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October 27, 2006

Industrial Commercial Bank of China Trades 2 Billion Shares on IPO

posted by MR WAVETHEORY at 10/27/2006 08:26:00 AM
The world's largest IPO by China's largest bank, Industrial Commercial Bank of China (Shanghai 601398), raised $19.1 billion and on its first day the stock traded 2,147,483,647 shares in Shanghai Stock Exchange - that's 2 billion shares! The stock priced at $3.12 and the first trade was $3.40 with a high of 3.26-3.44. The stock was as up as much as 10% on the day, but closed up 5%.

ICBC was also listed in Hong Kong and there the shares were priced at $3.07. The stock closed up 15% in Hong Kong. In Hong Kong, ICBC (Hong Kong 1398) traded between 3.49-3.63 to close at 3.52 (+.45). It goes to show that the Hong Kong and Shanghai markets are not fully market efficient and the market segmentation theory is well and alive.

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