Guangzhou Rural Commercial Bank (GRCB), China’s fifth-largest rural commercial bank by assets, says the USD1.1 billion it is seeking to raise at its upcoming initial public offering (IPO) in Hong Kong will boost its balance sheet. It is expected to be the biggest bank listing in Hong Kong since last September, when China Postal Savings Bank raised USD7.32 billion. The GRCB has over 29,000 shareholders, many of whom are farmers, with the 10 biggest shareholders controlling a combined 31% of the bank. The lender’s net profit last year increased 2.1% year-on-year to CNY5.11 billion while revenue dropped 5.6% to CNY15.2 billion. Its non-performing loan ratio stood at 1.81%, up from 1.80% in 2015. The Guangzhou bank partly blamed the slowing economy for the rising bad loan ratio. It intends to price the IPO on or around June 13, while Hong Kong trade is expected to debut from June 20.