CMB quadruples IPO shares on offer

China Merchants Bank's (CMB) initial public offering (IPO) was oversubscribed by 266 times when investors rushed to buy a share of the retail portion of the 2.2 billion H-shares offered in Hong Kong.

CMB, the sixth-largest lender in China, planned to raise up to HK$18.8 billion (US$2.4 billion). Many local investors, who queued in lines more than 100 metres long to obtain the IPO subscription forms, are buying their shares with borrowed money or margin financing, reports China Daily.