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BIZCHINA / Center
CCB set for mainland's largest listing
(Agencies)
Updated: 2007-09-24 15:17
China Construction Bank Corp announced Monday it had raised 57.12 billion
yuan (US$7.6 billion dollars) from its initial public offering in
Shanghai, the largest in the Chinese mainland.
The proceeds, slightly less than the figure of 58.05 billion yuan
announced last week, will be used to supplement working capital, the
Beijing-based bank said in an official statement to the Shanghai stock
exchange.
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China's second largest bank by assets, which already has a listing in
Hong Kong, offered nine billion shares at 6.45 yuan per share, a price at
the top end of its proposed range.
Its shares will start trading on Tuesday.
The size of the flotation is the largest since the Industrial and
Commercial Bank of China's dual listing in Hong Kong and Shanghai last
October, which raised about US$6 billion on the mainland portion of its
sale.
The world's biggest share offering in 2007 had belonged to another
Chinese bank, CITIC, which raised US$5.4 billion?in a share sale in
Shanghai and Hong Kong.
Chinese authorities have been encouraging more domestic share issues to
increase the supply of equities and mop up excessive liquidity in its
booming capital market, where the key index has surged more than 100
percent this year.
Meanwhile, Bank of America, a strategic investor in China Construction
Bank, will see its stake in the firm diluted to 8.19 percent from 8.52
percent after the offering, the Chinese lender said in its listing
prospectus.
(For more biz stories, please visit Industry Updates)
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