日韩午夜精品视频,欧美私密网站,国产一区二区三区四区,国产主播一区二区三区四区

Industrial & Commercial Bank of China, the country's largest lender, may limit new shares to 50 percent of the sale in a bid to boost demand, people familiar with the plan said. 

The bank hopes to deliver per share returns similar to those of Hong Kong-listed China Construction Bank by capping new equity in the US$10 billion initial public offering, the two sources said, asking not to be identified.

Controlling shareholders Central Huijin Investment Corp and the Ministry of Finance would provide the rest of the stock, they said.

Industrial & Commercial's IPO is planned for as early as September. It will compete with Bank of China's share sale of as much as US$8 billion, slated for next month, as well as with lenders already listed in Hong Kong. China Construction Bank and Bank of Communications Co sold new shares when they raised a combined US$11.37 billion in 2005.

"It's good news for investors who can buy the company's stock without having to worry about a dilution of earnings," said Gu Yunfei, who manages about US$24 million at Millennium Ark Investment Co. The bank is less concerned about raising money than with its success, "so they prefer to issue fewer shares to keep returns higher."

Return on equity at China Construction, China's third-largest bank, is 15 percent, according to data compiled by Bloomberg. Bank of Communications, or BoCom, has a return of 12.8 percent.

Industrial & Commercial also plans to offer its shares for about twice the lender's book value, the people said. China Construction Bank trades at 2.4 times, while BoCom is at 2.5 times, according to Bloomberg.

Yang Kaisheng, president of Industrial & Commercial, declined to comment on the proportion of new and old shares in Beijing on Sunday.

Industrial & Commercial Bank plans to sell 12 percent of its enlarged share capital in the IPO, the people said.

The lender also intends to seek permission to sell Class A shares. The sale would have to be conducted within 15 months from the date the State Council approves the overseas offer, the people said.

The bank also said it had granted 46.3 billion yuan (US$5.8 billion) in loans to small firms in the first quarter this year. Industrial & Commercial Bank said the nonperforming rate of small business loans was below average of all lending.

(Shanghai Daily April 26, 2006)