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2010-07-19 21:56:03 来源：FT中文网
AGRICULTURAL BANK ATTRACTS $50BN IN HONG KONG BIDS
Institutional investors have placed bids valued at $50bn for the Hong Kong portion of Agricultural Bank of China’s mammoth dual-listing, according to people close to the deal.
知情人士表示，中国农业银行(Agricultural Bank of China)大规模两地上市在香港站已获得机构投资者500亿美元认购。
The high level of institutional demand means that Agricultural Bank remains on track to raise as much as $23bn in what could be the world’s biggest initial public offering.
Investors have been placing their orders at prices across the HK$2.88-HK$3.48 ($0.37-$0.45) range in which Agricultural Bank plans to sell 25.4bn shares in Hong Kong.
“The orders are mixed,” said a person close to the deal. “Some are at the bottom, some at the top.”
If the shares sell at the top of the price range and underwriters on the deal trigger options to increase the offering’s size by 15 per cent, Agricultural Bank could raise as much as $13bn in Hong Kong and another $10bn in Shanghai.
At $23bn, the listing would exceed the record $21.9bn that Industrial and Commercial Bank of China raised in 2006.
But the euphoria that surrounded previous IPOs of Chinese state-owned banks is absent this time.
Four years ago, overseas institutional investors ordered about $350bn of ICBC shares and retail investors queued in their hundreds to get involved in the deal.
Agricultural Bank had originally hoped to raise as much as $30bn in the IPO but has been forced to scale down its expectations in recent weeks as stock markets have weakened.
The Shanghai stock market has fallen 25 per cent since mid-April because of worries about the economy and concern that a deluge of bank fund-raisings will swamp the market.
Market volatility has not eased up since Agricultural Bank set its IPO price ranges for Shanghai on Monday and for Hong Kong a week ago on Wednesday.
In moves that bode ill for the final price of the offering, the Shanghai market has dropped 6 per cent since the announcement.
Hong Kong has fallen 3 per cent. Shares worth $5.45bn, or nearly half of the Hong Kong offering, have already been allocated to 11 main investors, most notably the sovereign wealth funds of Qatar and Kuwait.
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