HONG KONG (Reuters) – Hong Kong investment bankers were just wrapping up work ahead of the long Easter weekend in early April when they were hit with a proposition that would upend their holiday plans.
Agricultural Bank of China (1288.HK: Quote, Profile, Research, Stock Buzz) (601288.SS: Quote, Profile, Research, Stock Buzz), the country’s third-largest bank, was asking bankers to bid for its highly anticipated initial public offering — one that had not been expected until later in the year, or even 2011.
HONG KONG/SINGAPORE (Reuters) – Agricultural Bank of China priced its Hong Kong and Shanghai dual listing on Tuesday, a deal that would break all IPO records by raising more than $22 billion when adding in over-allotment shares.
The initial public offering (IPO), which is raising funds to replenish capital, still faces a tough aftermarket, with a debut planned for July 15 in Shanghai, and a day later in Hong Kong. It has fought through a plunging Chinese stock market and a euro zone debt crisis that has shaken other markets across the globe.
HONG KONG (Reuters) – The implications of the auction for Taiwan cable TV company CNS may be felt far wider than just by the seller and the buyers involved.
On the surface, MBK Partners’ sale of CNS looks like a standard private equity exit, as the firm bought it for $1.5 billion in 2006, and is now looking to cash out after signing up Morgan Stanley (MS.N: Quote, Profile, Research) to advise it on the process.
SINGAPORE (Reuters) – A burst of corporate acquisition activity in Asia shows that executives throughout the region are gaining confidence in their financial outlook and expansion strategy, with cross-border deals on the upswing.
Asia Pacific M&A, excluding Japan, rose 78 percent last quarter, according to Thomson Reuters, with emerging market acquisitions now one-third of total deal volume.
SINGAPORE, July 5 (Reuters) – A burst of corporate
acquisition activity in Asia shows that executives throughout
the region are gaining confidence in their financial outlook
and expansion strategy, with cross-border deals on the upswing.
Asia Pacific M&A, excluding Japan, rose 78 percent last
quarter, according to Thomson Reuters, with emerging market
acquisitions now one-third of total deal volume.
SHANGHAI/HONG KONG, July 1 (Reuters) – Agricultural Bank of
China’s [ABC.UL] Hong Kong share offering has been more than 10
times oversubscribed by institutional investors, signalling
their healthy interest in the dual-market listing that could
end up being the world’s largest ever.
AgBank, whose Shanghai-Hong Kong listing aims to raise more
than $20 billion, has received bids from institutional
investors worth around $50 billion for its Hong Kong offering,
a source with direct knowledge of the situation told Reuters on
HONG KONG (Reuters) – Agricultural Bank of China plans to raise up to $11.4 billion in the Hong Kong leg of its dual-exchange IPO, sources close to the deal said, but its total offering, including a Shanghai listing, may fall short of the record set by Industrial and Commercial Bank of China.
AgBank, which is kicking off a formal marketing roadshow, set a proposed price range of HK$2.88-HK$3.48 a share for the Hong Kong offering, said the sources who are directly involved with the deal but cannot be named as the information is not yet public. AgBank could not be reached for comment.
HONG KONG (Reuters) – Agricultural Bank of China Ltd plans to raise as much as $11.4 billion through the Hong Kong portion of its initial public offering, sources close to the deal said, setting a price range that keeps the lender on track for the largest IPO on record.
AgBank, which kicks off a formal marketing roadshow on Thursday, set a proposed price range of HK$2.88-HK$3.48 a share for the Hong Kong offering, the sources said late on Wednesday.
BEIJING/HONG KONG (Reuters) – Four years ago, Pan Gongsheng was board secretary at Industrial and Commercial Bank of China and steered what is now the world’s most valuable bank through its $21.9 billion IPO, the largest ever.
His style then was to subject the army of bankers piecing the deal together to a strict regimen of daily report cards, grading everything from attendance to typing errors in the offer prospectus – all of which were reported back to government officials in Beijing.
HONG KONG (Reuters) – The Kuwait Investment Authority has invested $800 million in Agricultural Bank of China, two sources said on Monday, giving Middle East funds a big slice of AgBank’s likely record $23 billion IPO.
The same sources confirmed a weekend report that the Qatar Investment Authority agreed to invest $2.8 billion in AgBank, a bigger-than-expected sum that gets underwriters closer to their goal of raising around $6 billion through cornerstone investors in the planned Hong Kong offering.