Agricultural Bank gets CSRC nod for Shanghai, HK floats

BEIJING - The securities regulator on Wednesday gave the green light to Agricultural Bank of China's (ABC) plans for an initial public offering in Shanghai and Hong Kong.

Analysts, however, feel that the bank is now more likely to raise only around 120 billion yuan ($17.6 billion) and not 200 billion yuan as indicated earlier, as the offer price would be less than 2.5 yuan (36 US cents) due to weak market sentiment.

The green light from China Securities Regulatory Commission (CSRC) has dispelled all uncertainties about the float amid the recent market turmoil. Market experts had earlier suggested that the lender may possibly delay its float to a more opportune time .