BEIJING, June 9 (Xinhua) -- China's securities regulators Wednesday approved Agricultural Bank of China's (ABC) initial public offering application as the lender finalized preparations for its dual listing in Shanghai and Hong Kong.
The China Securities Regulatory Commission (CSRC) Public Offering Review Committee made the announcement this afternoon after the CSRC said it began reviewing the bank's initial public offering application this morning.
The bank is yet to decide its share price range if it gets regulatory approval. Analysts believe it will be in the 2.5 yuan to 2.6 yuan range for A-shares because of recent market volatility.
According to the preliminary prospectus submitted to the CSRC, the ABC plans to sell up to 22.24 billion A-shares on the Shanghai Stock Exchange and up to 25.41 billion shares in Hong Kong, excluding an over-allotment option.
The ABC, China's main rural lender, is the last of China's "big four" state-owned lenders to go public.