Pension fund gives ABC $2.2b pick-me-up

07:07, May 24, 2010      

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China's pension fund has invested 15 billion yuan ($2.2 billion) in the Agricultural Bank of China (ABC), ahead of the bank's $30 billion initial public offering (IPO), a fund official said on Friday.

ABC, the smallest of the country's "Big Four" banks, plans to list in Hong Kong and Shanghai by July, although the stock markets locally and globally have seen large swings in the last month, causing many IPOs to be postponed.

Ji Guoqiang, a director with the National Social Security Fund (NSSF), said he hopes ABC as soon as possible but noted that it is up to the bank to decide whether or not to delay the offering. The director was speaking on the sidelines of a financial forum.

"We hope that the bank can go public as soon as possible," Ji said, adding that he was not worried that sharp stock market falls could delay the IPO. "Of course we are confident about it. Otherwise, we would not have invested in it, because we are doing long-term and strategic investment, which is not like buying stocks."

NSSF would be among several investors expected to back ABC before it's offering.

Source: China Daily


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