From the Bloomberg:
Bank of China Ltd., the nation’s second-biggest lender, will raise 20 billion yuan ($2.5 billion) in the country’s largest domestic share sale.
The bank is selling 6.49 billion local-currency shares for 3.08 yuan each, it said in a statement published in the Shanghai Securities News today. The price is in the middle of the 3.05 yuan to 3.15 yuan range set June 19, and compares with the HK$2.95 (3.04 yuan) at which Bank of China sold shares to investors in a Hong Kong initial public offering last month.
“IPOs are risk-free,” in the A-share market, said Charlie Chen, who helps manage $1 billion of Chinese shares at Fortis NV in Shanghai and expects the stock to rise on its debut. “The economy is growing fast and banks will benefit.” [Full text]
