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ICBC, BOC set to lead record year for share sales
(The Standard)
Updated: 2005-12-30 15:39

Planned share sales by Industrial and Commercial Bank of China and Bank of China, the mainland's two biggest lenders, are expected to push funds raised in Hong Kong through initial public offerings to a record HK$200 billion next year.

That's a modest gain on this year's HK$192 billion - itself a record - and reflects the continuing surge in mainland companies seeking to raise funds overseas.

"ICBC and BOC are likely to raise about HK$120 billion to HK$140 billion," said Edmond Chan, a partner at accounting firm PricewaterhouseCoopers in Hong Kong.

Beijing-based BOC, China's second-largest commercial lender, plans to apply for a flotation on the Hong Kong stock exchange at the beginning of next year, China Securities Journal reported Thursday.

"Bank of China has already finished its preparatory work to apply for a listing," said the report, citing an unidentified source in BOC.

ICBC isn't expected to sell shares until the fourth quarter of next year.

The list of companies planning Hong Kong sales reflects the breadth and depth of China's boom - and the continuing appetite among foreign investors for a stake in the world's fastest- growing major economy. Among those headed for a Hong Kong listing next year are mainland port operators and automakers, Chan said.

Guangzhou Automobile Group, the mainland partner of Toyota Motor and Honda of Japan, is expected to launch its IPO in Hong Kong in the second half of next year, sources said. It will follow Dongfeng Automobile, China's third- largest auto manufacturer, which became the first mainland carmaker to be listed on an overseas stock market after its Hong Kong share sale this month.

"There is a strong pipeline of companies with strong financials and including mainland-based financial services companies and logistics firms that are ready to come to market," said Richard Sun, another partner in PricewaterhouseCoopers' capital markets services group in Hong Kong.

Mainland companies accounted for about 80 percent of this year's IPOs by value, underscoring the city's role as the principal source of international capital for mainland firms, Chan said.

China Construction Bank, the third- largest commercial lender, sold US$9.2 billion (HK$71.8 billion) worth of shares in October, just four months after Bank of Communications, the fifth- biggest bank, raised US$1.9 billion.

Mainland regulators have suspended IPOs on the Shanghai and Shenzhen markets since May as the country moves to reduce state ownership of listed companies by requiring that so- called nontradable shares be replaced by ordinary securities.

The two mainland stock markets may resume new stock sales early next year, sources said.



 
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