Bank of China
Bank of China is one of the big four state-owned commercial banks of the People's Republic of China – the other three are Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China. Bank of China was founded in 1912 to replace the Government Bank of Imperial China, and is the oldest bank in China. From its establishment until 1942, it issued banknotes on behalf of the Government of the Republic of China along with the "Big Four" banks of the period: the Central Bank of China, Farmers Bank of China and Bank of Communications. Although it initially functioned as the Chinese central bank, in 1928 the Central Bank of China replaced it in that role. Subsequently, BOC became a purely commercial bank.
BOCHK, Joseph Lau invest in Xiashun IPO
Xiashun Holdings, the mainland's largest aluminium foil maker, has attracted two cornerstone investors to invest US$30 million in its up to US$257 million initial public offering in Hong Kong.
Market sources said BOC (Hong Kong) and Chinese Estates Holdings chairman Joseph Lau Luen-hung each invested US$15 million in the offering.
Xiamen-based Xiashun supplies aluminium foil for beverage firms including China Mengniu Dairy and Inner Mongolia Yili Industrial Group. It was the fourth-largest aluminium foil maker in the world last year.
'It hopes to rise to second place this year given the huge potential of the mainland's beverage market,' a source said.