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AgBank attracts interest from big insurers for IPO
AGRICULTURAL Bank of China (AgBank) yesterday said it had attracted subscriptions from big insurers and other major companies for the Shanghai portion of its initial public offering (IPO), helping to ensure that the issuance would not cause disruptions to local markets.
AgBank’s roughly $20bn (£13.2bn) Hong Kong-Shanghai IPO has hung over the Shanghai stock market in past weeks, as investors worry that an influx of additional shares could keep the overall market – one of the world’s worst performers this year – from having a chance of reviving any time soon.
AgBank President Zhang Yun sought to ease such concerns in an “online roadshow”, answering questions in an online chat.