BEIJING, June 20 -- Industrial and Commercial Bank of China (ICBC), the country's largest lender by assets, has deferred its US$12 billion Hong Kong listing to October, the Ta Kung Pao reported yesterday.

Citing unnamed mainland sources, the paper said the bank will submit its listing application to Hong Kong Exchanges and Clearing Ltd. for approval around July 1, which will allow it to list on Hong Kong's main board by October.

Analysts interviewed by the newspaper said the bank likely postponed its initial public offering (IPO) because of the recent market weakness. Hong Kong's benchmark Hang Seng Index has lost nearly 10 percent in the past two months.

Property developer Shui On Land Ltd. called off its US$1.03 billion Hong Kong public offering earlier because of poor market conditions.

ICBC is the fourth major mainland bank to seek a listing in Hong Kong. The other listed banks are Bank of China, China Construction Bank Corp. and Bank of Communications Co.

In another development, China's National Council for Social Security Fund, the country's national pension fund, will invest 18.028 billion yuan (US$2.254 billion) in Industrial and Commercial Bank of China, Xinhua reported yesterday.

(Source: Shenzhen Daily/Agencies)