ABC files for dual listing in HK, Shanghai

Agricultural Bank of China (ABC) has filed a listing application with the Hong Kong stock exchange and the China Securities Regulatory Commission, the Wall Street Journal reported. ABC is seeking a long-awaited dual listing in Shanghai and Hong Kong that could be worth US$20-30 billion, potentially making it the largest-ever initial public offering. A source told the paper that A-share and H-share tranches could be of equal size, while another said that the bank hopes to list in Hong Kong and Shanghai in July or September. ABC has long planned an IPO, but the economic downturn and balance sheet issues – in particular, a significant bad loan problem – have forced it to delay its plans.