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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China to review plans for Agricultural Bank's IPO AP - Saturday, June 5 Send IM Story Print BEIJING – The state-owned Agricultural Bank of China plans to sell a 15 percent stake in what could become the world's largest initial public offering, China's securities regulators said. The China Securities Regulatory Commission posted the bank's application online Friday and said it will review it Wednesday. Agricultural Bank is one of China's top four state-owned commercial lenders and the last of the four to sell shares to the public. The Beijing-based bank is China's main rural lender. The bank's application says its profit rose 26 percent to 65 billion yuan ($9.5 billion) in 2009. The bank's IPO application says it plans to sell 22.235 billion shares on Shanghai's stock exchange and 25.41 billion shares in Hong Kong. No price range was announced. The move comes as China's government is concerned that its banks might face problems if they cannot repay multibillion-dollar borrowing. Chinese banks are seen as the world's healthiest after avoiding the mortgage-related turmoil that hit Western banks. But analysts warn China's recent 4 trillion yuan ($586 billion) stimulus plan might leave lenders with a mountain of bad loans in areas such as real estate and infrastructure. China has long been trying to strengthen its banks into profit-driven institutions that judge borrowers on commercial grounds. But after the global crisis struck in 2008, banks were ordered to relax lending standards to support the stimulus. The World Bank and China's central bank have recently said banks could face losses if the debts aren't repaid. China's central government paid for only one-quarter of the stimulus plan, and the rest came from state companies and borrowing by lower-level governments from state banks. Agricultural Bank is the least profitable of China's four big state-owned banks, and its market debut had been delayed while it was restructured and cleared away a heavy load of unpaid loans. It received a $19 billion government bailout in November 2008 to strengthen its balance sheet. China's three other major state-owned banks _ Industrial & Commercial Bank of China Ltd., China Construction Bank Ltd. and Bank of China Ltd. _ earlier had IPOs on the Hong Kong and Shanghai stock exchanges following similar restructurings. Agricultural Bank has said it selected Goldman Sachs Group Inc., JP Morgan Chase & Co., Macquarie Group Ltd., China International Capital Corp., Morgan Stanley and Deutsche Bank AG. for its IPO in Hong Kong. China International Capital Corp. and three other Chinese brokerages were chosen to advise its share sales in China. Recommend Send IM Story Print Related Articles G20 set to disagree on banking reform AFP - 1 hour 36 minutes ago S.Korean firms sign deal on Argentine lithium project AFP - Saturday, June 5 G-20 agrees to advance reforms, rebalance growth AP - Saturday, June 5 G-20 finance chiefs mull deficits, banking rules AP - Saturday, June 5 Honda says Chinese labor dispute has been settled AP - Saturday, June 5 News Search Top Stories Aid ship intercepted by Israeli troops: Gaza committee US employment report sparks global recovery fears Nadal calls truce with title rival Soderling Dow hits four-month low on weak jobs report US stocks plunge, Dow down over 3.0 percent More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Cricket sex video reveals wild mating behavior McDonald's recalls 12 mln tainted 'Shrek' glasses Russia finds 10,000 bombs on sunken German ship 'Mars crew' locked up for 520 days of isolation US employment report sparks global recovery fears More Most Viewed » Hubble catches planet being devoured by its star The point about pain: New study sheds light on acupuncture Ocean fish could disappear in 40 years: UN Paris museum burglar grabs 120-million-dollar art haul US team creates first 'synthetic life' More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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