Several Chinese city commercial banks have submitted their applications for an initial public offering (IPO) to the China Securities Regulatory Commission (CSRC). The Bank of Jiangsu is planning to raise up to CNY10 billion. The listing would be the first IPO by a city commercial bank in three years. Several other city commercial banks, including Bank of Chongqing, Bank of Shanghai, Zheshang Bank, Jiangsu Rural Commercial Bank and Bank of Tianjin, are also preparing IPOs to shore up their balance sheets as the central bank is raising the capital requirement to further mop up liquidity. China has 112 city commercial banks, which account for 6.27% of the Chinese banking sector’s assets. Three city commercial banks, Bank of Beijing, Bank of Nanjing and Bank of Ningbo, have already successfully floated shares on the A-share market.