AgBank HK debut firm
By Zhang Fengming |
July 17, 2010, Saturday
|
Print Edition
Print Edition
THE Agricultural Bank of China debuted more strongly in Hong Kong yesterday than its tepid opening in Shanghai.
The Beijing-based bank opened at HK$3.25 (42 US cents) in Hong Kong yesterday, up 1.6 percent from its offering price of HK$3.20. It ended at HK$3.27 yesterday. It fluctuated between HK$3.25 and HK$3.31.
Its Shanghai shares were still struggling around its offering price as retail investors snubbed the bank amid a weak market sentiment this year. They were also mindful that other Chinese banks have plans to raise capital after they extended a record 9.6 trillion yuan in loans in 2009.
AgBank lost 0.37 percent to 2.69 yuan (40 US cents) yesterday in Shanghai, close to its 2.68 yuan offering price.
The bank's Hong Kong IPO marked the international part of its mega-sized dual listing as the Hong Kong market is open to global investors.
Xiang Junbo, chairman of AgBank, said he was satisfied with the bank's Hong Kong debut given the current market conditions.
"I am very happy with today's stock price," Xiang said in Hong Kong yesterday shortly after the listing ceremony. "I think our stock has already been very popular."
The Beijing-based bank opened at HK$3.25 (42 US cents) in Hong Kong yesterday, up 1.6 percent from its offering price of HK$3.20. It ended at HK$3.27 yesterday. It fluctuated between HK$3.25 and HK$3.31.
Its Shanghai shares were still struggling around its offering price as retail investors snubbed the bank amid a weak market sentiment this year. They were also mindful that other Chinese banks have plans to raise capital after they extended a record 9.6 trillion yuan in loans in 2009.
AgBank lost 0.37 percent to 2.69 yuan (40 US cents) yesterday in Shanghai, close to its 2.68 yuan offering price.
The bank's Hong Kong IPO marked the international part of its mega-sized dual listing as the Hong Kong market is open to global investors.
Xiang Junbo, chairman of AgBank, said he was satisfied with the bank's Hong Kong debut given the current market conditions.
"I am very happy with today's stock price," Xiang said in Hong Kong yesterday shortly after the listing ceremony. "I think our stock has already been very popular."
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