On October 27 2006, ICBC blazed new trail and successfully launched listing on both A-share and H-share markets and broke multiple records including the largest IPO in the history of global capital market. It earned reputation of the "Century Offer" in international medias and financial circle. The IPO further boosted ICBC's capital resources and influence on the international market. Till the end of 2006, the total market capitalization of the bank was in excess of USD 250 billion, qualifying it both as the biggest listed company on A-stock market and as the biggest bank in Asia and one of the top-three listed banks around the world. Furthermore, ICBC has also been included multiple key indexes including Hang Seng Index, MSCI China Index, H-share Index, and Shanghai Composite Index. ICBC is the most heavily weighted stock for Shanghai Composite Index and is the mostly weighted financial stock in MSCI China Index.
Industrial and Commercial Bank of China (ICBC) is the largest of China's "Big Four" state-owned commercial banks (the other three being the Bank of China, Agricultural Bank of China, and China Construction Bank). It is the largest bank in the world in terms of market value and one of the world's top ten banks by assets.
It was founded as a limited company on January 1, 1984. As of 2006, it had assets of RMB 7,055 billion (US$893 billion), with over 18,000 outlets including 106 overseas branches and agents globally. In July 2007, with a market capitalization of US$254 billion, it became the world's most valuable bank after a strong gain in its share price, overtaking Citigroup.
Originally Posted: China Business Daily
Author: Angulo Fu