Banking

Regulator to review ABC's IPO application

(Xinhua)
Updated: 2010-06-05 01:03

BEIJING: China Securities Regulatory Commission (CSRC) said on Friday that it would review the application of the initial public offering (IPO) of the Agricultural Bank of China (ABC) on June 9.

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The CSRC released the Shanghai IPO preliminary prospectus of the ABC on its website. The ABC is the last of China's "big four" State-owned lenders to go public.

According to the prospectus, ABC plans to sell up to 22.24 billion A shares on the Shanghai Stock Exchanges and up to 25.41 billion shares on the Hong Kong bourse, excluding an over-allotment option.

The funds raised from the Shanghai IPO would be used to enhance the bank's capital base, the prospectus said.

Net profits for ABC totaled 24.97 billion yuan ($3.66 billion) by the end of March this year, compared with 18.03 billion yuan during the same period last year, according to the website.

The other three state-owned banks -- the Industrial and Commercial Bank of China, China Construction Bank and Bank of China, have been successfully listed on both Shanghai and Hong Kong bourses.