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AgBank to Raise $15.8 Billion in China's Biggest Additional Sale

  • Bank to sell up to 27.5 billion shares to state entities
  • Chinese banks should boost capital buffers, IMF warned
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Agricultural Bank of China Ltd. said it aims to raise as much as 100 billion yuan ($15.8 billion) in what would be the biggest-ever follow-on share offering by a Chinese company as it moves to replenish capital.

China’s third-largest lender will sell up to 27.5 billion shares to seven state-linked entities including the country’s Finance Ministry, Central Huijin Investment Ltd. and China National Tobacco Corp., the Beijing-based company said after Monday’s market close.