(Nomura)是重慶農(nóng)商行香港IPO的承銷商。此次IPO將在12月8日結(jié)束認(rèn)購(gòu)并確定發(fā)行價(jià)。