The first of China’s four largest state-owned banks, China Construction Bank, hit the road in October for its well-trailed IPO. Despite a $8 billion offering, the largest IPO globally this year, CCB eschewed a New York listing, spooked by the Sarbanes-Oxley straitjacket, opting for Hong Kong alone.
Eventually priced near the top end of an already revised price range at 1.96 times 2005 estimated book value, the CCB deal might look a bit rich, especially given uncertainties about the true value of the bank’s assets.
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