has offices in Hong Kong, Shanghai, and Guangzhou and sought to expand its Chinese business as a result of this deal. On or about 5 June 2008, Bank of America purchased 6 billion H-shares for approximately HK$2.42 per share using call options under a formula in the initial acquisition agreement. Bank of America now holds about 25.1 billion H-shares, representing about 10.75% of CCB's issued shares. Bank of America may not sell the 6 billion shares that it purchased from Huijin using the call option before 29 August 2011 without prior consent of CCB. Bank of America still has the option to purchase additional shares. In May 2009, speculation was raised that US$7.3 billion worth of CCB shares had been sold by BoA after being ordered to obtain more capital following the results of the Dodd-Frank Act Annual Stress Test. On 29 August 2011, Bank of America announced it would sell approximately half its stake in CCB (13.1 billion shares worth about US$8.3 billion) to an undisclosed group of investors. In September 2013, Bank of America sold its remaining stake in the China Construction Bank for as much as $1.5 billion. In June 2017, China Construction Bank (Malaysia) signs 13 Memorandum of Understandings on its opening day in Malaysia. International expansion In 2006, CCB acquired Bank of America (Asia), which started in 1912 in Hong Kong as Bank of Canton, and had a subsidiary in Macao. CCB opened a London office on 2 June 2009. In 2008, CCB submitted an application to the New York State Banking Department and the Federal Reserve Board to establish a branch in New York City. CCB officially opened its New York branch on 6 June 2009. In 2013, CCB opened its European Headquarters in Luxembourg. In 2016, CCB Indonesia was founded by the merger between two banks: Bank Windu Kentjana and Bank Anda. Health fund China Construction Bank investment division launched a CN¥5 billion (US$731.3 million) fund called China Healthcare Investment Fund to focus on investments in China's rapidly growing healthcare sector. The fund focuses on investments in healthcare related sectors including pharmacy, medical equipment manufacturing, medical institutions and services. It is the first domestic investment fund specializing in investments in China's healthcare industry. Stock exchanges listing In late 2005, China Construction Bank made an initial public offering on the Stock Exchange of Hong Kong. In late 2007, it made China's second-largest initial public