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CITIC bank plans to launch IPO this year
www.chinanews.cn 2006-05-31 16:44:27
Chinanews, Beijing, May 31 �C CITIC bank plans to launch an initial
public offering (IPO) this year with the intention of raising at least 15
billion yuan in the capital market, bank president Chen Xiaoxian said
yesterday.
He said that the fund gathered in the stock market could meet the bank��s
financial needs for its strategic development in the next three to five
years. He said that currently, the bank would use up some five to six
billion yuan every year. Based on that figure, the bank would therefore
need to collect at least 15 billion yuan from the capital market for its
future development. Chen also refuted hearsay about the exact number of
capital that the bank would raise, saying that ��the concrete figure
cannot be publicized at the moment��.
CITIC bank plans to introduce some strategic investors to the bank and
the work has not finished yet. Chen said that the bank was ��very
prudent�� in selecting its investors, since they should not only add to
the bank��s competitive edge, but more importantly, they should be in
line with the bank��s internal characteristics. He said frankly that the
bank ��prefers a foreign-funded investor.��
Previous reports showed that the bank would choose an international
securities board for its listing, however, it is still not known whether
it would be in Hong Kong.
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