CHINA: CITIGROUP, MORGAN STANLEY VYING FOR SHARES IN CHINESE IPO'S.(Brief Article)

IPR Strategic Business Information Database, January, 2004

According to local press reports, Citigroup and Morgan Stanley are among the Wall Street firms vying this week for about six billion US dollars of initial share sale business in China. The government will be choosing banks to manage a five billion dollar initial public offering by China Construction Bank, the nation's third largest lender, and a one billion dollar offering by China Power International.

The two IPOs are expected to generate about 210 million dollars in underwriting fees. Citigroup, Deutsche Bank, HSBC Holdings, JP Morgan and Merrill Lynch are among the banks competing for a role in the China Construction Bank IPO.