(Yicai Global) Nov. 29 -- Shandong International Trust Co. [HKG:1697] has filed for global H-share listing on the Hong Kong Exchange, with 647 million shares to be issued at a price between USD0.572 (HKD4.46) per share to USD0.696 (HKD5.43) at 9:00 am on Dec. 8.

The initial public offering (IPO) would represent the first such activity undertaken by a Chinese trust firm for 23 years.

Total proceeds are projected to be around HKD2.784 billion after deducting underwriting commissions and other anticipated expenses. The company said it would use the funds to strengthen its capital base and support business development.

The IPO is co-sponsored by CCB International (Holdings) Ltd., BOCOM International Holdings Co., and Haitong International Securities Group Ltd.

Shandong Lucion Investment Holdings Group, an affiliate of the State-Owned Assets Supervision and Administration Commission of Shandong and Shandong Provincial Council for Social Security Funds, currently holds a controlling 63.02 percent stake in Shandong International Trust. The trust ranked number 25 by assets under management (AUM) among China's 68 trust companies as of the end of last year, with USD38.54 billion (CNY254.367 billion), accounting for 1.29 percent of the industry total.

The trust's net profit attributable to the parent grew by 41.3 percent to close to CNY400 million during the first five months of this year.