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Planned Bank IPO Nearly as Big as China's Great Wall

Filed in archive Private Equity by james on May 18, 2006

Planned Bank IPO Nearly as Big as China's Great Wall
Fortune magazine has recently reported that the Industrial & Commercial Bank of China is more than satisfying the enormous appetites of investment banks lining up at the trough to get a huge slice of advisory fees anticipated in the bank's planned $12 billion IPO. The monolithic bank aims to list in mainland China after their scheduled initial public offeringlinks in Hong Kong in the fall.

The several hundred million dollars in fees will be split among these five firms: Goldman Sachs (Research), Merrill Lynch (Research), Credit Suisse (Research), Deutsche Bank (Research), and China International Capital Corp.

Who can dispute that in the past three years the Middle Kingdom has generated some of the world's largest IPOs, including the $3 billion listing of China Life Insurance on exchanges in New York and Hong Kong in 2003 and China Construction Bank's $9 billion offering on the Hong Kong stock exchange last fall. This month the Bank of China, China's second-largest bank, hopes to raise $9.9 billion from an IPO in Hong Kong. All told, the value of mainland deals in the pipeline this year could top $30 billion, and dozens of other Chinese companies have declared their intention to seek a foreign listing by 2008.

And it's not just IPOs. Increasingly, Chinese firms are players in the world's biggest cross-border mergers and acquisitions. Completed deals involving Chinese firms reached a record $28.5 billion in 2005, according to Thomson Financial, up from $1.9 billion in 1995. That figure is sure to climb as China eases restrictions on foreign investment and more of its own firms venture abroad.


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Tags: China  bank  china  great  venture  great+wall  bank+nearly  planned+bank 

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