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CCB waits for nod on mega sale
By Luo Jun
Updated: 2007-09-05 07:17
China Construction Bank could raise $7.5 billion through a share sale in
Shanghai. Xu Jinbai
China Construction Bank, the nation's second-largest bank, may sell
shares in Shanghai as early as this month, raising about $7.5 billion in
what would be the world's second-biggest stock sale this year.
The listing committee of China's securities regulator will meet on Friday
to review the Beijing-based bank's plan to sell as many as 9billion
shares, according to the watchdog's website. China Construction Bank's
shares rose to a record in Hong Kong yesterday on optimism the sale will
allow it to accelerate expansion in China, the world's fastest-growing
major economy. The sale is likely to receive approval because the
government wants to boost the supply of equities on the mainland's two
exchanges.
"The government is opening the gate for a new wave of sizeable IPOs with
which they are trying to divert some liquidity from the market," said Gu
Zhonghan, a bank analyst at E Fund Management Co, which oversees the
equivalent of $18 billion. "China Construction Bank will be favored by
investors."
China Construction Bank didn't disclose how much it plans to raise.
Bloomberg News calculated the amount by multiplying the number of shares
on sale by Monday's closing price of HK$6.51.
TVB Group, Russia's second-biggest bank, raised $8billion in an initial
public offering in May. PetroChina Co, the nation's largest oil company,
won shareholder approval last month to raise about $5.6 billion through
the sale of as many as 4 billion yuan-denominated shares.
China Construction Bank's shares have gained 40 percent since it first
announced a mainland stock offering plan on June 15. The company is the
last among the five Hong Kong-listed mainland banks to sell A shares.
Bank of China's Shanghai shares trade at a 61 percent premium to its Hong
Kong stock, according to data compiled by Bloomberg. Bank of
Communications Ltd's price differential is 55 percent and the Industrial
and Commercial Bank of China's is 42 percent.
China Construction Bank, established in 1954 to fund roads, bridges, dams
and other infrastructure, is now the country's largest mortgage and real
estate lender.
Bloomberg News
(China Daily 09/05/2007 page14)
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