Bank of Communications to scale back IPO

China's fifth largest lender, the Bank of Communications, scaling back its initial public offering, has called off a listing plan in Shanghai and will only sell shares in Hong Kong, according to the Standard newspaper. The bank now plans to sell 15% of its existing shares for up to US$2bn in Hong Kong by late May at the earliest, rather than selling US$3bn in shares as planned. The decision reflects concern that a relatively strong mainland firm may face obstacles in executing a successful IPO in China's sagging stock markets.