| Home / English Column / Business (new) / In Industry / Finance | Tools: Save | Print | E-mail | Most Read |
| ICBC May Go Public in Hong Kong in September |
| Adjust font size: |
Industrial and Commercial Bank of China Ltd., China's biggest lender by assets, is expected to list its shares in Hong Kong as early as September, a news report said Tuesday, joining a state banks listing rush. The ICBC's initial public offering (IPO) is estimated at HK$100 billion, one of the highest in the world, a Xinhua-run economic newspaper said. The bank plans to submit its listing application to the ICBC is also projected to issue the renminbi-denominated A-shares in ICBC president Yang Kaisheng, quoted by the newspaper, said the bank has a "concrete timetable" for its listing preparations. The bank's chairman Jiang Jianqing has said he expects the bank, by stock market value, to become one of the world's top 10 banks, with 2006 business profits exceeding 100 billion yuan (US$12.5 billion). Chinese banks have piled up a mountain of problem debts over the past decades due to reckless -- usually government-ordered -- lending to state-owned enterprises, sapping their competitiveness, analysts acknowledge. However they have been moving to shed off hefty bad debts, push forward joint-stock reform, invite foreign investors, try to secure stock market listings and take other measures to help streamline operations prior to fully opening the country's financial markets to foreign rivals -- under a commitment to the World Trade Organization -- by the end of this year. (Xinhua News Agency June 13, 2006)
|
| Tools: Save | Print | E-mail | Most Read |
 |
| Related Stories |
|
| ? |
