CCB HK listing likely
17/12/2003 16:45
China Construction Bank will likely take the lead of China's Big-Four
state-owned banks to sell shares and make initial offering in Hong Kong next
year, today's Beijing Morning Post said.
Industrial and Commercial Bank of
China, CCB's key rival for the listing campaign, has failed the chance as it's
been ruled out from the country's banking authority for the first group of
bankers it will help with listing, the same report said, citing close
sources.
On December 1, Liu Mingkang, chairman of China Bank Regulatory
Commission, said this banking market watchdog will select one to two state banks
to inject 130 billion yuan (US$15.7 billion) to help the listing, a move to aid
reforms in the country's banking industry.
CCB is widely regarded as the top
seed for the injection campaign, because it's most close to the banking
authority's requirement on asset quality.
It has digested a combined 70.2
billion yuan in bad loans and aims to reduce the non-performing loan ratio to
below 10 percent next year. In June, its NPL ratio was down to 12.91
percent.
CCB may choose China International Capital Corporation Ltd and
Morgan Stanley International Inc. to help its overseas listing, according to
market analysts, as the bank and Morgan Stanley are CICC's shareholders. CCB's
governor Zhang Enzhao is also CICC's president.
Jane Chen/ Shanghai Daily news
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