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BOC Likely to Sell A Shares This Year: CSRC
2006-04-26 15:26:35      Reuters
Bank of China, readying a HK IPO, is also likely to issue domestic shares this year.

Related: Bank Of China Forced To Raise HK IPO Float

Bank of China [BOC.UL], readying a Hong Kong initial public offering of about $8 billion for as early as next month, is also likely to issue domestic shares this year, a top Chinese securities regulator said.

"It is very likely that Bank of China will issue A shares this year," Tu Guangshao, vice chairman of the China Securities Regulatory Commission, told Reuters on Wednesday.

Tu also said that all of the shares in the state-run lender would be converted to tradeable shares.

Most big Chinese companies are majority held by the state through untradeable shares, a legacy that has ensured central control of the corporate sector but also raised concern about transparency. Beijing has begun to unravel that structure.

Bank of China, the country's number-two lender, has been scheduled for a listing hearing with the Hong Kong bourse on Thursday. Marketing of the mega-deal would begin in the week starting May 8 should it win the go-ahead, sources have said.

Beijing is keen to shore up its ailing domestic markets with listings by high-profile companies. China first considered dual listings in 2004 ahead of large IPOs planned by China Shenhua Energy and Bank of Communications . But the duo scrapped their domestic share sales amid weak market conditions.


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