ICBC shares rise 14.6 per cent post listing
28 Oct 2006
The shares of Industrial and Commercial Bank of China (ICBC), which was listed on the Shanghai and Hong Kong Stock Exchange yesterday following the world's largest IPO, have risen 14.6 per cent after its listing in Hong Kong.
ICBC's
share price closed at HK $3.52 (Rs20.59) on Friday from
its opening price of HK $3.07 (Rs17.95).
ICBC is the largest Chinese bank and it raised $21.9 billion (Rs99,360 crore) from its dual listing in Shanghai and Hong Kong.
China's booming economy has created strong demand for bank shares.
Four of China's banks have issued IPOs since last year, despite fears over their levels of non per forming Assets or bad debt.