The Bank of China has secured State Council approval for a US$60 billion Hong Kong initial public offering in the first half of this year, the South China Morning Post reported, citing sources close to the situation. Barring China Securities Regulatory Commission objections, BOC may file a preliminary listing application with Hong Kong Exchanges and Clearing as soon as this week to sell new shares representing at least 8% of its enlarged share capital during the IPO. The ratio is expected to increase to 15%, resulting in US$8 billion being raised.
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