CHINA Construction Bank raised 58.05 billion yuan (US$7.72 billion) in its nine-billion share initial public offering in Shanghai - the biggest IPO on the Chinese mainland, the lender reported yesterday.
Retail investors oversubscribed the yuan-backed offering about 40 times and institutional investors 34 times.
The Beijing-based bank sold its A shares at 6.45 yuan apiece, at the upper limit of an offer price range that started at 6.15 yuan, the bank said late yesterday in a statement to the Shanghai Stock Exchange.
The bank received orders for 255.3 billion shares from retail investors. Institutional investors bid 614 billion yuan for the shares.
The bank drew offers totaling 2.26 trillion yuan from both groups of investors.
The lender decided to offer 6.3 billion shares, or 70 percent of the total, to individual investors, up from a previously planned 65 percent due to the heavy retailsubscription. "We estimated the bank would attract about 2.2 trillion yuan from retail and institutional investors," said She Minhua, a China Securities Co analyst.
Construction Bank's share sale surpassed an Industrial and Commercial Bank of China IPO to become the mainland's biggest.
ICBC accomplished the world's largest IPO by raising US$19.1 billion in October in a dual listing in Hong Kong and Shanghai. It raked in 46.6 billion yuan in the Shanghai portion.
Guotai Jun'an Securities Co expects the bank to trade between eight yuan and 9.60 yuan during its debut on Tuesday. China Securities' She expects the stock to float between 8.50 yuan and 9.50 yuan. Ping An Securities expects the bank to trade between 7.20 yuan and 8.75 yuan.
Construction Bank's capital adequacy ratio will top 13.15 percent after the shares sale, up from the regulatory minimumrequirement of eight percent, the broker said.
Guotai Jun'an and Ping An Securities expect the bank to post annual compound growth of 30 percent over the next five years.
The new shares will account for up to 3.85 percent of the lender's enlarged stake.
The bank's H shares closed at HK$6.84 (88 US cents) yesterday, down 0.44 percent.
关键字:财经新闻
生词表:
Retail investors oversubscribed the yuan-backed offering about 40 times and institutional investors 34 times.
The Beijing-based bank sold its A shares at 6.45 yuan apiece, at the upper limit of an offer price range that started at 6.15 yuan, the bank said late yesterday in a statement to the Shanghai Stock Exchange.
The bank received orders for 255.3 billion shares from retail investors. Institutional investors bid 614 billion yuan for the shares.
The bank drew offers totaling 2.26 trillion yuan from both groups of investors.
The lender decided to offer 6.3 billion shares, or 70 percent of the total, to individual investors, up from a previously planned 65 percent due to the heavy retailsubscription. "We estimated the bank would attract about 2.2 trillion yuan from retail and institutional investors," said She Minhua, a China Securities Co analyst.
Construction Bank's share sale surpassed an Industrial and Commercial Bank of China IPO to become the mainland's biggest.
ICBC accomplished the world's largest IPO by raising US$19.1 billion in October in a dual listing in Hong Kong and Shanghai. It raked in 46.6 billion yuan in the Shanghai portion.
Guotai Jun'an Securities Co expects the bank to trade between eight yuan and 9.60 yuan during its debut on Tuesday. China Securities' She expects the stock to float between 8.50 yuan and 9.50 yuan. Ping An Securities expects the bank to trade between 7.20 yuan and 8.75 yuan.
Construction Bank's capital adequacy ratio will top 13.15 percent after the shares sale, up from the regulatory minimumrequirement of eight percent, the broker said.
Guotai Jun'an and Ping An Securities expect the bank to post annual compound growth of 30 percent over the next five years.
The new shares will account for up to 3.85 percent of the lender's enlarged stake.
The bank's H shares closed at HK$6.84 (88 US cents) yesterday, down 0.44 percent.
关键字:财经新闻
生词表:
- mainland [´meinlənd]
n.大陆；本土 四级词汇 - apiece [ə´pi:s] ad.每个，每件，每人 四级词汇
- retail [´ri:teil, ri´teil] n.&a.&v.零售(商品的) 四级词汇
- subscription [səb´skripʃən] n.预订；预约；捐款 四级词汇
- accomplished [ə´kʌmpliʃt] a.完成了的；熟练的 四级词汇
- broker [´brəukə] n.经纪人，掮客 四级词汇
京公网安备 11011202003401号
