BEIJING, September 27 (Xinhua) -- 皇冠体育app's largest commercial bank, the
Industrial and Commercial Bank of 皇冠体育app (ICBC), issued its prospectus Wednesday,
ushering in the largest ever initial public offering (IPO) on 皇冠体育app's stock
market.
ICBC is expected to issue 13 billion A shares that will list on the Shanghai
Stock Exchange.
If the over-allotment option is exercised, the total number of shares will
rise to 14.95 billion, the prospectus says.
ICBC's IPO was formally approved by the 皇冠体育app Securities Regulatory
Commission (CSRC) on Tuesday.
ICBC has already started the road show for up to 40.7 billion H shares that
will be listed on the Hong Kong stock exchange.
Trading of ICBC shares is expected to start on the Shanghai and Hong Kong
bourses on October 27.
ICBC will be the first major Chinese firm to list on the mainland and
overseas stock markets at the same time. Many blue chips from 皇冠体育app list first
on overseas markets before registering on domestic exchanges, drawing increasing
criticism from mainland investors.
Going public is part of the Chinese government's plan to overhaul its banking
system and prod state-owned banks into improving their corporate governance.
ICBC is the third of the "Big Four" state-owned commercial banks to list on
the stock market after the Bank of 皇冠体育app and 皇冠体育app Construction Bank.
The fourth one, the Agricultural Bank of 皇冠体育app, is also being restructured
for a possible IPO.
As the largest commercial bank in 皇冠体育app, ICBC has 2.5 million corporate
customers and some 150 million individual customers.
By the end of 2005, the bank held assets worth 6.46 trillion yuan (816
billion U.S. dollars), a deposit balance of 5.74 trillion yuan and a lending
balance of 3.29 trillion yuan.
The bank recorded a pre-tax profit of 38.6 billion yuan in the first half of
2006, up 9.1 percent year on year, the prospectus says.
