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| ICBC Market Value Soars to World No. 3 |
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The A share of the Industrial and Commercial Bank of China (ICBC) rose 10 percent daily limit to 5.21 yuan Monday, making itself the third largest bank in the world with market value at US$214.1 billion. Analysts attributed the bullish bank shares to Sunday news that China was going to adopt a unified corporate tax of 25 percent for both local and foreign-funded firms. Companies in China currently pay a nominal rate of 33 percent, but because of tax waivers and incentives - many initiated in the early 1980s to attract overseas capital - foreign firms actually pay about 15 percent. As of Monday, CityBank ranks world No. 1 with market value at US$268 billion, followed by Bank of America at US$239.6 billion. The HSBC group ranks the fourth with market value at US$205.3 billion. The shares of the ICBC, the largest commercial bank in China, started trading in Hong Kong and Shanghai on Oct. 27. It is the first Chinese enterprise to have issued the record-smashing initial public offering and have been listed simultaneously in Hong Kong and Shanghai bourses. Since then, its price has been growing steadily. Analysts contended the shares of ICBC were of strategic value because of its widespread networks and growing inter-bank revenue. With more than 18,000 branches, 2.5 million corporate customers and 150 million individual clients, the ICBC accounts for 15.4 percent of all loans extended in China. By the end of last year, the ICBC had a total assets of US$800 billion, and generated US$21.4 billion of operation income. (Xinhua News Agency December 26, 2006)
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