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China Merchants Bank attracts investment wave
By AMY CHEUNG
Published: September 13, 2006 12:00 AM
China Merchants Bank has attracted at least 10 Hong Kong blue-chip corporations as strategic investors for its H-share sale and the institutional portion is 25 times oversubscribed with orders totaled 446.7 billion HK dollars (57.27 billion US dollars), The Standard reported, citing market sources. Liquidity locked up in the institutional portion was the third highest among the public floats of mainland banks now listed in Hong Kong, said the paper. Almost all the top property developers have subscribed to the Shenzhen-based bank's equity offering. These developers include Henderson Land Development, Hopewell Holdings, Wharf Holdings, Nan Fung Holdings, Sino Land, Chinese Estates Holdings, and Kerry Properties. "Those corporations' indications of interest ranged from 150 million Us dollars to 600 million US dollars, and boosted the overall demand [for shares]," sources said.
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