Smaller China Banks to Test IPO Waters

A group of "city" banks listing mostly in domestic bourses could, despite vulnerability to downturns, help slake the mainland's investment thirst

Last year China was the scene of some of the biggest initial public offerings on the planet. Sprawling, state-owned lender Industrial & Commercial Bank of China raised $21.9 billion in a dual listing in Hong Kong and Shanghai, the biggest IPO in the world. Bank of China raised $13.6 billion when listed in the same two markets. In all, major Chinese banks have raised close to $50 billion since the beginning of 2006, according to Dealogic, a financial research group.

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