EconomicsGlobal: China Agriculture Bank: New global actor in food, farm machines

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July 15, 2010, 10:46 p.m. EDT · Recommend · Post:  

AgBank climbs modestly in Hong Kong debut

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• AgBank shares modestly up in Hong Kong debut (July 15)
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• Hong Kong up on HSBC, while AgBank debuts higher (July 15)
• Asia stocks fall; AgBank IPO, data weigh Shanghai (July 15)

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AlertEmailPrintShareBy Michael Kitchen

LOS ANGELES (MarketWatch) -- Agricultural Bank of China Ltd.(HK:1288 3.27, 0.00, 0.00%) rose Friday in its debut trade on the Hong Kong stock exchange, although its Shanghai-listed shares (CN:601288 2.69, -0.02, -0.74%) slipped. AgBank's H-shares opened at 3.25 Hong Kong dollars (42 U.S. cents) and quickly rose to HK$3.29, for a 2.8% gain over its HK$3.20 initial public offering price. But the bank's Shanghai-listed A-shares slipped after their debut Thursday, with the stock falling to 2.69 yuan (40 U.S. cents) for a 0.4% loss from its 2.70 yuan close in the previous session, and just barely above its 2.68 yuan IPO price. The long-awaited debut of China's last major unlisted lender has so far raised $19.2 billion from its IPO, according to Dow Jones Newswires. If an over-allotment option is exercised, it could raise some $22 billion, breaking the world record for IPO size.