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| Wednesday, October 08, 2008 00:17:43 |
ICBC plans dual listing in Hong Kong and Shanghai
Industrial and Commercial Bank of China (ICBC) is planning an unprecedented simultaneous dual listing in Hong Kong and Shanghai, demonstrating the growing depth of the mainland’s capital market, reported the Financial Times.
Traditonally, PRC companies opted to list in Hong Kong and seek a dual listing later in the US or Europe. However, the recent success of the Bank of China secondary listing in Shanghai has convinced authorities that the mainland’s domestic capital markets are strong enough to support large IPOs.
According to Financial Times, investment bankers in Hong Kong say that they expect Shanghai and Shenzhen, the two mainland exchanges, to attract large numbers of Chinese companies over the coming years, following the return of investor confidence to domestic capital markets in the wake of a series of reforms.
Air China and CNOOC, the oil and gas group, are other possible candidates for a mainland listing, suggested the paper.
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