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Updated Friday, July 16, 2010 6:51 pm TWN, By Min Lee, AP

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China's AgBank up 2.2 percent in Hong Kong debut

The head of a Hong Kong securities house said prices in Hong Kong were propped up by institutional investors who bought more shares. Fulbright Securities Ltd. General Manager Francis Lun said the stock did fine considering the low expectations after the Shanghai debut, adding he expected greater interest in shares once the bank uses the proceeds from the IPO to improve its finances.

"It's a presentable result. It did not fall below its IPO price," Lun said.

An analyst at French investment bank Societe Generale said ABC's first-day performances in Hong Kong and Shanghai were disappointing, but added it was too early to pass judgment on the listings.

"Most people were looking for 5 percent (in gains)," said Todd Martin, the bank's Hong Kong-based Asia Equity Strategist. "The markets were looking for instant satisfaction, but people need to give it a week."

The bank has drawn strong backing from sovereign funds and other institutional investors still bullish about China's prospects despite recent weakness in its stock markets.

Major foreign investors in the Hong Kong offering include some of the territory's biggest tycoons and also Qatar Investment Authority (US$2.8 billion), Kuwait Investment Authority (US$800 million), Britain's Standard Chartered Bank (US$500 million), Dutch bank Radobank Nederland (US$250 million), Australia's Seven Group Holdings Ltd. (US$250 million) and Singapore's Temasek Holdings (US$200 million).

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