The Agricultural Bank of China (ABC) plans to list on the Hong Kong stock market on July 16, the China Business News reported.
ABC had submitted the IPO application to the Hong Kong stock exchange on May 4. The first time hearing was expected on June 10 at the earliest, the report said, quoting a source familiar with the matter.
The paper also said ABC had passed the preliminary examination for its IPO in the A share market by the securities regulator on May 25, and would float in Shanghai first.
However, Caing.com reported on May 31 that ABC was still insisting on a simultaneous dual listing in Hong Kong and Shanghai in July to secure a $30-billion fund raising in both markets.
The China Business News also said in the report that many investors in Hong Kong showed big interests in ABC's listing and wants to become its cornerstone investors. China Life, Rabobank, Chinese Estate Group and Henderson Land Development were all in close contacts with the lender. Hong Kong-based New World Development will subscribe the bank's H shares by HK$300 million, the paper said.
ABC, set to become the last of China's big four banks to list its shares, has received a $19 billion capital injection from Central Huijin, an investment arm of China's sovereign fund, at the end of 2008. China's National Social Security Fund also has invested 15 billion yuan ($2.20 billion). But the lender did not bring on any foreign strategic investors, according to media reports.
