TopNews China

The Agricultural Bank of China Ltd is in plans to raise as much as 120 billion yuan ($22 billion) through an initial public offering. It plans a dual listing in Hong Kong and Shanghai in the month of April, according to a report by the state-run China Daily.

Agricultural Bank is China’s third largest lender by assets. The bank plans 50 billion shares on the two stock markets and price for a share on the Shanghai stock exchange could be around 3 yuan according to an unnamed source cited by the report.

Pan Gongsheng, Vice-President of the bank denied the report and said the bank would like to enter the market sometimes this year but was undecided about the date and pricing.

The Agricultural bank is owned 50% by the domestic unit of China's sovereign wealth fund as it infused $19 billion in cash. The other 50% is owned by the country’s Ministry of Finance.

Potential investors include China's national pension fund, which might invest as much as 20 billion yuan in the IPO and few other investors considering strategic stakes, according to the Daily.