CITIC Bank is introduced in Shanghai Stock Exchange

Shares of China CITIC Bank surged 58.79% since its IPO in Shanghai at an opening price of 9.21 yuan on Friday.

It is the second mainland bank to be listed in both Shanghai and Hong Kong after the Industrial and Commercial Bank of China.

The seventh largest commercial bank has issued 2.3 billion A shares in Shanghai, 6% of its total capital, and 5 billion H shares in Hong Kong, 12.76% of total capital.

The total shares of the bank exceed 26 billion, excluding H-shares, and its market capitalization has exceeded 200 billion yuan (26 billion dollars), according to Hu Jia, an analyst at the D-ding Securities based in Shanghai.

The parent company, CITIC Group holds 24.9 billion shares of CITIC Bank, or 80% of the total before it can get onto the markets of shares and H.

With assets of just under 100 billion, CITIC Bank reported net profits of 3.73 billion yuan in 2006, up from 3.15 billion yuan in 2005. The bank expects net profits of 5.7 billion yuan for 2007.

Founded in 1979, CITIC Group is the first state-owned transnational China, with interests in financial services, information technology, energy, heavy industry and other fields. Its registered capital was 30 billion yuan at the end of 2006.