中国工商银行和中国大型金融机构的私有化模式IPO
2014/05/12
We examine the privatization process of the Industrial and Commercial
Bank of China (ICBC), the largest bank in the world by market
capitalization, and its dual initial public offerings (IPOs) in the Hong
Kong and Shanghai Stock exchanges in 2006. The Chinese government
retains majority equity ownership of ICBC while foreign institutional
investors hold minority equity stakes. Other large financial
institutions went through the same reform process and have similar,
post-IPO ownership structures. The largest Chinese banks, as a group,
outperformed their counterparts from other emerging and developed
markets before and during the 2007–2009 financial crisis.We argue that
the ‘Chinese model’ of privatizing and managing large financial
institutions can be advantageously used in other countries.
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The IPO of Industrial and Commercial Bank of China and the ‘Chinese Model’of privatizing large financial institutions(
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