Saudi Aramco to woo Chinese with IPO

Saudi Aramco has asked JPMorgan Chase & Co and Morgan Stanley to help with what, at $100bn, is expected to be the world’s biggest IPO, according to the Wall Street Journal, while HSBC has emerged as the leading contender for a role among a list of five banks that could provide a pipeline to Chinese investors.
The Industrial and Commercial Bank of China International Holdings, China International Capital Corporation (CICC) are said to be among a list of four  Chinese banks also pitching for the deal.
Growing Chinese interest in the  IPO comes ahead of King Salman’s visit to Asia next week.
The IPO is the centrepiece of the Saudi government’s Vision 2030 plan, to diversify the economy away from oil, with up to 5% of the world’s largest oil producer is likely to be listed on both the Saudi stock exchange in Riyadh and on one or more international markets. The driving force behind the partial privatisation is Deputy Crown Prince Mohammed bin Salman, who oversees the country’s energy and economic policies and who last year said that he expected the IPO would value Aramco at a minimum of two trillion dollars.