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Capital Markets

ABC IPO: The cornerstones

Described on page 354 of the Agricultural Bank of China prospectus as “Our Corporate Investors”, these 11 companies pledged to buy an agreed and disclosed amount of the H-share offering on day one in exchange for guarantees that their orders would be filled. After a difficult few weeks before the release of the prospectus in which media, analysts and investors all questioned whether Agricultural Bank of China would find sufficient demand, the announcement of this list did much to reassure the market. Note that the investors agreed to buy the shares at the offer price – without knowing in advance what that price would be.

Name Description Value of order
Archer-Daniels-Midland* Delaware-incorporated US agriculture conglomerate with revenues of $69 billion in 2009; increasing China exposure $100 million
Cheung Kong Holding company of Hong Kong property and investment tycoon Li Ka Shing $100 million
China Resources Hong Kong/China group involved in investment and import of mainland goods to Hong Kong $200 million
CTS Holdings Hong Kong listed travel agency, tourist services company with investment portfolio $150 million
Kuwait Investment Authority Invests funds provided by Kuwait Ministry of finance on behalf of the government $800 million
Qatar Investment Authority* Invests via Qatar Holding on behalf of the emirate of Qatar $2.8 billion
Rabobank* Netherlands-based banking conglomerate $250 million
Standard Chartered Bank* UK-incorporated, Asia, Africa and Middle East focused banking and financial services company $500 million
Seven Group Holdings* Australian media group with China exposure through its ownership of China outlets for Caterpillar industrial equipment $250 million
Temasek Invests on behalf of Singapore government $200 million
UOB Singapore-based Asia banking conglomerate $100 million
Notes: ‘Name’ lists the ultimate owner of the investment vehicles used in several cases to buy the stock; eg in Cheung Kong’s case the stock was actually bought by indirectly wholly owned subsidiary Ruperta Limited.

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