China's largest state-owned commercial bank Industrial and Commercial Bank of China (ICBC) is planning for public initial offering (IPO) next year, but location of the listing has yet to be decided, according to Oriental Morning Post.

Rumors say the location for initial public offering has been chosen in Hong Kong, but a statement of ICBC issued in mid October said that the location could be selected within or outside China.

Yang Kaisheng, chairman of the bank reiterated principles in selecting strategic investors, those with enough ability, more importantly, both sides should benefit each other and conflicts of interest should be avoided.

ICBC is making efforts in setting up modern management system since it was transformed to a joint-stock company October 28, 2005, said Yang Kaisheng.

According to report, international accounting and consulting firm Ernst & Young has been invited to audit the bank's financial report for next year's IPO.

The bank is considering selling more stocks to overseas investors, said a person in charge of Global Financial Services Risk Management of Ernst & Young.

ICBC hopes to bring more benefits to domestic investors after it lists on market, said an official of ICBC. Financial data shows the bank's third quarter's profit reached 22.8 billion yuan, of which, book profit topped 13.14 billion yuan.

An insider said that ICBC is expected to issue A share in mainland next year.

By People's Daily Online