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GM IPO Tops AgBank

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cash_1 November 18, 2010 (Chinavestor) Shareholders of General Motors (NYSE:GM) are planning to raise $23.1 billion with all over-allotment options fully exercised, making it the largest U.S. IPO ever. As the following chart testifies, GM has a chance to dethrone Agricultural Bank Of China Limited (HKG:1288), the third largest Chinese financial institution, that raised $22.1 billion earlier in July. Petrochina (NYSE:PTR), the largest Chinese oil producer, raised a modest $8.9 billion in Shanghai alone in the fall of 2007, but became the first publicly traded company ever to reach market cap of over $1 trillion for a short period of time.

Largest IPOs in the U.S. and China 2006-2010

IPO_GM_size

Chinese officials hold off privatization of Agricultural Bank Of China Limited (HKG:1288) to maximize profits. The two largest Chinese banks, Industrial and Commercial Bank of China (HKG:1398) and Bank of China (HKG:1398) went public in the fall of 2006, raising slightly less than Agricultural Bank Of China Limited (HKG:1288). In that round of bank privatization Bank of Communications (HKG:3328), China's fourth largest lender, went public as well opening the door for foreign investors into China's banking system.

Since then Chinese banks became highly profitable surpassing U.S. rivals.

bank_profit_2010Q3



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