Industrial & Commercial Bank of China (ICBC), the nation's largest lender, is reportedly seeking a waiver from Beijing that would allow it to raise a record $21 billion (£11bn) in simultaneous listings in Hong Kong and Shanghai.

The bank is seeking to raise around $14 billion in Hong Kong and $7 billion in Shanghai, according to Bloomberg.

However, Chinese regulations that demand companies provide forecasts of where their stock will trade after an initial public offer conflict with Hong Kong rules that forbid such guidance.

Were ICBC to reconcile the Chinese authorities with Hong Kong's code it could open the gates for more dual listings in the future.

ICBC last year announced plans for a Hong Kong float. It suggested it may also look at a listing on China earlier this year when China ended a ban on domestic IPOs.

Several mainland-controlled companies - dubbed "red-chips" - have opted to list in Hong Kong to take advantage of the territory's standing on the world's financial stage. Hong Kong-listed Chinese companies include China Mobile and PetroChina.

Interest in the ICBC float is likely to be keen after China’s largest listed banks posted double-digit rises in net profit in the first six months of this year - though analysts have given warning that government curbs on lending are yet to filter through.

Bank of China, China Construction Bank and Bank of Communications saw year-on-year rises in net profit of 28.3 per cent, 13.3 per cent and 31 per cent respectively in the six months to June compared with a year earlier.

Lending growth across Chinese banks surged by well over 50 per cent year-on-year in the first half, with more than 87 per cent of the official full-year quota for new loans filled by 30 June.

The three listed banks also bettered non-performing loans ratios from a year earlier, suggesting improving asset quality, analysts said.

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