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| Bank of China Hong Kong to be listed in Hong Kong |
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The Bank of China Hong Kong (Holdings) Limited Sunday announced the launch of its share offer by way of an Initial Public Offering (IPO) of secondary shares.
"This marks yet another milestone for the Bank of China (Hong Kong) Limited (BOC Hong Kong). Investors will have the opportunity to become shareholders in one of the pillars of the Hong Kong banking community," said Liu Mingkang, chairman of the BOC Hong Kong (Holdings) Limited, at a press conference Sunday.
Bank of China, through its wholly-owned subsidiary BOC Hong Kong Limited, intends to sell up to 25 percent of the BOC Hong Kong (Holdings) Limited through the share offer, with a base offer size of 21.74 percent and an over-allotment option size of 3.26 percent.
Liu also said that Standard Chartered Bank will become a strategic investor in the BOC Hong Kong (Holdings) Limited through this IPO.
The BOC Hong Kong (Holdings) Limited share offer has been structured as a global offering, with the road show for professional and institutional investors beginning this week.
The share offer to public investors in Hong Kong is expected to open on Monday, July 15, according to Liu Jinbao, chief executive of the BOC Hong Kong (Holdings) Limited.
The indicative price range for the institutional offering has been set at 6.93 HK dollars to 9.50 HK dollars (0.89 - 1.22 US dollars) per share. Shares will be allocated in board lots of 500.
Individual retail investors will be eligible to receive incentives in the form of a 5 percent discount to the institutional price.
The bank plans to offer a maximum of 26 billion shares and 10 percent will be allocated for the retail investors.
A syndicate will be responsible for the distribution of BOC's shares to both retail and institutional investors, and will be led by the three joint global coordinators -- BOC International Holdings Limited, Goldman Sachs (Asia) and UBS Warburg.
The bank is expected to be listed on July 25, 2002.
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