China Construction Bank rolls out IPO

CCB''s monster IPO gets underway after a strategic investment by CSFB is scrapped.

Pre-marketing began yesterday September 26 for the first IPO by one of China's gang of four state-owned banking giants. The prospective Hong Kong listing of China Construction Bank CCB represents a significant new milestone for the Chinese government as it opens up a financial system many experts had only fairly recently thought teetering towards collapse.

After being cleaned out of NPL's and re-capitalized, a spruced up CCB is now being propelled onto the world stage as a poster child of China's financial reform effort. It will dwarf its recent predecessor, Bank of Communications BoComm, whose $160 billion asset base is three times smaller than CCB's $472 billion...

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