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Case Study on Industrial and Commercial Bank of China

时间:2018-02-12 15:28来源:www.ukthesis.org 作者:英国论文网 点击联系客服: 客服:Damien
Abstract 摘要
International fund raising used to be the domain of multinational companies. MNCs not only source raw material across the world or sell products at many geographical regions, they also scouting for capital all over the world and raise capital where it is cheaper. Investors’ appetite for foreign company shares have also increased manifold and internationalization of equity market across globe is happening at a faster speed. However, internationalization of equity markets has a broader connotation covering entire gamut of FDI, portfolio investment by big ticket players like pension funds, hedge funds and private equity funds and their ilk, this module focuses on equity capital to have been raised by Industrial and Commercial Bank of China from the international market.
Why ICBC felt the need to issue equity in markets outside of China 为什么中国工商银行感到有必要在中国市场股票发行
ICBC mainly issued equities to foreign markets to strengthen their corporate governance practices, risk management and internal controls, and enhance their treasury operations, asset management, corporate banking and investment banking operations as well as their non-performing loan disposal capabilities. For instance ICBC collaborated with Allianz to develop and provide bank assurance products and services to their customers; and as for American Express, ICBC began and continue to expand their cooperation on bankcard business, risk management and customer service to enhance its financial performance and efficiency.
Advantages and disadvantages of issuing equity in foreign markets 国外市场股权发行的利与弊
Through the move of issuing equity in markets outside china, ICBC is able to raise capital denominated in USD and that to huge amount of capital, which may be difficult to raise from the issuer’s home country. By issuing securities in a new market, it is able to expand the investor base. When ICBC’s share listed in a domestic market, analysts in the domestic market start analysing the company, its product; its market share etc. thus indirectly helps in advertising the company. When a foreign ICBC’s shares are listed in a domestic exchange and the foreign company wants to acquire another domestic company, then share swap can be an option for the foreign company. Despite the prime advantages of issuing equity to foreign markets, several obstacles may be present for instance companies have to pay for the, depository fee, listing fee, audit fee and also companies have to recast their annual report as per the GAAP of the foreign country.(责任编辑:cinq)

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