ELEVEN domestic banks are planning for initial public offerings (IPOs), their draft prospectuses showed, the first lenders to push ahead with listing plans since China Everbright Bank Co. debuted in 2010.

    In the draft documents posted on the China Securities Regulatory Commission website, nine banks said they plan to list on the Shanghai Stock Exchange while two are seeking to list on the smaller Shenzhen bourse.

    None of the 11 small and medium-sized lenders disclosed their fundraising targets but all said they would use the funds to increase capital.

    Many smaller domestic banks are seeing a spike in nonperforming loans and a decline in deposits as the economy slows and competition from online finance firms increases.

    IPOs picked up in early June after a four-month hiatus followed a brief flurry of activity in January and February, which ended a year-long halt. Analysts said the securities regulator had halted IPOs in late 2012 to allow it to refine listing rules and to avoid draining money from existing stocks.

    Among the banks planning to list is Bank of Shanghai, which had reportedly been seeking a Hong Kong listing. The bank had initially planned to list on the mainland in 2008, but approvals were delayed.

    Bank of Shanghai said it plans to sell 1.2 billion shares and will use funds to improve its capital adequacy level and enhance competitiveness. Guotai Junan Securities and Shenyin & Wanguo Securities will underwrite the deal.

    Others seeking a Shanghai listing include Wuxi Rural Commercial Bank Co., Shengjing Bank Co., Jiangsu Wujiang Rural Commercial Bank Co., Bank of Jiangsu Co., Jiangsu Changshu Rural Commercial Bank Co., Bank of Guiyang Co., Bank of Hangzhou Co. and Bank of Chengdu Co.

    Jiangsu Zhangjiagang Rural Commercial Bank Co. and Jiangsu Jiangyin Rural Commercial Bank Co. said they plan to list on the Shenzhen Stock Exchange.

    The IPOs are subject to regulatory approval.(SD-Agencies)