Industrial and Commercial Bank of China plans to issue simultaneous listings in Hong Kong and Shanghai, the Financial Times reported. The bank plans to raise at least US$12 billion in Hong Kong, surpassing the record-breaking US$9.7 billion issue by Bank of China in June. What's more, the bank expects its mainland listing to raise another US$3 billion. If it hits those targets, ICBC's IPO will become the third largest in the world. Bank of China's success in Shanghai may have prompted authorities to make the move to issue simultaneously in Hong Kong and Shanghai, rather than opt for a secondary listing in the US or Europe. The China Securities and Regulatory Commission is strongly encouraging Chinese companies to list on the mainland.
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