Money

China pension fund invests $2.2b in ABC

(Agencies)
Updated: 2010-05-21 11:41

An official with China's pension fund said that the fund had invested 15 billion yuan ($2.20 billion) into the Agricultural Bank of China, ahead of the bank's $30 billion IPO.

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ABC, the smallest of the country's Big Four banks, plans to list in Hong Kong and Shanghai by July, though 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, said that he hopes ABC lists as soon as possible, and that it is up to the bank to decide whether or not to delay the offering.