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Bank of China (BOC), the second largest lender in the mainland, is attracting a lot of buzz as it kicked off a marketing road show yesterday in Hong Kong for its HK$78.4 billion (US$9.8 billion) share sales.

 

The initial public offering (IPO), which analysts say would hit the Hong Kong stock market with a bang, is expected to be the largest offering ever launched by a mainland company, surpassing China Construction Bank's US$9.2 billion.

 

BOC is selling 25.57 billion H shares, or 10.5 percent of its enlarged share capital, at a price between HK$2.5 (30 US cents) and HK$3 (37.5 US cents), according to a preliminary prospectus.

 

The price values the lender at 1.9 times to 2.2 times its book value, which is at least 15 percent cheaper than rivals China Construction Bank and Bank of Communications. The two made their IPOs in Hong Kong last year.

 

"The pricing is pretty reasonable and will attract investors," said Kingston Lin, Prudential Brokerage's associate director.

 

The deal is predicted to lure swarms of local investors. The money used to subscribe BOC shares will amount to more than HK$200 billion (US$25 billion), he estimated.

 

"Its shares will be more times covered than that of China Construction Bank," Lin said.

 

Another factor that will make BOC popular is its high dividend payout ratio, which stands at 35 to 45 percent, said Lai Wai-shing, Hantec Investment's associate director.

 

"BOC will certainly drive the market sentiment high," he said.

 

Institutional investors have shown great interest in BOC shares, speaking highly of its growth potential.

 

BOC has earmarked a total of US$2.26-billion shares to 12 corporate investors, including China Life Group, Sino Land, Henderson Land Development, Cheung Kong and Hutchison Whampoa, its listing document said.

 

The bank also said it intended to raise US$2.5 billion in yuan-dominated A-share market in Shanghai in July. That will make BOC the first company listed in A-share and H-share markets with a full floating of shares.

 

But it has not applied to China Securities Regulatory Commission, the watchdog of the mainland's securities market. The mainland regulator earlier lifted the one-year ban for share sales at its bourses, but that lifting does not include the launching of IPOs.

 

Lai said the A-share market is rebounding, and BOC's Shanghai offering is also predicted to be a hit.

 

(China Daily May 12, 2006)