| Latest Forum Topics / Others |
 Post Reply
|
|
ICBC IPO
|
|
|
Synapse
Member |
28-Jan-2007 21:20
|
|
x 0
x 0 Alert Admin |
It's been 3 months since IPO. There's a possibility of institutional investors shipping out or reducing stakes. From the TA perspective, the indicators on the ICBC chart on HSI are showing some weakness. Expecting some support at $4.52 (HK) @ around 50% Fibo retracement. If this is broken, it is likely the gap formed on 27 Dec 06 could be closed at 61.8% Fibo around $4.38. |
| Useful To Me Not Useful To Me | |
|
Synapse
Member |
02-Jan-2007 18:51
|
|
x 0
x 0 Alert Admin |
This counter flew again today. The call warrants ought to do well. |
| Useful To Me Not Useful To Me | |
|
|
|
|
Synapse
Member |
25-Dec-2006 18:42
|
|
x 0
x 0 Alert Admin |
ICBC Overtakes HSBC as Largest Non-U.S. Bank by Value By Luo Jun Dec. 25 (Bloomberg) -- Industrial & Commercial Bank of China Ltd., which raised $22 billion in the world's biggest initial public offering, overtook HSBC Holdings Plc as the largest non- U.S. bank by market value after its shares rose to a record. Shares of Industrial & Commercial Bank, known as ICBC, surged by the daily limit of 9.9 percent to close at 5.21 yuan in Shanghai, valuing the firm at $214.2 billion. HSBC had a market capitalization of 106.5 billion pounds ($208.4 billion) at the close of trading in London on Dec. 22, behind Citigroup Inc., the largest financial firm, at $268 billion and Bank of America Corp. at $239.6 billion. State-controlled ICBC's shares have soared 67 percent on the domestic stock exchange since its debut on Oct. 26, as investors bet a customer base bigger than Russia's population will drive profit growth in the world's fastest-growing major economy. ICBC has 153 million customers, 10 million more than the people who live in Russia. ``ICBC is a proxy to the overall rapid growth of mainland banking sector,'' Yuan Lin, a Beijing-based bank analyst at Bank of China International Ltd. ``The recent gain is largely liquidity-driven as household savings are pouring into the stock market. The stock is fully valued.'' A four-year investment boom has powered annual economic expansion of 10 percent, double the global average, pushing China past the U.K. to become the world's fourth-largest economy. ICBC, Bank of China Ltd., China Construction Bank Corp., Bank of Communications Ltd, and China Merchants Bank Co. have raised more than $47 billion from share sales since June 2005. Bank of China Shares of Bank of China Ltd. gained 7.5 percent to 4.30 yuan in Shanghai, catapulting the bank to the world's sixth-largest lender with a market capitalization of $135.9 billion. It overtook Mitsubishi UFJ Financial Group Inc. UBS AG expects the seven publicly traded Chinese banks it covers to post average earnings growth, when weighted for size, of 27 percent next year, according to a Nov. 24 report. The gains will be driven by average 14 percent loan growth and an improvement in interest margins. Beijing-based ICBC expects net income to rise 26 percent in 2006 to 47.2 billion yuan, based on international accounting standards. Bad loans at the bank were 4.1 percent of total credits as of June, down from a high of 34 percent in 2000. Banking stocks also gained as Chinese lawmakers began discussing legislation to unify income tax rates for foreign and domestic companies at 25 percent. Tax Reform Chinese banks are currently subject to a statutory 33 percent income tax rate on top of a 5 percent business tax. The expected corporate tax reform will enhance the earnings of most domestic banks by between 10 percent and 20 percent and increase their return on equity by about 2 percent, BOCI's Yuan estimates. Chinese banks trade at a sector average of 2.5 times their forecast book value in 2007, a 20 percent premium to the 2.1 average of global emerging market banks, according to UBS estimates. ICBC's shares in Hong Kong have gained 43 percent since debut. The Hong Kong stock market was closed for trading today. The lender is now trailing Citigroup Inc., which had a market value of $268 billion, and Bank of America Corp., with a market value of $239.6 billion. ICBC was formed in 1984 from the central bank's own lending and deposit-taking operations. It ran up billions of dollars in bad loans to unprofitable state-owned enterprises and was recapitalized in 1998 and 2005. The bank advances almost one in every six dollars loaned in China, where it employs more than 355,000 staff operating 18,000 branches. |
| Useful To Me Not Useful To Me | |
|
Synapse
Member |
18-Dec-2006 15:42
|
|
x 0
x 0 Alert Admin |
From the chart, resistance @ $4.20. But currently trading at around $4.24 to $4.26 with strong vol. If close above $4.20, it might be a good spring board for higher prices. Keeping fingers crossed 'cos i bought at $3.88. But i'm a newbie to TA ... :) |
| Useful To Me Not Useful To Me | |
|
cng444
Member |
18-Dec-2006 12:23
|
|
x 0
x 0 Alert Admin |
TA expert can advise on this stock? |
| Useful To Me Not Useful To Me | |
|
|
|
|
YongJiu
Veteran |
10-Oct-2006 08:41
|
|
x 0
x 0 Alert Admin |
BEIJING (XFN-ASIA) - Industrial and
Commercial Bank of China has attracted a record 300 bln hkd in orders
from overseas investors on the first day of marketing its initial
public offering, the South China Morning Post reported, citing sources.
ICBC is offering 35.4 bln H-shares in Hong Kong and 13 bln A-shares on the Shanghai market in an IPO that is expected to raise 19 bln usd. The bank set an indicative price range of between 2.56 hkd and 3.07 hkd per share for the Hong Kong offering, valuing the bank at 1.96 to 2.23 times this year's book value, lower than China Construction Bank Corp's about 2.4 times and Bank of Communications' about 2.8 times. "The orders from international institutional investors are about three times the number of shares slated for them. More bulk orders are coming on stream and the deal is moving steadily to four times," the Hong Kong newspaper cited a source close to the deal as saying. The number of orders received so far allowed China's largest lender to beat the standing record held by Bank of China, which attracted 234 bln hkd worth of orders on its initial day of international offering. Bank of China, the country's second-biggest bank, raised 76.8 bln hkd on the Hong Kong bourse earlier this year. "Sponsors told us ICBC's offering is so hot that its order book was fully covered in the first hour," the report cited another source as saying. Trading of ICBC's shares will begin on Oct 27 in both Shanghai and Hong Kong. (1 usd = 7.8 hkd) |
| Useful To Me Not Useful To Me | |