Exchange and the Hong Kong Stock Exchange respectively. Each share was set to cost between 2.7RMB and 3.3RMB per share. H shares were set to cost between HK$2.88 and HK$3.48 per share. The final share price for the IPO launch was issued on July 7, 2010. On completion in August 2010 it became the world's biggest initial public offering (IPO) surpassing the one set by Industrial and Commercial Bank of China in 2006 of . This record has since been beaten by another Chinese company, Alibaba, in 2014. ABC raised US$19.21 billion in an IPO in Hong Kong and Shanghai on July 6, 2010, before overallotment options were exercised. On August 13, 2010, ABC officially completed the world's largest initial public offering, raising a total of after both Shanghai and Hong Kong's over-allotments were fully exercised. The IPO was once thought to be able to raise , but weaker market sentiment dampened the value. Despite a 15-month low for the Chinese benchmark index, the IPO was said to have gone smoothly. CICC, Goldman Sachs, and Morgan Stanley led the Hong Kong offering, with JPMorgan, Macquarie, Deutsche Bank and ABC's own securities unit also involved. CICC, CITIC Securities, Galaxy and Guotai Junan Securities handled the Shanghai portion. ABC sold about 40% of the Shanghai offering to 27 strategic investors, including China Life Insurance and China State Construction. They were subject to lock-up periods of 12–18 months. Eleven cornerstone investors were selected for its Hong Kong share offering, including Qatar Investment Authority and Kuwait Investment Authority, taking a combined worth of shares. See also Asset management in China Banking in China Policy banks List of banks in China List of companies of China References External links Companies listed on the Shanghai Stock Exchange Companies listed on the Hong Kong Stock Exchange Companies in the CSI 100 Index Chinese brands Government-owned companies of China Banks established in 1949 1949 establishments in China Companies based in Beijing H shares Systemically important financial institutions 2010 initial public offerings