China Construction Bank (CCB) announced Wednesday it has received award for its initial public offering (IPO) with the title of Equity Deal of the Year for 2005 by International Financing Review (IFR) Asia.

 

IFR Asia, an authoritative capital markets magazine in the region, named the IPO of CCB "a transformational deal that fundamentally altered China's financial landscape."

 

CCB is the first among the four state-owned commercial banks in China to list overseas. The listing was the world's largest IPO in the past five years, the largest IPO in Asia (except Japan) and the largest IPO among Chinese enterprises.

 

IFR Asia cited the capabilities of CCB officials and full support of the Chinese government as key drivers for the success of the IPO, as well as the continued efforts of the sponsors, the intermediaries and the strategic investors throughout the deal.

 

The magazine also highlighted significance of CCB on the financial sector of China. "The listing has massively advanced the cause of financial reform in China and paved the way for the rapid movement on the IPOs of at least two more of the Big Four" state-owned commercial banks, the magazine said.

 

CCB has gained wide recognition in the global capital markets by winning a number of prestigious awards. These include five major Finance Asia awards, namely "Deal of the Year", "Best Equity Deal", "Best IPO", "Best Privatization" and "Best China Deal".

 

In addition, the bank was awarded "The Best Domestic Bank in China" and won four 2005 Asia Pacific "Triple A" awards - "Best Deal", "Best IPO", "Best Equity" and "Best Issuer" by The Asset.

 

(Xinhua News Agency February 9, 2006)