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HK Typhoons Heat on ABC H-shares

 

Thursday, Jun 03,2010, 9:32:38 PM   Click:

The Agricultural Bank of China (ABC), which is brewing a dual-listing on both the A-share market and the Hong Kong stock exchange presently, initially planned to list on the Hong Kong bourse on July 16, 2010, people access to the lender's IPO group told journalists on June 2.

Many Hong Kong tycoons are trying to get a piece of cake. Cheng Yu-tung, president of New World Development Company Limited (SEHK:0017) was confirmed to spend HKD 300 million subscribing for the H-shares.

The lender on May 4 filed an IPO application to the Hong Kong bourse and was expected to accept the first hearing on June 10 at earliest, pointed the people.

A manager of a European fund manager used to told journalists that the Hong Kong market acted to be active to the state-owned lender's listing, and many local investors want to be the cornerstone investor of the stock. And China Life Insurance Company Limited (SHSE: 601628, SEHK: 2628), the largest life insurer in the country by premium, is predicted to be the cornerstone investor.

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