BOC Hong Kong Sets Final Share Offer Price

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Last updated at: (Beijing Time) Monday, July 22, 2002

BOC Hong Kong Sets Final Share Offer Price

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The Bank of China Hong Kong (Holdings) Limited (BOC) announced Sunday that the final offer price for its share offer was set at 8.50 HK dollars per share, equivalent to an effective retail price of 8.075 HK dollars after allowing for the retail discount of five percent.

The final offer size was 2.3 billion shares, 21.74 percent of the issued share capital of the company.

In addition, the Selling Shareholder has reserved an over-allotment option of 15 percent of the base offer size, representing 3.26 percent of the issued share capital.

During the three-and-a-half day Hong Kong public offering period, retail investors have submitted over 385,000 valid applications, covering 5.6 billion shares with a total value of 53.2 billion HK dollars( about 6.8 billion US dollars), at the maximum offer price of 9.50 HK dollars.

This represents subscription of 27 times the initial Hong Kong public offering size of 206.86 million shares, excluding the employee offer.

In the international offering, the institutional investors haveplaced orders for approximately 11 billion shares, which is equivalent to a total value of 13.4 billion HK dollars at the maximum offer price of 9.50 HK dollars.

Subscription is over five times the initial international offering size of 2 billion shares at the maximum price.

The final split of shares between the Hong Kong public offeringand the international offering was also finalized.

In line with the company's objective of encouraging participation in by retail investors in Hong Kong, it was decided that 35 percent of the shares available in the global offering will be allocated to the Hong Kong public offering.

Everyone who has submitted a valid application for shares in the Hong Kong public offering will receive at lest 500 shares.

Those applicants eligible for the retail discount will receive the 5 percent price discount for shares purchased in the Hong Kongpublic offering.

The basis of allocation of shares to investors in the Hong Kongpublic offering is expected to be published in the Hong Kong Economic Journal, the Hong Kong Economic Times and the South ChinaMorning Post on July 23.

The company's shares are expected to start trading on the StockExchange of Hong Kong on July 25, with stock code "2338".

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