Bank of China (Hong Kong) is expected to defer the New York portion of its planned initial public offering, the Financial Times reported bankers in Hong Kong as saying. Instead, the bank will proceed with an estimated US$2bn offering in Hong Kong as early as the third quarter of this year.
The sources said that the deferral of the New York listing was unrelated to the current fraud probe of its mainland parent, but was intended to save time by eliminating the need to reconcile the bank’s books to US accounting practices. A full New York listing could follow later in 2002 or early in 2003.
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