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CCB announces China’s biggest IPO

CCB announces China’s biggest IPO

(11 September 2007 – China) China Construction Bank (CCB) has announced that it will launch China’s largest domestic initial public offer (IPO) of shares. CCB, which is China’s second biggest, has planned to offer some nine billion new A shares at between 5.80 and 6.20 yuan each.

Compared with the bank’s Hong Kong listed H shares, which last closed at HK$6.86, the planned price would be at a discount of between six and 13 percent.

Of the nine billion new shares, CCB has said it will issue as many as 3.15 billion to institutional investors and the remainder to retail investors. These figures may change in favour of retail investors depending on demand.

CCB said it had set September 17 2007 as the launch date for retail subscriptions and September 14 to 17 for institutional investors. The bank added that shares from this IPO are expected to start trading on 25 September.

The current Chinese record for the largest domestic IPO is held by Industrial & Commercial Bank of China, which raised 46.64 billion yuan in October 2006 in the Shanghai part of an IPO that also included Hong Kong.

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