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Bank of China is selling HK$14.66 billion (US$1.88 billion) worth of shares in overseas flagship BOC Hong Kong at a 12 per cent discount after increasing the size of Monday's surprise placement, market sources said.

Bank of China, cashing in on a near-doubling in the stock's price this year, raised eyebrows in Hong Kong and dragged other banking shares lower yesterday when word spread of the size of the sale and depth of the discount to Friday's closing price.

Shares in BOC Hong Kong were suspended yesterday. News that the sale would be increased by 202 million shares to 1.07 billion - or about 10 per cent of those outstanding - was revealed after the Hong Kong market closed.

Bank of China's stake in the listed unit will be cut to 66.3 per cent from 76.4 per cent after the placement.

The size of the share sale was increased after it attracted strong demand, partly from investors in Europe, a source said.

Beijing-controlled Bank of China, one of the country's Big Four State lenders, is using proceeds from the sale to boost capital, market sources said.

The placement was fully subscribed, sources said.

BOC Hong Kong (Holdings) shares have joined in a rally of Hong Kong banking stocks this year to surge by as much as 95 per cent, and trade at 23.6 times forecast earnings.

"The market is keen to know why Bank of China would want to place the shares, especially at such a huge discount and at such an enormous size," said Steven Leung, a trader at UOB Kay Hian Holdings.

Bank of China is placing 868 million existing shares in BOC Hong Kong at HK$13.70 each, according to a term sheet on the deal received by Hong Kong fund managers - 12.2 per cent below the stock's closing price of HK$15.60 on Friday.

The deal was handled by Goldman Sachs, UBS and affiliated investment bank BOC International, market sources said.

"It's not difficult to place the shares as there is huge demand for them. The question is why would Bank of China want to sell the shares," said Tony Lau, analyst at Kim Eng Securities, adding that he thought the discounted placement price would hurt investor sentiment in Hong Kong.

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