China AgBank set for massive stock debut
Agricultural Bank of China debuts on the Shanghai stock market Thursday, completing a great leap from peasant policy bank to capitalist darling in what is expected to be a world record IPO.
AgBank's performance in Shanghai and in Hong Kong -- where trading starts Friday -- will signal whether it is maximising the number of additional shares it can offer and has raised a record 22.1 billion US dollars.
The listing of the last of China's "Big Four" state banks will also test the resilience of the Chinese stock market in a volatile global economic climate.
Shares ended 0.82 percent higher in Shanghai on Wednesday, narrowing earlier gains as caution prevailed ahead of AgBank's mega-debut.
"It may be a turning point for the banking sector if AgBank's debut is solid," said Shen Jun, a strategist for BOC International, Bank of China's investment unit.
"It may drive up the whole banking sector and the broader market may move with it."