China’s biggest bank gets approval for IPO?
Santana asks:
(China Econominc Net, Jul 19, 2006)China’s biggest state-owned commercial bank, ICBC, has received approval for an initial public offering, the country’s top bank regulator said Tuesday, following reports the deal could raise up to US$14 billion (euro11.17 billion).
Industrial & Commercial Bank of China’s IPO “has been officially approved,” said Liu Mingkang, chairman of the China Banking Regulatory Commission, quoted by the official Xinhua News Agency.
(China Econominc Net, Jul 19, 2006)China’s biggest state-owned commercial bank, ICBC, has received approval for an initial public offering, the country’s top bank regulator said Tuesday, following reports the deal could raise up to US$14 billion (euro11.17 billion).
Industrial & Commercial Bank of China’s IPO “has been officially approved,” said Liu Mingkang, chairman of the China Banking Regulatory Commission, quoted by the official Xinhua News Agency.
The report didn’t say when or where the IPO would take place or how much money it was intended to raise. But earlier reports said ICBC wants to raise as much as US$14 billion (euro11.17 billion) with a simultaneous offering on stock exchanges in Hong Kong and Shanghai.
With a successful IPO, ICBC would join other Chinese state-owned banks that have raised billions of dollars from investors in a massive industry overhaul as Beijing prepares to open their
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It is said that ICBC has been approved for IPO and is predicted to take place in Octorber this year. ICBC will choose Hong Kong(H-share) and Shanghai (A-share) for its IPO.
I don’t exactly know how much money it was intended to raise. But it is certain ICBC’s IPO will be the biggest one in chinese history, more than BOC’s (Bank of China) and CCB’s (China Construction Bank)