Bank of China (Hong Kong) Ltd (
Speaking at a press conference to announce the bank's initial public offering (IPO), Chief Executive Liu Jianbao (
The indicative price range for the institutional offering of approximately 2.6 billion shares has been set at HK$6.93-HK$9.50 (US$0.89-US$1.22) for institutional investors, he said.
"We plan to offer an incentive to retail investors in the form of a five percent discount to the institutional offer price," Liu said.
The bank will only sell existing shares for the IPO, and will not issue new shares, it said.
Standard Chartered Bank will become a strategic investor through the initial public offering, paying US$50 million for less than a 2.5 percent stake in Bank of China (Hong Kong).
Its stake is dependant on the price of the offering and whether the full allotment of 25 percent of Bank of China's (Hong Kong) shares are sold.
"While we compete in some areas, our two banks have been good friends for a long time and we intend to explore areas of potential strategic cooperation with Standard Chartered Bank," said Bank of China chairman Liu Mingkang (劉明康).
The bank will commence two-week long marketing activities for international investors tomorrow, and will announce the issue price on July 14.
Initially, 90 percent of the share offer will be earmarked for private placement, with the remainder for retail investors.
Trading in its shares will commence on July 25, it said.
However, a planned dual listing in New York had been put on hold indefinitely.
"We considered very carefully our listing options, including in the US.
But the Bank of China has its home in Hong Kong and we think it is right to list in the Hong Kong market," said Liu Mingkang.
One factor which had swayed the bank had been the stringent listing requirements in the US "which would have required a lot of hard work", he admitted.
However, Liu denied the delay was due to "earlier media reports" that suggested its original plan for a September listing had been due to instability on global financial markets following the terrorist attacks in the US in September last year.
The bank merged its Hong Kong branch, seven subsidiary commercial banks registered in China and two units registered in Hong Kong last year, to become one of the territory's largest banking groups.
After the merger, the bank cut its staff to the current 13,427 from 14,480 in 2000. On listing, the bank will become the territory's second-largest listed bank on assets behind HSBC.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
RSS