ICBC earns further US$772m in China

Industrial and Commercial Bank of China completed an overallotment option for its initial public offering, taking the overall total raised to US$21.9 billion, the largest share sale in history. The bank raised an additional US$772 million through the option in Shanghai by selling a further 1.95 billion shares, the <i>Wall Street Journal</i> reported. China's biggest bank completed a Hong Kong overallotment option in early November. The IPO accounted for 16.7% of the bank's expanded capital. The sale surpassed the US$18.4 billion raised in 1998 by NTT Mobile Communications of Japan to set a new global record.