Commercial lender China Zheshang Bank Co Ltd launched on Monday an initial public offering worth up to $1.75 billion in Hong Kong, the city's first sizeable new listing this year, as companies step up efforts to raise funds. The bank, based in China's eastern Zhejiang province, is offering 3.3 billion shares in an indicative range of HK$3.92 to HK$4.12 each, Thomson Reuters publication IFR reported, citing a term sheet of the transaction.