CMB to list in Hong Kong this year

China Merchants Bank plans a Hong Kong share listing by the end of the year but will do so without the support of foreign strategic investors, the Wall Street Journal reported. Qin Xiao, chairman of both CMB and its largest shareholder China Merchants Group, explained that the bank had no need for strategic investors to either boost its capital or strengthen its branding. He added the plan, under which CMB would retain about 20% of its holding in CMB, had yet to receive approval from the China Securities Regulatory Commission. CMB already has yuan-dominated A-shares listed in Shanghai.