IPO Of Agricultural Bank Of China Commemorated On Coins
Coins issued by the Bank of China to commemorate the IPO of the Agricultural Bank of China have already increased by nearly 50%-so far outperforming the stock.
- (1888PressRelease) October 20, 2010 - China has issued low mintage silver and gold brilliant uncirculated Panda coins to commemorate the Initial Public Offering of stock in the Agricultural Bank of China. These coins feature the same designs of two pandas and Temple of Heaven that appear on the regular bullion coins, plus the inscription "IN COMMEMORATION OF THE LISTING OF AGRICULTURAL BANK OF CHINA CO., LTD" in English and Chinese. Only 70,000 1 oz. pure silver coins and 60,000 ¼ oz. pure gold coins were issued.
Official distributor Panda America of Torrance, California indicates that prices for the coins have already increased by nearly 50% due to demand in China-so far outperforming the stock, which was issued at HK$3.20 and hit a high of HK$4.23.
In early July, the Agricultural Bank of China sold $19.2 billion of stock in Hong Kong and Shanghai. The sale valued the Agricultural Bank at about $128 billion - more than Citigroup or Goldman Sachs. The bank, created in 1979, is China's biggest lender, with 320 million retail customers, 2.7 million corporate clients, nearly 24,000 branches and $1 trillion in deposits.
The Agricultural Bank of China has a lock on 800 million members of farm families, as well as a strong position in industrial areas; most other China banks are primarily based in urban areas.
The Agricultural Bank IPO was heavily subscribed, in part because it is believed that the government is locked into ensuring the bank's success.