SHANGHAI: Agricultural Bank of China said on Monday, July 5 that it had attracted subscriptions from big insurers and other major companies for the Shanghai portion of its initial public offering, helping to ensure that the issuance would not cause disruptions to local markets.
AgBank's roughly $20 billion 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" on Monday, answering questions posed by retail investors in an online chat.
Up to 10.2 billion yuan-denominated shares will be sold via a placement to strategic investors, including top insurers, agricultural firms and other major companies, Zhang said, accounting for nearly half the overall A-shares on offer.
That meant that, even if the offer is priced at the top of the price range for the A-share offering of 2.52-2.68 yuan ($0.37-$0.40) per share, the overall offering would not be too big, Zhang said.
"The market should have adequate ability to handle the offering," he said. - Reuters
AgBank's roughly $20 billion 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" on Monday, answering questions posed by retail investors in an online chat.
Up to 10.2 billion yuan-denominated shares will be sold via a placement to strategic investors, including top insurers, agricultural firms and other major companies, Zhang said, accounting for nearly half the overall A-shares on offer.
That meant that, even if the offer is priced at the top of the price range for the A-share offering of 2.52-2.68 yuan ($0.37-$0.40) per share, the overall offering would not be too big, Zhang said.
"The market should have adequate ability to handle the offering," he said. - Reuters
No comments:
Post a Comment