Bank of China (BOC), the country's second-largest lender, made its IPO in Hong Kong on June 1, raising $9.7 billion through the sale of almost 25.57 billion shares. This was the world's biggest stock offering since 2000 but the record was renewed by another Chinese bank, the Industrial and Commercial Bank of China (ICBC). The latter simultaneously issued shares on stock exchanges both in Shanghai and in Hong Kong, collecting more than 1 trillion yuan (830.9 billion yuan of A shares in Shanghai and HK$278 billion of H shares in Hong Kong).
Before BOC and ICBC, China Construction Bank, also among the four largest state-owned banks in China, issued H shares in Hong Kong in 2005. Agricultural Bank of China also is waiting for State Council approval of its restructuring proposal. Listing of China's state-owned commercial banks means the country's banking reform is taking shape.