ICBC plans price match in dual IPO

Industrial and Commercial Bank of China may set identical prices for its A- and H-shares as it seeks to raise US$19 billion in a cross-border initial public offering, the South China Morning Post reported, citing market sources. However, regulators have yet to sign off on the plan. "They have their own agenda," a source told the newspaper. Mainland A-shares have traditionally traded at a premium to Hong Kong stocks, although the gap has been closing. The Shanghai Composite Index, for example, trades at 29 times earnings while Hong Kong's Hang Seng China Enterprises Index, which tracks H-shares, trades at 14 times. The bank plans to offer 12% of its enlarged share capital in Hong Kong and 6% in Shanghai.