BOC's domestic listing ok'd

Securities regulators have approved the Bank of China's domestic initial public offering, the Wall Street Journal reported. The bank may be the first major offering since a freeze on new local listings was lifted in May. In its prospectus, the bank said it is planning to issue 10 billion Class A yuan-denominated shares and raise as much as US$2.5 billion from the offering. BOC plans to use the proceeds to supplement its capital. The bank's Hong Kong IPO at the start of June became the largest in the world since 2000, raising US$9.7 billion. A week ago, the bank said it would start moving forward with its Shanghai-IPO as soon as possible.