(13 September 2006- China) The latest Chinese bank to list in Hong Kong, China Merchants Bank, has seen institutional demand for its shares oversubscribed by more than 25 times.China Merchants Bank, which is the sixth largest bank in China, set out to raise US$2.4 billion through an initial public offering.
The largest bank in China, Industrial and Commercial Bank of China (ICBC) is looking to raise US$21 billion later in the year through an IPO in both Hong Kong and Shanghai.
China Merchants Bank is already listed on the Shanghai stock exchange. Retail investors will only have access to five percent of its Hong Kong shares.