ICBC could raise $6.6b in bank funding

09:04, July 08, 2010      

Email | Print | Subscribe | Comments | Forum 

ICBC, the world's most valuable lender, may tap investors for up to $6.6 billion, sources said, joining Agricultural Bank of China, which priced its IPO to be the world's largest, in a rush to raise billions of dollars.

  Big state-owned Chinesebanks including Bank of China are seeking to replenish funds depleted by last year's record government-directed lending spree and to meet higher capital levels demanded by regulators.

  The massive fundraisings, though well-flagged, have weighed on China's stock markets, contributing to their being among the worst performers in the world this year.

  AgBank's IPO priced its Hong Kong and Shanghai dual listing late Tuesday, a deal that would break all IPO records by raising more than $22 billion when adding in over-allotment shares.

  But with AgBank's pricing providing no nasty surprises and the government set to stump up the bulk of the new funds by subscribing to the other banks' planned rights issues, the stock market may be relieved and the remaining banks' fundraising plans may be smooth, analysts said.

Source: Global Times


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 28, tourists travel around the Mingshashan Scenic Area in Dunhuang, Gansu province by camel. With the National Day vacation right around the corner, more and more tourists from home and abroad are going to Dunhuang. Riding on a camel, they travel in the desert to enjoy the cities rare form of natural scenery. (Xinhua/Zhang Weixian)
  • Chinese forest armed forces work together with forest firefighters on Sept. 28. (Xinhua/Chai Liren)
  • Photo taken on Sept. 29, 2011 shows strong wind blows trees in Sanya, south China's Hainan Province. Typhoon Nesat heads towards south China and is moving at an average wind speed of 20 km per hour toward the west coast of China's Guangdong Province. (Xinhua/Hou Jiansen)
  • A fallen tree is seen on a road in Qionghai, south China's Hainan Province, Sept. 29, 2011. Typhoon Nesat was predicted to land in Hainan later Thursday, bringing heavy rainfalls to the island. (Xinhua/Meng Zhongde)
  • Arash Kamalvand (L) of Iran spikes the ball during the semifinal against South Korea at the 16th Asian Men's Volleyball Championship in Tehran, Iran, Sept. 28, 2011. Iran won 3-1 to advance to the final. (Xinhua/Ahmad Halabisaz)
  • A man visits "Thy Word Is Truth, the Bible Ministry Exhibition of the Protestant Church in China", during its opening at Mount Vernon Place United Methodist Church in Washington DC, capital of the United States, Sept. 28, 2011. Through the Bible's various Chinese versions, ancient or modern, as well as pictures, paintings, calligraphy, art works and historical documents, the exhibition was expected to give an overall understanding of how Bible was brought into China, how it was translated, published, distributed and loved. (Xinhua/Zhang Jun)
Hot Forum Discussion