ICBC dual mega-listing hits a snag

Industrial and Commercial Bank of China's (ICBC) upcoming mega-listing has hit some regulatory hurdles. The ICBC will seek waivers from Beijing to go through with the sale of US$21 billion in stock in Hong Kong and Shanghai, where the bank wants to sell US$14 billion and US$7 billion respectively in simultaneous offerings. Mainland regulators require underwriters to forecast the price of a stock after the listing while Hong Kong forbids such predictions, the South China Morning Post reported. The precedent, should Beijing waive the requirements for ICBC, would encourage more dual sales, said Tian Qing, a fund manager at China Asset Management. "Being able to sell the shares in China at the same time and same price as in Hong Kong is one sign of alignment of global markets," he told the newspaper. "It's an innovation and seen by the government as a symbolic achievement."