Chinese Lesson - ICBC may postpone HK listing until October

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ICBC may postpone HK listing until October

www.chinanews.cn 2006-06-21 09:47:18

(Source: Xinhua)

June 21 - The Industrial and Commercial Bankof China (ICBC), the
country's biggest lender, is expected to listin Hong Kong in October, one
month later than previously reported,Xinhua learned on Tuesday.
A market insider familiar with the ICBC listing plan, who askednot to be
named, said the bank is not ready to submit its application to the Hong
Kong Exchanges and Clearing Limited (HKEx)until "the end of June or early
July".
Earlier media reports said the HKEx would start scrutinizing the ICBC
plan this week, enabling it to go public as early as September.
The bank has yet to release its annual business report of 2005,and its
vice president Li Xiaopeng said it was accelerating the auditing for its
first quarter financial statement "to meet the requirement for a public
listing".
The Social Security Fund, China's national pension fund, signedan
agreement with the ICBC on Monday, pledging to pour an investment of more
than 18 billion yuan (2.25 billion U.S. dollars) into the bank.
A foreign trio of Goldman Sachs, American Express and Allianz Group has
already paid a combined 3.78 billion U.S. dollars for a 8.89 percent
stake in the ICBC, the biggest-ever amount of foreigninvestment in
China's banking industry.
China hopes its "big four" state banks -- the ICBC, Bank of China, China
Construction Bank and Agricultural Bank of China --, once plagued by a
mountain of bad debts, will strengthen corporategovernance and streamline
operations with the help of foreign investors and public listings.
Investors are also eager to buy Chinese bank shares to tap intothe robust
Chinese economy, which has grown about 10 percent in each of the past
three years.
Construction Bank took the lead in the "big four" to list in Hong Kong
last October.
ICBC is reportedly targeting another share offering on China's mainland
by the end of this year.

          ��ICBC transforms into joint-stock company
          ��ICBC sells bonds for IPO

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