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The Initial Public Offering of the Industrial and Commercial Bank of China (ICBC)

Author

Listed:
  • Allen, Franklin

    (University of PA)

  • Huang, Darien

    (University of PA)

  • Qian, Jun

    (Boston College)

  • Zhao, Mengxin

    (University of Alberta)

Abstract

The conventional wisdom up until the crisis was that efficient financial systems required privately owned banks and financial institutions. The events since 2007 have shown that financial systems such as China's, where banks are government owned but are also publicly listed can have a significant advantages in terms of financial stability. In this paper we investigate the initial public offering (IPO) of the Industrial and Commercial Bank of China (ICBC). At the time it took place, the ICBC IPO was the largest ever. The firm was the first to be listed simultaneously in Hong Kong and Shanghai. This paper gives the background of the industry at the time, considers the way the IPO was conducted and provides a valuation. The IPO provides an interesting example of how the Chinese government has improved the governance of its financial institutions, while at the same time maintaining a majority ownership position in the company.

Suggested Citation

  • Allen, Franklin & Huang, Darien & Qian, Jun & Zhao, Mengxin, 2011. "The Initial Public Offering of the Industrial and Commercial Bank of China (ICBC)," Working Papers 11-68, University of Pennsylvania, Wharton School, Weiss Center.
    • Handle: RePEc:ecl:upafin:11-68
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    File URL: http://fic.wharton.upenn.edu/fic/papers/11/11-68.pdf
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    Cited by:

    1. Allen, Franklin & Shan, Susan Chenyu & Qian, Jun & Zhao, Mengxin, 2011. "The IPO of Industrial and Commercial Bank of China and the 'Chinese Model' of Privatizing Large Financial Institutions," Working Papers 11-63, University of Pennsylvania, Wharton School, Weiss Center.

    More about this item

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)
    • O50 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - General

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