Pension fund gives ABC $2.2b pick-me-up
China Daily | Updated: 2010-05-22 07:10
BEIJING - China's pension fund has invested 15 billion yuan ($2.2 billion) in the Agricultural Bank of China (ABC), ahead of the bank's $30 billion initial public offering (IPO), a fund official said on Friday.
ABC, the smallest of the country's "Big Four" banks, plans to list in Hong Kong and Shanghai by July, although the stock markets locally and globally have seen large swings in the last month, causing many IPOs to be postponed.
Ji Guoqiang, a director with the National Social Security Fund (NSSF), said he hopes ABC as soon as possible but noted that it is up to the bank to decide whether or not to delay the offering. The director was speaking on the sidelines of a financial forum.
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