Sigh of relief as Agricultural Bank gains 2.2% on day one

The fact that the stock didn't fall below issue price and there was no need to stabilise should be regarded as a positive sign.

The local press may have described the debut as lacklustre and disappointing, but for people involved in Agricultural Bank of China's ABC $19.2 billion initial public offering, the first trading day in Hong Kong on Friday mainly gave rise to a deep sigh of relief. The stock opened up, never fell below the IPO price and closed with a 2.2% gain. Even more importantly, bankers didn't have to buy back any of the overallotment shares to help stabilise the stock....

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