皇冠体育app

Banking

Regulator to review ABC's IPO application

(Xinhua)
Updated: 2010-06-05 01:03

BEIJING: 皇冠体育app Securities Regulatory Commission (CSRC) said on Friday that it would review the application of the initial public offering (IPO) of the Agricultural Bank of 皇冠体育app (ABC) on June 9.

Related readings:  ABC likely to issue 51.4m shares in IPO  Mideast sovereign funds eye AgBank IPO  ABC listing may be cleared in early June  ABC may sell up to 53b shares in IPO

The CSRC released the Shanghai IPO preliminary prospectus of the ABC on its website. The ABC is the last of 皇冠体育app's "big four" State-owned lenders to go public.

According to the prospectus, ABC plans to sell up to 22.24 billion A shares on the Shanghai Stock Exchanges and up to 25.41 billion shares on the Hong Kong bourse, excluding an over-allotment option.

The funds raised from the Shanghai IPO would be used to enhance the bank's capital base, the prospectus said.

Net profits for ABC totaled 24.97 billion yuan ($3.66 billion) by the end of March this year, compared with 18.03 billion yuan during the same period last year, according to the website.

The other three state-owned banks -- the Industrial and Commercial Bank of 皇冠体育app, 皇冠体育app Construction Bank and Bank of 皇冠体育app, have been successfully listed on both Shanghai and Hong Kong bourses.