AgBank IPO draws China funds and HK banks

Lender intends to raise record setting $23bln before listing in mid-July.

Agricultural Bank of China Ltd.'s upcoming initial public offering has attracted pledges of subscription from institutional investors including China-based fund management firms and Hong Kong-based investors and banks, a person familiar with the deal said Monday.

China Cinda Asset Management Corp., Great Wall Fund Management Co., China Taiping Insurance Group Co., Hong Kong-listed Bank of East Asia Ltd., Wing Lung Bank Ltd. and Hong Kong tycoon Joseph Lau Luen-hung are among those institutional investors, the person said.

The person declined to give details of the size of shares to be bought by them.

View the full story in the Wall Street Journal.