Corporate Governance Awards

  • Awarded "Corporate Governance Asia Recognition" Awards 2014 by Corporate Governance Asia Magazine

    The awards are designed to recognise companies' achievements and excellence in protecting shareholders' rights, information disclosure, board function, investor relations and corporate social responsibility.

  • Awarded "Corporate Governance Asia Recognition" Awards 2013 by Corporate Governance Asia Magazine

    The awards are designed to recognise companies' achievements and excellence in protecting shareholders' rights, information disclosure, board function, investor relations and corporate social responsibility.

  • Awarded "Hong Kong Corporate Governance Excellent" Awards 2012 (Main Board Companies - Hang Seng Index Constituent Companies) by the Chamber of Hong Kong Listed Company

    The awards are recognition for companies demonstrating 1) commitment and achievement in innovations and significant improvement in corporate governance; 2) efforts made to internalize and pursue the highest principles of corporate governance over-and-beyond compliance with requirements; 3) ability to show positive business impact of the corporate governance spirit and practices.

  • Awarded "Corporate Governance Asia Recognition" Awards 2012 by Corporate Governance Asia Magazine

    The awards are designed to recognise companies' achievements and excellence in protecting shareholders' rights, information disclosure, board function, investor relations and corporate social responsibility.

  • Awarded "Hong Kong Corporate Governance Excellent" Awards 2011 (Main Board Companies - Hang Seng Index Constituent Companies) by the Chamber of Hong Kong Listed Company

    The awards are recognition for companies demonstrating 1) commitment and achievement in innovations and significant improvement in corporate governance; 2) efforts made to internalize and pursue the highest principles of corporate governance over-and-beyond compliance with requirements; 3) ability to show positive business impact of the corporate governance spirit and practices.

  • Awarded "Special Mention" in the "Hang Seng Index Category of the Best Corporate Governance Disclosure" 2006 Awards by the Hong Kong Institute of Certified Public Accountants

    BOC Hong Kong (Holdings) Limited received a Special Mention in the Hang Seng Index category of the Best Corporate Governance Disclosure 2006 Awards from the Hong Kong Institute of Certified Public Accountants in recognition of the Company's high standard in terms of corporate governance practices and disclosure of information in its 2005 annual report. According to the Judges' Report, the Company's commitment to improving its corporate governance structure and practices are evidenced by, for example, the clear delineation of the roles of the board and management; the adoption of a fair disclosure policy; the establishment of a process for the appointment of independent non-executive directors, to ensure the appointment procedures are standardized and transparent; and the introduction of annual review of the effectiveness of internal control systems, including key procedures established and implemented for the review process. Other features of the annual report include comprehensive shareholder information and a good explanation of shareholders' rights. A question-and-answer section providing information, such as when and how to vote and how resolutions are passed at the annual general meeting, is included as an appendix to the notice of annual general meeting.

  • Named as One of the Top 10 Locally Listed Companies with Best Corporate Governance by the "Corporate Governance Scorecard Project" Jointly Conducted by Hong Kong Institute of Directors and City University of Hong Kong for 2005

    With substantial improvements in risk management measures, disclosure, and other corporate governance practices, BOC Hong Kong (Holdings) Limited was named as one of the top 10 companies for best corporate governance among the 174 locally listed companies surveyed in the Corporate Governance Scorecard Project carried out by City University and the Hong Kong Institute of Directors. The survey is based on five internationally recognized OECD corporate governance principles, namely, shareholder rights, shareholder equity, roles of stakeholders, disclosure and transparency, and board responsibilities.

  • Named as One of the Top Five Hang Seng Index Companies in the Study of "Corporate Governance Disclosures in Hong Kong" Conducted by Standard & Poor's for 2004

    In the "Corporate Governance Disclosures in Hong Kong" report released by Standard & Poors, BOC Hong Kong (Holdings) Limited was named as one of the top five companies among the 33 Hang Seng Index constituent stocks with good disclosures of the overall corporate governance practices. The study involves using the corporate governance disclosure scorecard consists of 136 items which reflect principles and best practices embodied in international corporate governance codes.

Investor Relations Awards

  • Hong Kong Economic Journal: Listed Company Award of Excellence 2019 (Blue Chip)

    The award aims to pick outstanding listed companies, provide a benchmark for investors, and enable the communities to better understand the awarded company. The assessment procedure is rigorous. It starts with screening candidates by the EJFQ system (a stock performance tracing system of HK Economic Journal). After a candidate list is formed, it then will be reviewed and assessed by industry leaders, associations, professional consultants and an evaluation committee.

  • Hong Kong Economic Journal: Listed Company Award of Excellence 2018 (Blue Chip)

    The awarded companies are those who deliver outstanding performance and are selected through professional assessments with comprehensive criteria. The assessment procedure starts with screening candidates by the EJFQ system (a stock performance tracing system of HK Economic Journal). A candidate list is then formed and reviewed by industry leaders, associations, professional consultants and an evaluation committee.

  • Sina Finance: Best Listed Company 2018

    Among a pool of over 1050 listed companies under evaluation, only ten of them are chosen to receive this award, reflecting the recognition of capital market to our company

  • Hong Kong Economic Journal: Listed Company Award of Excellence 2017 (Blue Chip)

    The award aims to establish a new benchmark for the industry, by awarding companies that are highly recognized by the business sector and investment community, while having outstanding performance. The assessment procedures are rigorous, and start with screening candidates by the EJFQ system (a stock performance tracing system of HK Economic Journal). A candidate list is then formed and reviewed by an evaluation committee consisting of fund managers, senior stock commentators and analysts. All data used in the assessment is verified by the accounting firm Deloitte.

  • Hong Kong Economic Journal: Listed Company Award of Excellence 2016 (Blue Chip)

    The awarded companies have been selected through professional assessments with comprehensive criteria and are highly recognized by the business sector. The assessment procedure starts with screening candidates by the EJFQ system (a stock performance tracing system of HK Economic Journal) based on four criteria: Piotroski F-Score, relative performance to Heng Seng Index, stock analysts recommendation and annual revenue growth. A candidate list is then formed and reviewed by an evaluation committee consisting of fund managers, senior stock commentators and analysts. All the data used during the assessment is verified by Deloitte.

  • Asian Excellence Recognition Awards 2014 - Best Investor Relations Company by Corporate Governance Asia

    The awards recognize the excellence in pursuing investor relations practices under the principles of timeliness, fairness and transparency while providing clear and timely information required to make a fair investment decision with regard to companies’ equity and debt securities. The accolades are based both on the scores from the data that was submitted by the magazine’s readers and from interviews conducted with investors.

  • Platinum Winner of Excellence in Management and Corporate Governance Awards 2013 by The Asset

    The awards recognize the importance of sustainable growth for listed companies. The companies were invited to complete a questionnaire while The Asset also consulted institutional investors for their views to evaluate the quality of the companies' corporate governance and investor relations.

  • Top 4 "Best Investor Relations by a Hong Kong Company" and Top 4 "Best Investor Relations in Banks & Financial Services" by IR Magazine

    In the survey, over 400 portfolio managers and analysts across Greater China and South-East Asia were interviewed to nominate and rank up to 4 companies which they believed to be the best investor relations in "a Hong Kong Company" and in the sector of "banks and financial services".

  • Top 3 "Best Reporting by a Hong Kong Company" Awards 2011 by IR Magazine

    In the survey, around 300 portfolio managers and analysts across Greater China and South East Asia were polled to nominate and rank up to 3 companies which they believed to be best reporting by a Hong Kong Company.

  • Ranked in the Banks Sector: 2011 Best Investor Relations - Second Place - Nominated by the Buy Side, by Institutional Investor Magazine

    The ranking reflects the investment community's recognition of the Company's IR efforts. For the survey by Institutional Investor Magazine, portfolio managers were asked to name the companies in their coverage universe that excel at the following investor-relations attributes, including the accessibility of senior management, credibility and candor of IR departments, quality and depth of answers to inquiries, transparency of financial reporting and disclosure.

  • "Best Bank Capital Bond" in Triple A Regional Awards 2010 by The Asset

    Bank of China (HK) US$2.5 billion 5.55% subordinated debt due 2020 was awarded as "Best Bank Capital Bond" in Triple A Regional Awards 2010 by The Asset. It was recognized as one of the best deals in Fixed Income in 2010.

  • Bronze Winner in the 2009 iNOVA Awards

    The investor relations website of BOC Hong Kong (Holdings) Limited is granted Bronze Award in the category of Investor/Shareholder Relations in the 2009 iNOVA Awards. This competition recognizes and appreciates the creativity and functionality of corporate website. This year, entries were received from 11 countries.

  • "Most Progress in Investor Relations" Hong Kong and Taiwan Award 2005 by IR Magazine

    According to the organization, the Award is to recognize the Bank of China (Hong Kong)'s proactive efforts in understanding investors' needs as well as its improvement made in disclosures.

  • Honorable Mention of the "Grand Prix for Best Overall Investor Relations - Large Cap" Hong Kong and Taiwan Award 2005 by IR Magazine

    This is to recognize the good overall investor relations practice in maintaining the transparency and accessibility of Bank of China (Hong Kong) to the investment community.

  • Honorable Mention of the "Best Investor Relations Officer - Large Cap" Hong Kong and Taiwan Award 2005 by IR Magazine

    This is to recognize the proactive effort of the Officer in maintaining effective communication with the investment community.

  • "Most Progress in Investor Relations" Asia Award 2004 by IR Magazine

    According to the organizer, the Award is to recognize the effort in building and maintaining the transparency and accessibility of Bank of China (Hong Kong) to the investment community.

  • "Most Improved Investor Relations" Award 2004 by Institutional Investor Research Group

    According to the organizer, the Award is evaluated by the sell-side analysts to recognize the positive change of Bank of China (Hong Kong) in perception concerning the aspects of the communication with the investment community.

  • "Best Investor Relations for an IPO" Award 2002 by IR Magazine

    According to the organizer, the Award is to recognize Bank of China (Hong Kong) in highlighting investors' concerns and addressing them well during the IPO. Also, the prospectus pinpointed these potential problem areas.

Annual Report Awards

  • Gold, Silver and Bronze Winners as well as two Honors in the 2015 International ARC Awards

    With the theme of Driving Excellence on New Grounds, the Annual Report 2014 of BOC Hong Kong (Holdings) Limited ("the Company") is granted Gold, Silver and Bronze Winners as well as two Honors in the 2015 International ARC Awards. The winning categories are Chairman's/President's Letter: Banking and Financial Services: Hong Kong/PRC, Financial Data: Banking and Financial Services: Hong Kong/PRC, Written Text: Banking and Financial Services: Hong Kong/PRC, Cover Photo/Design: Banking and Financial Services: Hong Kong/PRC, and Interior Design: Banking and Financial Services: Hong Kong/PRC respectively. This is the twelfth consecutive year that the Company is presented the ARC Awards, which is well known as "Annual Report Oscar Award".

  • Bronze Winner and Honors in the 2014 International ARC Awards

    With the theme of Exploring New Frontiers for Greater Opportunities, the Annual Report 2013 of BOC Hong Kong (Holdings) Limited ("the Company") is granted Bronze Winners and Honors in the 2014 International ARC Awards. The winning categories are Interior Design: Banking and Financial Services and Cover Photo/Design: Banking and Financial Services: Hong Kong/PRC respectively. This is the eleventh consecutive year that the Company is presented the ARC Awards, which is well known as "Annual Report Oscar Award".

  • Bronze Winner of Galaxy Awards 2013

    With the theme of Reaching New Heights with Balanced Growth, the Annual Report 2012 of BOC Hong Kong (Holdings) Limited ("the Company") is granted Bronze Winner in the category of Annual Report-Overall Presentation: Banks in the Galaxy Awards 2013. This competition honours excellence in product and service marketing.

  • Silver Winners in the 2013 International ARC Awards

    With the theme of Reaching New Heights with Balanced Growth, the Annual Report 2012 of BOC Hong Kong (Holdings) Limited ("the Company") is granted Silver Winners in the 2013 International ARC Awards. The winning categories are Financial Data: Banking and Financial Services: Hong Kong/PRC and Interior Design: Banking and Financial Services: Hong Kong/PRC. This is the tenth consecutive year that the Company is presented the ARC Awards, which is well known as "Annual Report Oscar Award".

  • Silver and Bronze Winners in the 2012 International ARC Awards

    With the theme of Sustainable Growth on Solid Foundations, the Annual Report 2011 of BOC Hong Kong (Holdings) Limited ("the Company") is granted Silver and Bronze Winners in the 2012 International ARC Awards. The winning categories are Interior Design: Banks: Regional and Written Text: Banks: Regional respectively. This is the ninth consecutive year that the Company is presented the ARC Awards, which is well known as "Annual Report Oscar Award".

  • Honors in the 2011 International ARC Awards

    With the theme of Proactive Management for Sustainable Growth, the Annual Report 2010 of BOC Hong Kong (Holdings) Limited ("the Company") is granted Honors in the category of Financial Data: Bank Holding Co. in the 2011 International ARC Awards. This is the eighth consecutive year that the Company is presented the ARC Awards, which is well known as "Annual Report Oscar Award".

  • Gold and Silver Winners in the 2010 International ARC Awards

    With the theme of Solid Foundations for Sustainable Growth, the Annual Report 2009 of BOC Hong Kong (Holdings) Limited ("the Company") is granted Gold and Silver Winners in the 2010 International ARC Awards. The winning categories are Interior Design: Bank Holding Co. and Financial Data: Bank Holding Co. respectively. This is the seventh consecutive year that the Company is presented the ARC Awards, which is well known as "Annual Report Oscar Award".

  • Bronze Winner in the 2010/11 Mercury Excellence Awards

    With the theme of Solid Foundations for Sustainable Growth, the Annual Report 2009 of BOC Hong Kong (Holdings) Limited ("the Company") is granted Bronze Winner in the category of Writing: Annual Reports in the 2010/11 Mercury Excellence Awards. The award recognises the Company’s outstanding achievement in public relations and corporate communications.

  • Silver Prize and Honors in the 2009 International ARC Awards

    With the theme of Fortifying our Foundations in a Challenging Environment, the Annual Report 2008 of BOC Hong Kong (Holdings) Limited ("the Company") is granted Silver Prize in the category of Chairman's Letter: Bank Holding Co. in the 2009 International ARC Awards. It is also granted Honors in the categories of Written Text: Bank Holding Co.: Eastern Hemisphere and Cover Photo/Design: Bank Holding Company. This is the sixth consecutive year that the Company is presented the ARC Awards, which is well known as "Annual Report Oscar Award". This year, over 1,800 entries from 25 countries were received.

  • Gold Winner of 2009 Astrid Awards

    With the theme of Delivering Growth, Quality and Excellence, the Annual Report 2007 of BOC Hong Kong (Holdings) Limited is granted Gold Award in the category of Annual Report - Photography in the 2009 Astrid Awards. This competition honors excellence and innovation in design. This year, nearly 500 entries from 14 countries were received.

  • Silver Prize in Hong Kong Management Association Best Annual Reports Awards 2008

    With the theme of Delivering Growth, Quality and Excellence, the Annual Report 2007 of BOC Hong Kong (Holdings) Limited ("the Company") is granted Silver Prize in the General Category of Hong Kong Management Association ("HKMA") Best Annual Reports Awards 2008, demonstrating the report is in line with professional standard. As stated in the judges' report of the Best Annual Report Awards by HKMA, the outstanding companies deserving special mention exhibit a high degree of compliance with the disclosure requirements of accounting standards, the Listing Rules, and the Companies Ordinance as well as the provision of additional voluntary information. According to the judges, BOC Hong Kong (Holdings) Annual Report 2007 is a high quality report with extensive and informative management discussion and analysis. The report stated that many companies, particularly the banks, provided detailed analyses of the company's assets/ liabilities positions and risk management. The Company also performed particularly well in revealing issues relating to employee relations and development in its report. The competition is fierce this year, with 104 reports received, of which 82 reports were competed in the General Category.

  • Honors in the 2008 Astrid Awards

    With the theme of Delivering Growth, Quality and Excellence, the Annual Report 2007 of BOC Hong Kong (Holdings) Limited ("the Company") is granted Honors in the category of Cover Photo/Design of Bank Holding Co. in the 2008 International ARC Awards. This is the fifth consecutive year that the Company is presented the ARC Awards, which is well known as "Annual Report Oscar Award". This year, over 2,100 entries in 14 major categories were submitted by 1,068 different companies from 28 countries representing over 200 industries.

  • Honors in the 2008 Astrid Awards

    With the theme of Committed to Building a Better Tomorrow - Achieving Growth, Quality and Excellence, the Annual Report 2006 of BOC Hong Kong (Holdings) Limited ("the Company") is granted Honors in the category of Covers - Annual Reports in the 2008 Astrid Awards. This competition honors excellence and innovation in design. This year, over 600 entries from 18 countries were received.

  • Silver Prize and Honours in the 2007 International ARC Awards

    With the theme of Delivering Growth, Quality and Excellence, the Annual Report 2006 of BOC Hong Kong (Holdings) Limited ("the Company") is granted Silver Prize in the category of Overall Annual Report of Local Banks in the 2007 International ARC Awards. It is also granted Honours in Cover Photo/Design of Local Banks Category and Chairman's Letter of Banks Category respectively. This is the fourth consecutive year that the Company is presented the ARC Awards, which is well known as "Annual Report Oscar Award". This year, the number of entries has reached another record high with nearly 2,000 entries received from 27 countries. In the Overall Report of Local Banks category, the Company has earned the highest prize as there is no entrants eligible to the gold award. The Company is among the first one not to use matt lamination in the cover of its Annual Report 2006, showing its commitment to supporting environmental protection and set a good precedent for others to follow.

  • Special Mention in Hong Kong Management Association Best Annual Reports Awards 2007

    With the theme of Delivering Growth, Quality and Excellence, the Annual Report 2006 of BOC Hong Kong (Holdings) Limited ("the Company") is awarded Special Mention in the General Category of Hong Kong Management Association (HKMA) Best Annual Reports Awards 2007, demonstrating that the report is in line with professional standard. As stated in the judges' report of the Best Annual Report Awards by HKMA, the companies which have been awarded Special Mention exhibit a high degree of compliance with the disclosure requirements of accounting standards, the Listing Rules, and the Companies Ordinance as well as the provision of additional voluntary information. According to the report, the Company deserves mention for its extensive and informative management discussion and analysis. The Business Review and Risk Management sections give a clear picture to the shareholders of how the Company managed its finances and risk. The Company also deserves a special mention for its design of highlights pages and front cover. This year, 100 reports were received, in which 78 reports were competed in the General Category, leading to a fierce competition.

  • Silver and Bronze Winners of International ARC Awards 2005

    With the theme of In Pursuit of Growth and Excellence, the Annual Report 2004 of BOC Hong Kong (Holdings) Limited ("the Company") is granted Silver Winner and Bronze Winner in the 2005 International ARC Awards. The winning categories are Financial Data of Local Banks and Written Text of Local Banks respectively. This is the third consecutive year that the Company is presented with the ARC Awards, which is well known as "Annual Report Oscar Award". This year, the number of entries has reached another record high - nearly 1,900 entries were received from 25 countries. For the Financial Data of Local Banks Category, the Company is the only winner as all the other entrants are not eligible to be granted gold or bronze awards.

  • Bronze Winner of International ARC Awards 2004

    BOC Hong Kong (Holdings) Limited Annual Report 2003 entitled Growing with Stronger Foundations is awarded Bronze Winner in the Financial Data Section: Banking and Financial Services Category. We are the only winner as all the other entrants are not eligible to be granted gold and silver awards of the category. Since this is the biggest ARC Awards ever, winning the Bronze Award is truly a world-class achievement as stressed by the organiser.

  • Bronze Winner of Galaxy Awards 2004

    This competition honours outstanding achievement in product and service marketing. The winning of Bronze Award in Annual Reports: Financial Services Category of the competition demonstrates the effectiveness and creativity of our report in marketing communications.

  • Gold Winner of International ARC Awards 2003

    International ARC Awards is the world's most authoritative competition honoring excellence in annual reports. BOC Hong Kong (Holdings) Limited Annual Report 2002 was awarded Overall Annual Report Gold Winner in the Local Bank Category of the competition, representing our successful delivery of corporate information via this potent communications vehicle.

  • Bronze and Honours Winner of Mercury Excellence Awards 2003

    BOC Hong Kong (Holdings) Limited Annual Report 2002 was also winners of Bronze and Honours in Writing - Annual Report (Over 61 Pages) Category and Annual Reports - Overall Presentation (Finance) Category respectively in recognition of our outstanding achievement in professional communications.






IPO Awards

  • "Asia Pacific Equity Issue" by IFR, "Equity Issue" and "China Equity Issue" by IFR Asia

    The Awards are to recognize the success of Bank of China (Hong Kong)'s large scale IPO in difficult market conditions. According to IFR and IFR Asia, "Bank of China (Hong Kong) became the first Chinese financial institution to be listed overseas. Despite poor equity markets, an inclusive and well-executed marketing strategy generated HK$148 billion in demand and allowed the deal to price in the top half of its range. The successful completion helps to lay the foundation for the ongoing restructuring of the Chinese banking industry".

  • "Best Bank Issue" by The Asset

    According to The Asset, "The Bank of China (Hong Kong) offering was a finely executed deal involving meticulous preparations and the courage to navigate a very difficult environment for equities. The BOC Group had to go through a complicated merger and restructuring process that lasted for two years, but the marketing dragged on as the issuer waited for the right time to come to the market. In the end, it turned out to be a truly groundbreaking transaction, becoming the largest Hong Kong-listed IPO ever and was also the largest bank equity offering in the world this year. Its success stands in sharp contrast to the fact that seven major IPOs were actually cancelled in June and July given the dramatic deterioration in the global economic environment."

  • "Best Equity by an Asia Corporate" by Corporate Finance

    The Award is to recognize the significance of the Bank of China (Hong Kong)'s IPO in the Asian region and the accomplishment of its large scale pre-deal restructuring. According to Corporate Finance, "the awards normally go to non-financial corporations, with banks and other financial institutions excluded. This year, however, an exception is made as the Bank of China (Hong Kong) IPO is so important for the future development of the capital markets in China and across the region that it could not be overlooked. The restructuring which took place between January and September 2001 saw Bank of China transformed into a distinct ringfenced entity."

  • "Deals of 2002" by CFO Asia

    The Award is to recognize the successful privatization of the Hong Kong operations of state-owned Bank of China and the completion of the three-year restructuring, reforms and lobbying. Now, the bank has shifted its focus from market share to ROE, stressing innovation and responsibility. According to CFO Asia, "These efforts were rewarded. The bank's US$2.5 billion Hong Kong listing marked the largest non-US IPO in 2002. In its interim report post-listing, the bank has reported sharp improvements in all the key numbers: net interest margin, ROE and NPL ratios."

    Winners of Deals of 2002 are selected "based on the ability of the transactions to transform the companies involved for the better - better corporate governance, better financial and operational management, better risk management, which eventually lead to long-term value creation. Bank of China (Hong Kong)'s IPO clearly fit all the criteria and the theme of 'transformation'." CFO Asia added.

  • "Deal of the Year-Best Privatization" by FinanceAsia

    The Award is to recognize the bank "both in terms of the massive amount of the merger and restructuring work that had to go into the creation of the Bank of China (Hong Kong), and also because of the success of the IPO itself. In totality, this was an immense and critical transaction."

    According to FinanceAsia, "The merger and restructuring of 13 affiliate financial institutions of the Bank of China Group in Hong Kong has heralded a new chapter in the country's privatization process as the government turns its attention to the arduous, but critical task of overhauling its domestic banking system. For the unprecedented number of corporate investors, the IPO was a relationship building exercise with the bank and Chinese government. For Japanese retail investors, it was a China growth story and the first Chinese POWL (Public Offer Without Listing) of its kind. For Hong Kong retail investors, popularity was a reflection of the bank's deep roots in the Territory."

  • Gold Winner of the Sixth China Golden Awards for Excellence in Public Relations

    BOCHK's winning case in the China Golden Awards for Excellence in Public Relations 2004 organised by China International Public Relations Associations is Outstanding Achievement in Time of Adversity - an Integrated Marketing Campaign for the IPO of BOC Hong Kong (Holdings) Limited. Ms April Y. Tian, Managing Director of China Global Public Relations Co., a subsidiary of Xinhua News Agency, commented BOCHK's winning case on behalf of the panel of judges and said, 'BOCHK has fully utilised its good branding. A number of promotional and communications techniques and tools in integrated marketing communications have been effectively deployed. By taking advantage of the investors' special attention to the IPO, BOCHK has launched a series of intensive marketing and promotion campaigns. It can be said that well-preparedness and effective launch of the various programmes have contributed to its excellent marketing effect. Needless to say, its professional and systematical operation, and being meticulous in execution are the crux to its success."

  • "Overall Equity Deal of the Year" and "Privatization of the Year" by Asiamoney

    The awards are to recognize the successful IPO and privatization of the Hong Kong operations of state-owned Bank of China, in particular, going through complicated merger and restructuring process that last for two years. According to Asiamoney, "The IPO itself followed two years of mergers and restructuring among the 13 affiliate financial institutions of the Bank of China group in Hong Kong. It's easy to say that, but less easy to comprehend exactly what that all meant. It involved copious legal issues, a private member's bill, the development of an NPL resolution strategy, an overhaul to bring about better corporate governance, a new risk management system, loan reviews, ratings advisories, and the appearance and disappearance of auditors as that industry underwent over-whelming change."

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