The last unlisted "Four Major Banks" Agricultural Bank is getting closer and closer to the date of listing. On the 17th, some media revealed that China Investment Corporation had initially agreed to subscribe for shares of Agricultural Bank of China, but due to the fact that the offer price and valuation have not yet been finalized For details, the amount is still unknown. It is expected that the first hearing will take place in mid-June at the earliest, and the financing amount may reach 26 billion US dollars.
According to the report, because Agricultural Bank of China has no plans to introduce strategic shareholders before going public, China Life may not necessarily become a basic investor in H-shares of Agricultural Bank of China. Earlier, the senior officials of the Agricultural Bank said that, in addition to the National Social Security Fund, the Agricultural Bank will not introduce other strategic investors before it goes public. China Life has always expressed interest in making financial investments in Agricultural Bank of China. At the beginning of April, Yang Chao, chairman of China Life Insurance, said at the annual results conference that China Life intends to participate in the Agricultural Bank of China IPO, and related matters are being actively promoted, but when the bank will be established will depend on the progress of the Agricultural Bank's listing. CIC initially agreed to subscribe.
Recently, Pan Gongsheng, deputy governor of the Agricultural Bank of China responsible for listing, led the team to meet non-stop institutional investors around the world.
It is reported that its contacts include some sovereign wealth funds. Pan Gongsheng himself told the outside world that investors are responding well. "ABC's management always has two complexes. One is that ICBC hopes that the amount of financing is not less than that of the year. The company set the world's largest IPO record at that time. ABC hopes that it can also set the current global IPO record; It cannot be lower than the ICBC issue price, not only the PB (price-to-book ratio) cannot be lower, but the absolute value of the stock price cannot be lower than the ICBC's 3.12 yuan A-share initial price that year. "Some investment bankers said.
In 2006, ICBC did not count the over-allotment option exercise, and A + H raised a total of 19.1 billion US dollars. Previously, the market has been rumored that ABC plans to raise more than 30 billion US dollars, but Pan Gongsheng recently denied this, "the sum of the two places is at most 25 billion to 26 billion US dollars."
According to reports, the listing date of ABC and A + H of the two places is only one day away. Due to the initial intention price of ABC and the underwriting syndicate is about twice PB, under the current unstable market conditions, investors tend to be cautious. However, the company still plans to list before mid-July, but the specific time is "the sooner the better," so once the preparations are completed, the first hearing may be held as soon as possible in mid-June. ("Information Times" May 18, 2010)
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