After ICBC made its world-record IPO in Hong Kong and Shanghai, Citic Bank is planning a dual listing too.
This is just another example of China’s banks’ craze for listing. So far, there are 4 mainland banks listed either in Hong Kong or in Shanghai: ICBC, Bank of China, China Construction Bank, China Merchants Bank. As the fever goes up, more banks will follow.
Read the story on Citic Bank from Financial Times:
Citic Bank, China’s seventh-largest lender in terms of total assets, is planning a dual Hong Kong and Shanghai listing in the coming months.
Zhang Qiang, an official at the unit of the government-run Citic Group, said the lender planned to list “very soon on both exchanges at the same time”. The initial public offerings are likely to take place sometime early next year.
Citic Bank could raise an estimated HK$2bn in Hong Kong alone. Mr Zhang, speaking at a finance conference in Beijing, said the bank has already applied to government regulators for the listings.[Full Text]