Retail investors ordered more than $127 billion worth of shares in China Construction Bank Corp's mega offering, or more than 40 times the amount earmarked for them, which means the retail tranche will be increased to 7.5 per cent from 5 per cent, sources said yesterday. Based on the amount of financing provided, brokerages had estimated the retail subscription rate to exceed 50 times, which would have boosted the retail tranche to 10 per cent, the sources said. The retail offer seems to have attracted less money than Bank of Communications' smaller offering in June that tied up $153 billion worth of retail cash. The final numbers for CCB, which will be the world's largest initial public offering in four years, were not likely to be available until after the institutional tranche closed this morning in New York. The retail tranche closed yesterday. The lender is aiming to raise up to $63.56 billion by selling 26.48 billion shares at $1.90 to $2.40 each. 'I think the outcome will disappoint the market a little bit,' said Tung Tai Securities research manager Kenny Tang Sing-hing, who noted that the high interest rates had meant fewer investors had chosen to leverage their subscriptions with borrowed money. 'And because people don't expect a sharp rally on the first day, some investors intend to buy the shares in the market where there is no need to lock up money for several days.' Indeed, while investors and analysts were questioning how sustainable the improvements in CCB's loan book will be in the face of more macroeconomic measures and rising interest rates, they also saw reasons to invest in the Big Four bank. 'CCB has good scale to capture the growth potential of the industry, its management has shown strong commitment to reform, strategic investors have provided it with the necessary capital and expertise and its overall financials are stronger than those of its Chinese peers,' Macquarie Bank said in a research note. Bookrunners China International Capital Corp, Credit Suisse First Boston and Morgan Stanley declined to comment on the level of interest. Sources said the institutional order book was about six times covered yesterday. CCB, responding yesterday to comments by United States Securities and Exchange Commission chairman Christopher Cox about why it did not list on the New York Stock Exchange, said it had never applied to list in the US. 'Whether or not we met regulatory standards of another country is irrelevant as we chose to list in Hong Kong,' CCB said on its website.