China CITIC Bank seeking HK list
Updated: 2006-06-16 12:34
China CITIC Bank is planning a share listing in Hong Kong by the end of this
year, followed by another share offering in China's inland market, its president
said on Friday.
CITIC is joining a Chinese bank listing parade ahead of the full opening of
China's financial market to foreign rivals. China hopes its banks will improve
corporate governance and business through public listings.
CITIC Bank president Chen Xiaoxian told Xinhua the bank is targeting an
initial public offering of over 15 billion Hong Kong dollars to shore up its
CITIC is also projected to sell a 5-10 percent stake to strategic investors,
Chen said. "A slew of world renowned financial institutions, including private
funds, commercial banks and investment banks, are eyeing CITIC, as a piece of
fat meat in terms of profits," he added.
CITIC is one of China's 13 national shareholding banks, smaller than the "big
four" state banks, who have either gone public or are seeking to do