Agricultural Bank of China’s shares on Friday opened up just 1.6 per cent on their trading debut in Hong Kong a day after a disappointing first day’s trade in Shanghai.
The lacklustre performance of one of China’s largest banks has cast doubt over whether the lender’s dual Hong Kong and Shanghai initial public offering will be able to claim the title as the world’s largest ever.
AgBank will only break the IPO record set by local rival Industrial and Commercial Bank of China in 2006 if its shares stay above the issue price of Rmb2.68 in Shanghai and HK$3.20 in Hong Kong for the next 30 days.
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