ICBC secures green light for dual listing
Industrial and Commercial Bank of China (ICBC), the nation's largest lender, received approval from China Banking Regulatory Commission for a public share sale, paving the way for the lender to be the first company to sell shares simultaneously in Hong Kong and Shanghai, Bloomberg reported.
State-owned Industrial & Commercial may raise between $10 billion and $12 billion in its Hong Kong share sale as early as the third quarter, bankers involved in the initial public offering said in May. On July 13, bankers said the lender may list simultaneously in Shanghai and Hong Kong, wrote Bloomberg.
The moves are part of the efforts made by the Chinese government, the major stockholder of the "big four", to overhaul Chinese banks before the full opening of China's financial market to foreign competition by the end of this year under the commitment China made upon its WTO entry.
Credit Suisse Group, Deutsche Bank AG, Merrill Lynch & Co., China International Capital Corp. and ICEA Securities are arranging the ICBC's Hong Kong sale, bankers familiar with the sale said in February. Underwriters for the domestic sale are China International, Citic Securities Co., Guotai Junan Securities Co. and Shenyin & Wanguo Securities Co., said Bloomberg, citing the Wall Street Journal.