ICBC listing: a tale of two cities

As the dust settles on the epic $21.9 billion capital-raising from Industrial and Commercial Bank of China, the long-term lessons of the deal – the first simultaneous offer on the Hong Kong and Shanghai stock exchanges – are being considered.

Hong Kong Exchanges & Clearing has confirmed to Euromoney that it has set up a working group jointly with the Shanghai Stock Exchange “to review the arrangements for simultaneous listings”.

A spokesman for HKEx paints a positive picture of what the ICBC listing achieved, saying it “further demonstrated the strength of the H-share market [Chinese entities listing in Hong Kong] in terms of fund-raising capacity” and that it “showed regulators and exchanges in Hong Kong and on the mainland are committed to cross-border cooperation”.

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