NEWS > Business
CCB set for mainland's largest listing
2007-09-24 02:48:49  China Daily      

China Construction Bank Corp announced Monday it had raised 57.12 billion yuan (US$7.6 billion dollars) from its initial public offering in Shanghai, the largest in the Chinese mainland.

The proceeds, slightly less than the figure of 58.05 billion yuan announced last week, will be used to supplement working capital, the Beijing-based bank said in an official statement to the Shanghai stock exchange.

China's second largest bank by assets, which already has a listing in Hong Kong, offered nine billion shares at 6.45 yuan per share, a price at the top end of its proposed range.

Its shares will start trading on Tuesday.

The size of the flotation is the largest since the Industrial and Commercial Bank of China's dual listing in Hong Kong and Shanghai last October, which raised about US$6 billion on the mainland portion of its sale.

The world's biggest share offering in 2007 had belonged to another Chinese bank, CITIC, which raised US$5.4 billion in a share sale in Shanghai and Hong Kong.

Chinese authorities have been encouraging more domestic share issues to increase the supply of equities and mop up excessive liquidity in its booming capital market, where the key index has surged more than 100 percent this year.

Meanwhile, Bank of America, a strategic investor in China Construction Bank, will see its stake in the firm diluted to 8.19 percent from 8.52 percent after the offering, the Chinese lender said in its listing prospectus.

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