Agricultural Bank of China, the last of China's big four state-owned banks to be listed, has decided on 11 cornerstone investors to back its Hong Kong IPO, Shanghai Securities News reported Tuesday.

These 11 cornerstone investors of Agricultural Bank's initial public offering have agreed to invest a total of $5.45 billion, according to an unnamed source.

Qatar's sovereign wealth fund was reported to have invested $2.8 billion in the bank's share sale, becoming the bank's largest cornerstone investor. Kuwait Investment Authority and Singapore's Temasek Holdings invested $800 million and $200 million in the bank's IPO, respectively.

Other cornerstone investors include Cheung Kong (Holdings) Limited, China Resources (Holdings) Co., Ltd., China Travel Services, Rabobank, Standard Chartered Bank, Australia's Seven Group, Singapore-based United Overseas Bank, and the US agricultural processing company ADM.

"Investing in Agricultural Bank's IPO can not only bring a high return, but also provides these investors an opportunity to benefit from the fast-growing Chinese market," said an analyst with an investment bank.

Agricultural Bank is expected to announce the issue price range for its long-awaited IPO on June 24.

China's business press carried the story above on Tuesday. China.org.cn has not checked the stories and does not vouch for their accuracy.

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