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Tepid Hong Kong response to AgBank

Tepid Hong Kong response to AgBank
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Investors in Hong Kong were as unenthusiastic as their Shanghai counterparts as Agricultural Bank of China’s share went on sale on Friday.

The bank’s shares rose two percent on their first day of trading in Hong Kong reflecting concerns over valuations and investor cautiousness.

AgBank is the last of China’s “Big Four” state-owned lenders to list its shares and it has come to market at a difficult time.

Depending on how much stock is eventually sold, this is likely to be the world’s biggest ever initial public offering of shares.