China Citic eyes dual listing

Midsize Chinese lender China Citic Bank plans to launch a dual initial public offering in Hong Kong and Shanghai next year, Ted Tokuchi, managing director of Citic Securities, told the Wall Street Journal. Citic Securities has won the mandate to underwrite the Hong Kong portion of the dual IPO, but the securities regulator in mainland China has yet to approve it to underwrite the Shanghai portion, Tokuchi said. China Citic Bank could become the second Chinese company to list simultaneously in Hong Kong and Shanghai, following Industrial & Commercial Bank of China's record US$21.9 billion dual listing in October. Tokuchi declined to disclose the IPO target. Last week, Spanish lender Banco Bilbao Vizcaya Argentaria SA said it had agreed to pay US$656.2 million for a 5% stake in the bank, which had US$87.78 billion in assets at the end of September, up 12% from the end of last year.