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BIZCHINA / Center |
Regulator to examine IPO application of CCB(Xinhua)
Updated: 2007-09-04 15:13 China Construction Bank (CCB), one of the country's four largest State-owned commercial banks, has its domestic listing in sight, as the regulator said it would meet on Friday to discuss the initial public offering (IPO) application of the lender. The bank plans to issue no more than 9 billion A shares, and the yuan-denominated shares will account for no more than 3.85 percent of its enlarged capital after listing, it said in the draft prospectus submitted to the China Securities Regulatory Commission (CSRC) for approval. CCB will use raised money to supplement its capital, the prospectus said. Based on experience, the bank can finish the process as early as September, industry insiders said. By the end of 2006, the bank's capital adequacy ratio hit 12.11 percent while non-performing loans ratio was 3.29 percent. The bank has invited China International Capital Company, CITIC Securities and Cinda Assets Management Company to be its underwriters and advisors of A-share IPO. The prospectus gave no details on the IPO price or location of listing. CCB was listed in the Hong Kong stock exchange in October 2005. It issued 26.486 billion shares on Hong Kong stock market and raised US$9.2 billion.
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