ICBC confirms rights offer while ABC exercises greenshoe

Agricultural Bank boosts its total deal size to $20.8 billion after exercising the greenshoe on the H-share portion of its IPO. Meanwhile, ICBC will seek shareholder approval for a $6.6 billion rights issue on September 15.

Industrial and Commercial Bank of China ICBC has confirmed that it too will be opting for a rights issue of up to Rmb45 billion $6.6 billion instead of a follow-on share sale to the wider investment community, mirroring the plans by Bank of China BOC and China Construction Bank CCB.

The preference for a rights issue has been known in the market for some time, but hasn't been confirmed by ICBC until now.

The shift comes after Beijing...

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