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Domestic and overseas investors alike yesterday displayed great enthusiasm for the world-record US$19.1 billion public offer by Industrial and Commercial Bank of China (ICBC).

 

The bank, the largest by assets in China, began accepting subscriptions from institutional investors for shares to be listed in Shanghai and simultaneously launched an H-share public offering in Hong Kong. The initial public offering (IPO) represents approximately 15 percent of the bank's enlarged share capital.

 

Institutional investors in Hong Kong began applying for the stock a week ago and according to two people involved in the sale, who didn't wish to be identified, underwriters have already received orders for US$175 billion -- 13 times the amount available to them.

 

ICBC is offering 1.77 billion shares, 5 percent of the total offering, to Hong Kong retail investors. They have until midday on Thursday to place their orders. The bank makes its trading debut simultaneously in Hong Kong and Shanghai on October 27.

 

The dual IPO, China's first, is expected to be the world's largest exceeding the 1998 stock sale by Japanese mobile phone company NTT DoCoMo, which raised US$18.4 billion according to market data provider Dealogic.

 

Around 138 domestic institutional investors, as many as 90 percent of those who participated in the bank's earlier price inquiry process, have made offers to buy A shares.

 

"The active subscription of the bank's shares might finally lead its price to be fixed as high as 3 yuan (38 US cents) per share," said Zhao Jianxing, an analyst with Shenzhen-based China Merchants Securities. "And on the first trading day it's likely to open at 3.4 or 3.5 yuan per share," he added.

 

The bank set its A-share price yesterday at between 2.6 yuan and 3.12 yuan, which is 1.95 times and 2.23 times its 2006 book value, said bankers involved in the sale. ICBC is offering 35.4 billion shares at between HK$2.56 and HK$3.07 apiece in its global offering. The bank is scheduled to fix the final price on October 23.

 

Thousands of Hong Kong residents lined up outside banks yesterday to apply for the shares. Analysts estimated that retail investors in Hong Kong might pump in a combined capital of HK$300 billion during the subscription.

 

"Overseas investors think highly of ICBC shares because the lender has the biggest customer network among Chinese banks," said Daniel Zeng, chief investment officer with First State Cinda Fund Management. He added that investors were betting on China's sizzling economic growth.

 

Bank of China, the country's second-biggest lender that raised about US$11.2 billion for its IPO in May, attracted around US$121 billion in demand from institutional investors. Individual investors in Hong Kong ordered about US$38 billion.

 

Shares in China Construction Bank, the country's third-largest lender, have risen 54 percent since its US$9.2 billion global share sale last year.

 

(China Daily October 17, 2006)