The Industrial and Commercial Bank of China (ICBC), the
country's largest commercial bank, announced yesterday it would
launch its initial public offering (IPO) in Hong Kong and the
mainland today.
The bank said it would issue H-shares in Hong Kong and A-shares
on the Chinese mainland on the same day. This will be the first
time that a mainland company is listing simultaneously in an
overseas and mainland market.
The bank plans to issue 35.39 billion shares for its Hong Kong
IPO, among which about 33.62 billion will be subscribed to by
international institutions and 1.77 billion reserved for local
investors. Trading is expected to start on October 27.
ICBC said that they have yet to decide on a price, but added
that it should be between HK$2.56 and HK$3.07 per share for both
markets. Based on projections, if the share price is set at
HK$2.81, then total capital raised through the overseas IPO would
be about HK$77.4 billion (US$9.94 billion).
Experts estimated the IPO will take centerstage in Hong Kong's
already hot stock market, where the benchmark Hang Seng Index
surged past 18,000 points on Friday, one of the highest in six
years.
(Xinhua News Agency October 16, 2006)
