Investors rushed to snap up shares in CITIC bank

CITIC priced its shares at the top end of forecasts, making it the world's biggest initial public offering (IPO) so far in 2007.

The Commercial Bank of China last year raised $21.9bn in a similar listing.

Watchdogs have been pushing Chinese banks to reform and become joint-stock holding firms to shore up their books.

Joint listings allow the institutions to clear their debt-weakened balance sheets.

The lucrative listings also allow global investors to gain access to China's soaring economy.

Upbeat forecasts

CITIC raised 13.34bn yuan ($1.7bn; �850m) by selling 2.3 billion A-listed shares in Shanghai priced at 5.8 yuan each.

The Beijing-based group raised a further 28.66 Hong Kong dollars ($3.7bn; �1.8bn) by selling a further 4.9 billion H-listed shares in Hong Kong.

Shares in CITIC - which is 80%-owned by Beijing-controlled conglomerate China International Trust and Investment Corp - will make their debut on the Hong Kong and Shanghai markets on Friday.

Among the firms that have bought stakes in the group are Japan's Mizuho Corporate Bank, Spain's Banco Bilbao Vizcaya Argentaria and China Life Insurance.

CITIC Bank has forecast a 53% rise in 2007 net profits to 5.7bn yuan, from 3.7bn yuan last year.