After HK, BOC eyes mainland IPO
By Zhang Ran and Li Xiaowei (China Daily)
Updated: 2006-05-30 08:57
Bank of China (BOC) could become the first company to launch an initial
public offering (IPO) on the domestic bourse's main board by issuing around 20
billion yuan (US$2.5 billion) of A shares in June.
Wang Zhaowen, a
spokesman for BOC, yesterday confirmed the bank will issue A shares very soon.
But he did not give a timetable.
However, domestic business newspapers
yesterday reported that the bank will likely be listed in June on the Shanghai
Stock Exchange.
"The bank will probably become the first IPO on the
domestic bourse's main board," China Business News said yesterday, quoting an
investment banker who participated in the bank's listing issues.
The
Shanghai-based Guotai Jun'an Securities, the Beijing-based CITIC Securities and
Galaxy Securities have been hired as underwriters, a Guotai Jun'an staff member
close to the deal told China Daily.
Speculation about the timing of the
share issuance is based on fact, he indicated.
"As the Chinese saying goes, there are no waves without
wind," he said, declining to be named.
A branch of the Bank of China (BOC)
in Shanghai. The lender could become the first company to launch an
initial public offering (IPO) on the domestic bourse's main board.
[newsphoto] |
"When
to issue A shares depends on the performance of the A share market," BOC
Spokesman Wang responded, adding that the bank will keep a close watch on the
market and then decide when is the right time to act.
"It also depends
on the trading of BOC's H shares in Hong Kong," Wang said.
According to Wang,
BOC has already got the go-ahead from the relevant authorities including the
China Securities Regulatory Commission (CSRC) to issue A shares.
(For more biz stories, please visit Industry Updates)
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