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ICBC Becomes the Largest Company by Negotiable Market Value of A-sharesOn October 27, 2009, as 236 billion of restricted shares held by initial shareholders released to the market since floatation three years ago, ICBC, the largest bank in the world in terms of market capitalization, vaults as the No.1 A-share quoted company.The number of restricted shares held by the initial shareholders, Ministry of Finance and Central Huijin Investment Ltd, is nearly sixteenth-fold of capital stock in circulation, or 94% of the total A-share capital. The market cap of this portion of released shares is around RMB 1.2319 trillion which is approximately 5% of A-Share's total market value, if counted at the closing price of RMB 5.22 per share on October 26.**1. A "NEW" ICBC after going public for 3 years**From 2006 till today since its floatation three years ago, ICBC not only has all its shares traded in the market, but also has thoroughly changed into a new face. Within these three years, ICBC becomes a modern commercial bank with clear title, strong capital base, stringent internal control, secure operation, flawless services and execution, and has an edge to compete in the international market, transforming herself into the most profitable bank and the largest bank in the world in terms of market capitalization.Especially beginning from 2008, ICBC accelerates its pace in the side-step reform of business and market expansion despite the backdrop of the global financial crisis which drags the world's economies in the doldrums. The bank demonstrates its strong capacity in sustainable development and risk aversion by maintaining its momentum in steady operation, risk control and profitability growth.According to the International Financial Report Standard( IFRS), ICBC realized an after-tax profit of RMB 66.7 billion during the first 6 months of 2009, or an increase of 2.8% when compared with this time last year. Earning per share is RMB 0.20. The return on investment to shareholders continues to grow, at a rate of annualized average return on total assets of 1.26% and a weighted average return on equity of 20.86%, or rising by 0.05 and 1.43 percentage points from the period ending 2008. Meanwhile, by the end of June, 2009, both the balance and ratio on ICBC non-performance loans decline, down to 1.81%, or 0.48 percentage points less than that of early this year. Provision coverage ratio is raised to 138.2%, or 8.05% jump from early this year. ICBC shows its increased capability in risk aversion.Since going public, ICBC performed well in its business strategy and embraced process sophistication in its income structure, lending structure and investment structure. ICBC's emerging services as diversified as investment banking, credit card, wealth management, corporate annuity and electronic banking are standing at the front among the peers. Every year ICBC increases its profit contribution. The bank sharpens its comprehensive service capabilities and international competitive edge by concentrating on the integration and internationalization and breaking new ground by looking outside its borders and integration of service.Being the industry leader and outstanding performance in profitability, ICBC pulls its true weight to be one of the constituents in the Hang Seng China-A Industry Top Index launched on September 21, 2009. The index aims to put together a diversified portfolio of top enterprises of each industry in mainland China market and classify them under 11 sub-indexes as reference for investors. The index, including only up to 5 enterprises of each industry to be the constituents, is the first "A Index" whose criteria of selecting the sample stocks are based on market capitalization and the basic factors including revenue and net profit. To be included in the Hang Seng China-A Industry Top Index because of its industry leading position, business scale and operating performance, ICBC once again wins the recognition from index compilation authority and the capital market.Today, ICBC has been included in various indexes as constituents, namely in A-share indexes of SSE Composite Index, SSE 180 Index, SSE 50 Index, SHSZ300, CSI 100 Index, etc, and in H-share indexes of Hang Seng Index, Hang Seng Finance Index, and Hang Seng China Enterprises Index, etc.**3. Full Circulation and Value Investing**