AgBank lines up sovereign funds

Sovereign wealth funds from Qatar and Kuwait have agreed to invest $3.6bn (£2.4bn) as cornerstone investors in the $23bn initial public offering (IPO) of China’s Agricultural Bank. Singaporean wealth fund Temasek and Li Ka-shing, Hong Kong’s richest man, have also queued up for a slice of what is tipped to be the biggest flotation in the world. UK-listed Standard Chartered will buy $500m of shares, it is understood.