Related News
AgriBank opens trading with mild rise
By Zhang Fengming |
July 15, 2010, Thursday
|
Online Edition
Online Edition
AGRICULTURAL Bank of China debut on the Shanghai Stock Exchange with a mild rise today as the world's could-be largest initial public offering.
The Beijing-based bank opened at 2.74 yuan (40 US cents) today in Shanghai, up 2.2 percent than its issuing price. It closed at 2.70 yuan when morning session ended at 11:30am.
The mild opening put the lender on track for a smaller debut trading gain in the city than its four state-owned rivals, which rose at least 5.1 percent on the first trading day.
"We're relatively satisfied with the bank's opening performance," Zhang Yun, deputy chairman and president of the bank told a media briefing this morning at Shanghai Stocks Exchange.
Zhang said he also feels under pressure when he was spotted staring at the bank's price fluctuating at the bourse, quoting the pressure to create value for shareholders.
The bank's daily cost mounted 300 million yuan and only an income of 800 million yuan can make profits for the bank, he said.
Zhang said the bank doesn't have "a large-scale" job cutting plan on its 440,000 headcounts. The bank has the most staff number among its public rivals.
The bank is expected to rise 6 percent on the first trading day in Shanghai according to a Bloomberg survey.
The bank will debut in Hong Kong tomorrow. Zhang declined to comment on his expectation on the Hong Kong shares performance.
AgriBank raked in US$19.2 billion in its dual-listing in Shanghai and Hong Kong. The bank could take in up to US$22.1 billion as the world's biggest initial public offering if it executes the over-allotment option.
AgriBank's giant share offering is expected to stretch market liquidity, divert money away from stocks of rival banks and put other big listings on hold in the bumpy Shanghai market, analysts said.
The benchmark Shanghai Composite Index has dropped 22 percent so far this year as the world's worst performer in the world's 10 biggest stock markets.
The IPO also coincided with a capital-raising spree by domestic rivals eager to replenish capital after they extended a record 9.6 trillion yuan in yuan-backed loans in 2009.
The Beijing-based bank opened at 2.74 yuan (40 US cents) today in Shanghai, up 2.2 percent than its issuing price. It closed at 2.70 yuan when morning session ended at 11:30am.
The mild opening put the lender on track for a smaller debut trading gain in the city than its four state-owned rivals, which rose at least 5.1 percent on the first trading day.
"We're relatively satisfied with the bank's opening performance," Zhang Yun, deputy chairman and president of the bank told a media briefing this morning at Shanghai Stocks Exchange.
Zhang said he also feels under pressure when he was spotted staring at the bank's price fluctuating at the bourse, quoting the pressure to create value for shareholders.
The bank's daily cost mounted 300 million yuan and only an income of 800 million yuan can make profits for the bank, he said.
Zhang said the bank doesn't have "a large-scale" job cutting plan on its 440,000 headcounts. The bank has the most staff number among its public rivals.
The bank is expected to rise 6 percent on the first trading day in Shanghai according to a Bloomberg survey.
The bank will debut in Hong Kong tomorrow. Zhang declined to comment on his expectation on the Hong Kong shares performance.
AgriBank raked in US$19.2 billion in its dual-listing in Shanghai and Hong Kong. The bank could take in up to US$22.1 billion as the world's biggest initial public offering if it executes the over-allotment option.
AgriBank's giant share offering is expected to stretch market liquidity, divert money away from stocks of rival banks and put other big listings on hold in the bumpy Shanghai market, analysts said.
The benchmark Shanghai Composite Index has dropped 22 percent so far this year as the world's worst performer in the world's 10 biggest stock markets.
The IPO also coincided with a capital-raising spree by domestic rivals eager to replenish capital after they extended a record 9.6 trillion yuan in yuan-backed loans in 2009.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
