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CCB to launch world's biggest IPO
(Xinhua)
Updated: 2005-10-10 20:56
Bookrunners for the deal include Credit Suisse First Boston Corp., China
International Capital Corp. and Morgan Stanley.
Speaking on the sidelines of a meeting called by CCB to launch the marketing
roadshow, Colin Lam, vice chairman of Hong Kong property developer Henderson
Land, said that chairman Lee Shau-Keeplans to buy 200 million US dollars worth
of CCB shares.
Cheng Yu-tung, chairman of local property giant New World Development, also
signaled his intention to invest about 200 million US dollars in the bank. He
said the decision was made after ascertaining that CCB's thorny bad debt problem
can hopefully be solved.
Bank of America, a "strategic CCB investor," has already pouredan investment
of 2.5 billion dollars into the bank and said it would invest another 500
million dollars to maintain its 9 percentstake in CCB when it is listed.
The total investment of Temasek Holdings Ptd Ltd., the investment arm of the
Singaporean government, would reach 2.47 billion dollars for a 5.1 percent
stake, according to Securities Journal.
Foreign banks are making strategic investments in order to gaina foothold in
the fast-growing and increasingly competitive Chinese banking market.
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