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��Home>>Business
China CITIC Bank's A shares surge on debut
www.chinanews.cn 2007-04-28 09:46:49
(Source: China Daily)
Chen Xiaoxian (R), president of China CITIC Bank, gets set to ring the
gong to signal the bank's debut at the Shanghai Stock Exchange on Friday,
April 27, 2007. The bank raised a total of $5.4 billion in its initial
public offering, making it the world's biggest IPO so far this year.
Apr.28 - The share price of China CITIC Bank, the country's
seventh-largest lender by total assets, almost doubled on market debut at
the Shanghai bourse on Friday, beating analysts' expectations.
The Shanghai stock market, however, fell despite the rise in China CITIC
Bank shares, which jumped 96 percent from the issuing price of 5.8 yuan.
The shares opened at 9.21 yuan and closed at 11.37 yuan.
The bank raised a total of $5.4 billion in its initial public offering,
making it the world's biggest IPO so far this year.
"We are satisfied with the opening price of CITIC Bank, which exceeded my
expectations," said Chen Xiaoxian, president of China CITIC Bank, at a
press briefing.
Chen said CITIC Bank will strengthen its business focus on corporate
banking, and rectify deficiencies in other areas, including retail
banking.
"We will strengthen our cooperation with foreign investor, BBVA,
following the stock listing, and will find opportunities for acquisition
and mergers if government policy permits," he said.
China CITIC Bank has frozen a total of 1.2 trillion yuan in online
subscriptions, the largest amount in China's A-share market.
The Shanghai composite index dropped 0.61 percent to close at 3759.87,
led by a drop in banking stocks.
Meanwhile, CITIC Bank's Hong Kong-listed H shares rose only 14 percent to
HK$6.68, plagued by overall market shares falling sharply amid worries
that China may announce further economic-tightening measures during the
Labor Day holiday next week
"It is a bit disappointing to see shares in CITIC Bank close at such a
price, the recent results of all Hong Kong-listed mainland companies,
especially mainland banks, are pretty strong," said Paul Lee, senior
analyst with Hong Kong-based Taifook Securities.
"Speculation over new policies to cool down the overheated economy made
investors cautious. The market might undergo a correction later," Lee
said.
Nevertheless, investors are optimistic about China's economy and its
banking industry, he added.
Chinese mainland banks have raised about $60 billion in stock offerings
in the past two years as rapid economic growth drives demand for
financial stocks.
Lenders, including the Industrial and Commercial Bank of China and Bank
of China, saw their domestic shares surge last year, enticing smaller
rivals to follow suit.
The country's economic growth accelerated to 11.1 percent in the first
quarter, boosting the appeal of mainland equities.
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