Chinese School - Bank of China wins key approval for IPO

Home Business Politics Life Culture��Edu Sci��Tech Sports Photos

��Search

  China Observer

�� China's top 10 economic news in 2005

�� China shows cultural power in the world

�� China's economy entering the credit transaction stage

  Photos

�� Corban Festival

�� 20th Int'l Ice Carving Contest

�� Hebei Bangzi staged to welcome the New Year

��Home>>Business

Bank of China wins key approval for IPO

www.chinanews.cn 2006-01-10 09:28:38

(Source: Shenzhen Daily/Agencies)

BEIJING, Jan. 10 - BANK of China (BOC), the country's second-biggest
lender, has secured key approval from the State Council to launch a US$6
to US$8 billion Hong Kong initial public offering (IPO) in the first half
of 2006, sources familiar with the deal said Monday.
Bank of China plans to file a preliminary listing application with the
Hong Kong bourse as soon as this week, pending final approval from the
China Securities Regulatory Commission, the sources said.
The parent firm of Hong Kong-listed BOC Hong Kong has hired Goldman
Sachs, UBS and BOC International to underwrite the deal, which is on
track to be China's second-largest IPO.
Bank of China plans to offer about 15 percent of its enlarged share
capital. Its planned listing follows China Construction Bank, which
raised US$9.2 billion in the country's largest-ever initial public
offering in October by selling 13.5 percent of its share capital at 1.96
times book value.
At US$6 to US$8 billion, the float will value Bank of China at US$40 to
US$53 billion, compared to China Construction Bank's current US$84
billion market capitalization. CCB shares have jumped 25.5 percent from
their IPO price.
Another Chinese state lender, Industrial and Commercial Bank of China,
also plans a multibillion-dollar IPO, although it has not yet chosen
investment bankers.

          ��BOC confirmed to sell a 5% stake to Temasek
          ��RBS to buy 15% of BOC
          ��Bank of America to be BOC shareholder
          ��Bank of China to list early next year

Copyright� 2004 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.
Disclaimer: viewpoints in the website do not represent China News Service

Learn Chinese, Chinese Online Class, Learning Materials, Mandarin audio lessons, Chinese writing lessons, Chinese vocabulary lists, About chinese characters, News in Chinese, Go to China, Travel to China, Study in China, Teach in China, Dictionaries, Learn Chinese Painting, Your name in Chinese, Chinese calligraphy, Chinese songs, Chinese proverbs, Chinese poetry, Chinese tattoo, Beijing 2008 Olympics, Mandarin Phrasebook, Chinese editor, Pinyin editor, China Travel, Travel to Beijing, Travel to Tibet