CCB provides new pricing paradigm for Chinese banks

China Construction Bank pulls off a pricing coup, but was it too aggressive?

China Construction Bank CCB, the first of China's four state-owned commercial banks to list overseas, raised $8 billion yesterday October 20 in what marks the world's largest IPO since Kraft Foods in June 2001. The 26.49 billion share transaction pre shoe represents a new milestone for the Chinese government as it continues its efforts to overhaul the banking sector.

Having generated $80 billion of demand, the deal stands testament to the pulling power of the country's mega IPO's. Such an outcome is also a far cry from what many would have expected even as recently as early this year.

In many ways CCB's success...

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