Despite a general market slide, China CITIC Bank attracted a record US$181 billion in subscriptions to its A-share offering and US$38 billion in the H-share portion of its upcoming initial public offering, the Standard of Hong Kong reported. The tie-up was about 105 times more than the US$1.7 billion the bank expects to raise in its A-share offering. This is the largest lockup of investor funds in China's history. The institutional allotment of the bank's simultaneous H-share offering is about 78 times oversubscribed and the retail tranche 220 times. CITIC plans to sell 7.2 billion new shares. In Hong Kong, the retail allotment of shares will be raised to 20% of total available shares, up from 5%, because the subscriptions exceed the coverage by 100 times.
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