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Chinese state-owned bank spinoffs continue

Beijing's push for deleverage and mixed ownership reform drives new deals

Chairman Tan Yueheng kicked off Bocom International’s stock trading on May 19. (Photo by Joyce Ho)

HONG KONG Instead of seeing fresh names coming forward, Hong Kong's listing market so far this year has been largely a case of deja vu, with the bigger deals mostly being launched by established Chinese corporations seeking to capitalize on their assets and rejig ownership structures.

Following conglomerate China Everbright Group's divestment of its green technology business in a $389 million initial public offering in Hong Kong last month, Bank of Communications, China's fifth-largest lender by assets, listed its investment banking unit Bocom International Holdings on Hong Kong's main board on May 19 in a deal worth $230 million.

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