China to play role in GM IPO
Monday, 15 November 2010
DETROIT, Nov 14 (Agencies): Among the banks helping General Motors (GM) with its initial public stock offering next week are two identified by initials only: ICBC and CICC.
Americans uncomfortable with US government ownership of General Motors may want to hear more: One of those banks is the Industrial and Commercial Bank of China (ICBC), one of China's four big central government banks.
The other, China International Capital Corp, is a joint venture run primarily by Central Huijin Investment Ltd, an arm of the state, and Morgan Stanley.
This is the first time Chinese government banks have participated in a major US-issued initial public offering (IPO), according to IPO tracking firm Dealogic. The banks are listed as co-managers in the offering, meaning they will sell a portion of the new shares.
Americans uncomfortable with US government ownership of General Motors may want to hear more: One of those banks is the Industrial and Commercial Bank of China (ICBC), one of China's four big central government banks.
The other, China International Capital Corp, is a joint venture run primarily by Central Huijin Investment Ltd, an arm of the state, and Morgan Stanley.
This is the first time Chinese government banks have participated in a major US-issued initial public offering (IPO), according to IPO tracking firm Dealogic. The banks are listed as co-managers in the offering, meaning they will sell a portion of the new shares.