China-based commercial lender to small businesses Harbin Bank has raised US$1.1 billion from its initial public offering (IPO) on the Hong Kong Stock Exchange, selling 3.02 billion shares at HKD2.90 (approximately US$0.37) each. Harbin Bank secured pledges from seven cornerstone investors to buy 46 percent of the IPO. Investors included Taiwan-based life and health insurance provider Fubon Life Insurance, which purchased US$289 million worth of shares, and alternative investment management and advisory firm CITIC Capital, which bought US$150 million. The company listed on 31 March.