The Charm of Capital - The Eastern Dance Steps of ICBC's IPO

Author: United Publishing House
Publisher:
Publish Date: 2005-12-14
Features: The author of this book was fully involved in the news and public relations reporting of the China Construction Bank's (CCB) stock reform and listing in Hong Kong. With valuable news materials and personal interview experiences, he recorded this historical period, rationally summarized and analyzed its lessons, making this book a specialized work on news and documentary reporting of CCB's listing in China. The author has been tracking the news reporting of the stock reform and listing of CCB and other state-owned commercial banks since the beginning of 2004, covering every important step and measure of CCB's reform and listing through public reports. In the book "The Charm of Capital," he first revealed many little-known figures and stories behind the scenes of the stock reform, giving the book strong news value, storytelling quality, and readability, as well as significant historical and research reference value.
The author, with a spirit of cold rationality and scientific exploration, summarized and analyzed fresh experiences such as the state's injection of foreign exchange reserves to CCB to launch the reform, the market-oriented approach to secondarily (separate) non-performing loans, the issuance of subordinated bonds in accordance with international conventions to supplement supplementary capital, the joint establishment of a joint-stock company by large state-owned enterprises, the premium transfer of shares above book value to introduce overseas strategic investors, the exploration of a "one-time injection, two-time transfer" model for state-owned financial assets, the full circulation of shares and expansion of opening-up for state-owned financial holding commercial banks, and the successful IPO and listing in overseas capital markets in accordance with international capital market rules.
When analyzing the lessons left by the stock reform, the author pointed out that further formulation and improvement of market-oriented assessment standards should be made for the secondarily (separate) of non-performing assets. When introducing overseas strategic investors, in addition to ensuring reasonable competitive returns on transfer prices, vigilance should be exercised against the "aggressive tendencies" of international large investment institutions like Temasek towards China's financial industry, and potential new financial risks and national financial security should be prevented. As the state-owned controlling shareholder of CCB shares, China Investment Corporation (CIC) should, while maintaining strict self-discipline, accept social supervision and market constraints.
This book has strong relevance, reference value, and practical significance for the upcoming overseas IPO plans of Bank of China (BOC) shares and Industrial and Commercial Bank of China (ICBC) shares, which are scheduled for the first and second halves of next year, in advancing the ongoing efforts to introduce overseas strategic investors and conduct overseas issuance and listing.