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Chinese regulatory body okays BOC's HK listing
(AP)
Updated: 2006-01-09 15:04
Bank of China, the country's second-largest lender by assets, has received
approval from the China Securities Regulatory Commission for its upcoming
initial public offering in Hong Kong, according to a person familiar with the
deal.
The bank plans to file a listing application in Hong Kong in the next few
weeks, a Dow Jones Newswire report said, citing a person close to the deal who
insisted on anonymity.
Bank of China will be the second of China's top four state-owned lenders to
list its stock on an international market.
The deal, which could raise more than US$4 billion (euro3.3 billion), will be
one of the largest IPOs in Hong Kong this year and is scheduled to take place in
April or May.
Industrial & Commercial Bank of China, the mainland's biggest bank, may
also list shares in Hong Kong later this year. The ICBC offering could also top
US$4 billion (euro3.3 billion).
In October, China Construction Bank Corp., one of the top four mainland
banks, was the first to list in Hong Kong and sold US$9.2 billion (euro7.6
billion) of shares in the world's largest IPO for 2005.
Analysts said the demand for Chinese banking shares is expected to remain
strong this year as investors are eager to use the banking sector to invest in
China's fast-growing economy.
China Construction Bank's shares have risen 27 percent since the October
listing.
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