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BIZCHINA / Center
Regulator to examine IPO application of CCB
(Xinhua)
Updated: 2007-09-04 15:13
China Construction Bank (CCB), one of the country's four largest
State-owned commercial banks, has its domestic listing in sight, as the
regulator said it would meet on Friday to discuss the initial public
offering (IPO) application of the lender.
The bank plans to issue no more than 9 billion A shares, and the
yuan-denominated shares will account for no more than 3.85 percent of its
enlarged capital after listing, it said in the draft prospectus submitted
to the China Securities Regulatory Commission (CSRC) for approval.
CCB will use raised money to supplement its capital, the prospectus said.
Based on experience, the bank can finish the process as early as
September, industry insiders said.
By the end of 2006, the bank's capital adequacy ratio hit 12.11 percent
while non-performing loans ratio was 3.29 percent.
The bank has invited China International Capital Company, CITIC
Securities and Cinda Assets Management Company to be its underwriters and
advisors of A-share IPO.
The prospectus gave no details on the IPO price or location of listing.
CCB was listed in the Hong Kong stock exchange in October 2005. It issued
26.486 billion shares on Hong Kong stock market and raised US$9.2 billion.
(For more biz stories, please visit Industry Updates)
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