ICBC off to a strong start

The world-record US$19.1 billion public offer by Industrial and Commercial Bank of China (ICBC) was met with great enthusiasm by domestic and overseas investors last week.

The bank, the largest by assets in China, began accepting subscriptions from institutional investors for shares to be listed in Shanghai and simultaneously launched an H-share public offering in Hong Kong.

The initial public offering represents about 15 per cent of the bank's enlarged share capital.

African summit not all about oil

China relies mainly on domestic resources for energy supply and is not pushing for more oil imports from Africa, a senior planning official said last week.

Asked if a summit with African nations early next month would produce more oil deals, Zhang Yuqing of the National Development and Reform Commission said: "Whether China will increase oil imports from Africa will be determined by mutual business consultations."

Zhang, deputy chief of the commission's energy bureau, said that imports constituted less than 10 per cent of China's total energy consumption, and those from Africa accounted for less than a third of the imports.

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