Bank of China gets key approval for HK IPO
/ \. S2 N2 h4 P* |7 ~3 N) H3 i Bank of China, China's top foreign exchange lender, has secured key approval from the State Council to launch a HK$60 billion (US$7.7 billion) Hong Kong initial public offering in the first half of 2006, a Hong Kong newspaper reported on Monday.The listing plan awaited a final approval from the China Securities Regulatory Commission, the South China Morning Post reported, citing sources close to the situation.
7 J- c& l2 p- Y/ m# X The bank may file a preliminary listing application with the Hong Kong Stock Exchange as soon as this week, the paper added.6 D- H3 C: z& I2 T z3 h
The offering, which Bank of China previously planned to complete before April, was now most likely to be launched in May, the paper quoted the sources as saying.
. _9 w- Y2 p2 _% E" E The offering would value the bank at 400 billion yuan (US$49.6 billion), the paper said |