July 5 (Reuters) – Agricultural Bank of China, which is conducting a roughly $20 billion initial public offering, said on Monday that big insurance firms and leading agricultural companies are among the investors that have bought into its A-share strategic share placement.
AgBank President Zhang Yun told Chinese retail investors during an online roadshow that AgBank has not introduced strategic investors for the Shanghai portion of its dual Hong Kong-Shanghai IPO, but that some companies had participated in a strategic share placement.
“These companies have leading positions in their industries, such as major insurance companies, leading enterprises, and leading agriculture-related companies,” Zhang said.
He did not name the firms.
AgBank, [ABC.UL] (AgBank), the last of China’s “big four” banks to go public, is selling shares in Shanghai and Hong Kong to raise as much as $23 billion in what could be the world’s biggest IPO, as the lender seeks to replenish capital and drive growth. ($1=6.7743 Yuan) (Reporting by Samuel Shen and Jason Subler; Editing by Jacqueline Wong)