CCB's IPO approved
23 September 2005
China Construction Bank received approval for its IPO, which could raise up to US$6.5 billion for China's No 3 lender, making it Hong Kong's largest IPO ever. As the first of China's big four lenders to go forward with a share sale, CCB plans to sell about 25.6 billion shares and raise between US$5.14 billion and US$6.55 billion, the South China Morning Post reported, citing sources close to the deal. Morgan Stanley and China International Capital Corp are the underwriters of the offering, which could take place by the end of October.