| Citic to test demand for initial public share offering |
SHANGHAI, Apr. 4 -- China Citic Bank Corp, the country's seventh-largest lender, said it will begin testing demand today for an initial public share offering in China.
It will start marketing the shares to institutional investors on April 16 and to individual investors on April 19, it said, adding the shares may begin trading on the Shanghai exchange on April 27.
The bank also said 2007 profit may jump 53 percent to 5.69 billion yuan (US$736 million), according to Bloomberg.
The forecast is based on Chinese accounting standards, the Beijing-based bank said in a statement to the Shanghai Stock Exchange today. Its 2006 net income was 3.73 billion yuan. Based on international accounting standards, profit was 3.86 billion yuan last year, according to the statement.
The bank also said it will begin testing demand today for an initial public share offering in China.
Citic Bank plans to sell 2.3 billion shares, or a 6 percent stake, in Shanghai, as well as 3.45 billion shares, or to an e-mail HSBC Holdings Plc sent to fund managers last week.
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