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China bank prepares for biggest ever IPO

China bank prepares for biggest ever IPO

(19 July 2006 – China) Bank of China’s US$11.2 billion initial public offering, which was the world’s largest for six years, is set to be surpassed by Industrial and Commercial Bank of China (ICBC). ICBC is preparing an IPO in both the Hong Kong and Shanghai stock exchanges, which together could reach US $21 billion – the biggest IPO ever.

Bank of China listed on the Hong Kong stock exchange in April of this year before listing on the mainland. BoC plans to raise up to US$2.5 billion on the Shanghai Stock Exchange and has been sounding out prospective investors.

ICBC is China’s largest lender and plans to list simultaneously in Hong Kong and Shanghai at a single IPO before the end of 2006.

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