Can you imagine how big this company is? Selling an almost 17% shares and raising US$19billion the sale of the century of ICBC (Industrial and Commerical Bank of China), this has surpassed the previous record holder of NTT subsidiary, NTT Docomo (the mobile phone provider in Japan). The share sales will be listed in both major stock exchange of china namely Hang Seng and Shanghai. Shanghai will sell a bit over $5billion worth of shares and Hong Kong the balance of almost $14billion.It is interesting to see China banks making a big impact on Hong Kong stock exchange. Previously Bank of China’s IPO raised around $10billion. It seems the frenzy for purchase of Chinese banking shares is beyond expectation. When the prospectus was being distributed in Hong Kong, people queued up around the island hoping to get a copy. It is estimated that 1 million out of 7 million of Hong Kong’s population has placed an offer to buy shares. The share is believed to be oversubscribed 30 times.
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