Bank of China to list on mainland
(13 June 2006 – China) Bank of China, which recently listed on the Hong Kong stock exchange, said it will list on the mainland in early July.
The bank plans to raise up to US$2.5 billion on the Shanghai Stock Exchange and is currently sounding out prospective investors to set the share price.
In April, Bank of China raised US$11.2 billion in an initial public offering, the world’s largest for six years.
China’s banking regulator said its "strategic goal" was for banks to list domestically to boost confidence in the mainland’s markets and attract foreign capital.
Bank of China’s Shanghai listing will also play a part in the reform of China’s banking markets. The country is committed to opening up its markets to foreign players by the end of this year as part of its World Trade Organisation obligations.
In April, Bank of China raised US$11.2 billion in an initial public offering, the world’s largest for six years.
China’s banking regulator said its "strategic goal" was for banks to list domestically to boost confidence in the mainland’s markets and attract foreign capital.
Bank of China’s Shanghai listing will also play a part in the reform of China’s banking markets. The country is committed to opening up its markets to foreign players by the end of this year as part of its World Trade Organisation obligations.
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