China's Huishang Bank has announced plans to launch an initial public offering in Hong Kong in early November 2013, just shortly after Bank of Chongqing said it is doing so, Reuters reports.

Bank of Chongqing is reportedly the first bank from the People's Republic of China to list in Hong Kong since the listing of Chongqing Rural Commercial Bank in 2010. Bank of Chongqing commenced its IPO in October 25 and is set to close on October 30, with the goal to issue 707.21 million shares at a price range of HK$5.6 ($0.72) to HK$6.5 per share.

Huishang Bank is said to be offering 2.61 billion shares at HK$3.50 to HK$3.88 per share, placing the total deal at as much as HK$10.13 billion. The offer will be priced on November 6, the news service said, but could not confirm as its source was not authorised to speak publicly on the matter. 

The listing of these two banks, and possibly more banks in the next months, is a significant indicator of city commercial banks' growing asset base, which is due mostly to rising market incomes and loan demand. The report said that as at the end of 2012, China has 144 banks with asset worth around RMB12.35 trillion in total.