SHANGHAI: Agricultural Bank of China(ABC) is expected to get regulatory approval in early June for its planned $30 billion IPO in Shanghai and Hong Kong, the China Business News reported Friday, citing a banking source.
ABC's listing would mark the last of China's four largest banks. The bank received a $19 billion capital injection from Central Huijin, an investment arm of China's sovereign fund, at the end of 2008. It also hived off 800 billion yuan ($117.1 billion) of bad loans to clean up its books in preparation for the listing.
Friday's China Business News said the IPO road show was expected to take place in mid-June and the price to be set in late June, ahead of the listing in mid-July, according to the banking source.
The paper said the Shanghai listing would take place one day ahead of the Hong Kong listing.
