HONG KONG (Bloomberg) — China Citic Bank Corp. may raise as much as $5.7 billion in a simultaneous Hong Kong and Shanghai initial public offering, the world’s largest stock sale year to date, said three people with knowledge of the details.The Beijing-based bank plans to offer 2.3 billion new yuan-denominated shares, a 6 percent stake, in Shanghai at 4.66 yuan to 6.1 yuan each to raise up to 14.03 billion yuan ($1.82 billion), according to the people who declined to be identified before an official statement.

It could also fetch as much as HK$30.17 billion ($3.86 billion) selling 4.89 billion new shares, a 12.8 percent stake, in Hong Kong at HK$4.72 to HK$6.17 apiece, the people said. The China Securities Regulatory Commission has yet to give its nod on the price ranges.

Mainland banks and insurers have sold $61.1 billion of shares in Hong Kong and Shanghai to support expansion since June 2005 when Bank of Communications Co. became the first domestic bank to go public in Hong Kong. They have been encouraged by high valuations as investors seek to benefit from rapid growth of the Chinese economy and financial industry. The price ranges value Citic Bank at 2.48 times to 2.81 times its estimated book value this year, the people said.