ICBC hopes for higher valuation

Industrial and Commercial Bank of China has suggested limiting the amount of shares in its up to US$15 billion international sale later this year as it chases a higher valuation, the South China Morning Post reported. A preliminary listing plan from the mainland's largest commercial lender says 50% of the initial public offering should be new shares, with the rest sold from the bank's two government shareholders. ICBC hopes to boost its return on equity, with a target of 13.8% set for this year. China Construction Bank reported 21.59% return on equity last year.