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| Official HK Listing for Bank of China |
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Bank of China Limited (BOC) was officially listed on the main board of the Hong Kong Exchange and Clearing Limited (HKEx) on Thursday, with the bank's H shares trading on the same day. BOC was the second of the Chinese mainland's Big Four state-owned banks to be listed in HK. Its initial public offering (IPO) was the largest in the world in six years, raising US$9.73 billion. Its debut share price was HK$3.15, 6.8 percent above the IPO price of HK$2.95. At the end of the trading day yesterday, shares closed at HK$3.40 with a traded volume worth HK$20.01 billion (US$2.56 billion). The traded volume accounted for 37 percent of the Hong Kong stock market's total traded volume, setting a new record for debut shares of newly listed companies. BOC Chairman Xiao Gang said at the bank's listing ceremony that BOC's IPO was one of the most successful in the international capitals market, which was evidence of international investors' confidence in China's long-term economic prosperity and acceptance of the bank's century-old brand. HKEx Chairman Ronald Arculli said that BOC's successful listing reflects Hong Kong's status as an international financial hub, adding that Hong Kong is working to attract more companies to list there. BOC offered a total of 25.57 billion H shares in its global offering, including an initial 1.28 billion H shares for the Hong Kong public offering and 24.29 billion H shares for the international offering. The bank's IPO on May 23 received a warm response globally. After the IPO, applications were oversubscribed by 76 times in Hong Kong, and 20 times at the international offering. Xiao Gang said, as the oldest and one of the best-known commercial banks in China, BOC has an extensive overseas branch network, a solid customer base and a universal banking platform. He said BOC is a leader in non-interest income and foreign exchange business with strong product innovation capabilities. Its Hong Kong listing has started another exciting chapter of the bank's hundred-year-old history.
(Xinhua News Agency June 2, 2006) |
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