China Bohai Bank, which counts Standard Chartered as one of its founding shareholders, priced its initial public offering late Thursday in a deal that would raise a total of HK$13.8 billion (US$1.78 billion). The IPO priced at HK$4.80 a share, according to a person familiar with the transaction. That was near the bottom of the indicative price range of HK$4.75 to HK$4.98 a share sought by the Tianjin-based lender earlier this month. The deal would be the biggest listing by a Chinese bank on the Hong Kong bourse this year, with China Bohai’s shares expected to debut on July 16. It comes amid a flurry of IPOs in Hong Kong this month as issuers scurry to complete fund raising against the backdrop of a resurgence of coronavirus cases in the city and rising tensions between the United States and China. China Bohai Bank is the youngest nationwide joint-stock commercial bank in China, established since 2006. For the full year of 2019, its net profit rose 15.7 per cent to 8.19 billion yuan (US$1.17 billion), compared with 7.08 billion yuan in the prior year. Its profit was helped by a 50 per cent rise in net interest income to 22.91 billion yuan, according to its prospectus. Following the IPO, Standard Chartered, the bank’s second-largest shareholder, will see its stake in the lender reduced to 16.67 per cent, from 20 per cent. The stake of the bank’s biggest shareholder, state-owned Tianjin TEDA Investment Holdings, would be diluted to 20.85 per cent, from 25 per cent. ABC International, CCB International, Haitong International Securities and Citic Securities are acting as joint sponsors on the transaction. The benchmark Hang Seng Index moved into a bull market on Monday as it clawed back losses from earlier this year because of the coronavirus pandemic. The city's IPO scene has recently revived after many deals were put on hold in March and April as the pandemic crippled the market. For the two weeks up to July 17, a total of 23 new listings will have debuted on the main board and GEM board. This compares to less than 30 IPOs for the entire second quarter this year. Others that are poised to complete IPOs in the coming weeks include JHBP (CY) Holdings, an oncology and autoimmune drug maker backed by Hillhouse Capital, and Chinese detergent maker Blue Moon Group, which filed for a US$1 billion Hong Kong IPO last month. Earlier this week, mobile game developer Archosaur Games also completed its US$278.7 million IPO, with its debut slated for July 15. Concerns are rising, however, about a “third wave” of coronavirus cases in the city and whether it could slow investor appetite. Since July 5, about 100 new infections have been recorded, bringing the total number of confirmed cases to over 1,300. At the same time, more US-listed Chinese firms are said to be eyeing potential secondary listings in Hong Kong after tech giants JD.com and NetEase raised more than US$6 billion combined with secondary listings in the city in June. Their listings followed a US$12.9 billion secondary listing last year by Alibaba Group Holding, the parent company of the South China Morning Post . Some Chinese companies are considering listings closer to home, as well as take-private deals, as relations are increasingly strained between Beijing and Washington. A new national security law tailored for Hong Kong and legislation passed by the US Senate in May that could force Chinese companies to delist from American bourses are among the flashpoints between the world’s two largest economies. On Tuesday, Sina Corporation, the operator of social media platform Weibo, received a take-private offer from a company controlled by its chairman that valued it at about US$2.7 billion. That followed online classified advertisement site 58.com agreeing to be taken private in June.