China Development Finance Co (Hong Kong) said it was participating in more than 20 initial public offerings (IPOs), three of which would list this year. Assistant director Rowena Ng said the IPOs included red chips, H shares and Hong Kong companies. The investment bank, wholly-owned by Bank of China Hong Kong, will be involved in China Telecom's public offering and the proposed secondary listing in Hong Kong by New York-listed Huaneng Power International - both scheduled for this year. BOC (Group) Securities, another securities arm of Bank of China, is also aggressively expanding into the underwriting business. Ms Ng said there was no competition between the two BOC arms because they served different customers. Bank of China is preparing to set up a holding company, Bank of China Asia, to oversee all merchant banking and securities business.