Shares in ICBC climb 18% on debut
By Su Yin,WNS Hong Kong Business Correspondent
HONG KONG - Shares in Industrial and Commercial Bank of China (ICBC) have risen 18% on its Hong Kong debut, following the world's biggest flotation. The share price jumped as high as 3.63 Hong Kong dollars ($0.47; 24.6p) on Friday from its start price of HK$3.07. The bank, China's largest lender, raised as much as $21.9bn from its dual listing in Shanghai and Hong Kong. China's surging economy, which is set to grow by more than 10% this year, has created strong demand for bank shares. Four of China's banks have floated since last year. However, there are fears that banks have been overvalued, with questions raised over levels of bad debt.
posted by wnsworld @ 4:21 PM
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