BoComm begins pre-marketing

Wide valuation range reflects a lack of benchmarks and uncertain markets.

Following a special listing hearing committee meeting at the Hong Kong Stock Exchange this Monday, China's Bank of Communications BoComm was given the go-ahead to begin pre-marketing yesterday May 25 via joint leads Goldman Sachs and HSBC.

A successful deal is critically important to the Chinese government since it has used BoComm as a template for the restructuring of the entire Chinese banking sector. This leaves the leads with the difficult balancing act of making sure the deal prices at a comfortable premium to book value and also goes on to trade well in the secondary market.

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