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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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