THE Agricultural Bank of China yesterday said it will launch its Hong Kong public offering today comprising a total of more than 25.4 billion Hong Kong shares.

The Hong Kong public offering is expected to close next Tuesday. Trading of the bank's Hong Kong shares on the main board of the Hong Kong stock exchange is expected to start on July 16.

The Beijing-based ABC has set the Hong Kong IPO price range is HK$2.88 to HK$3.48 (US$0.37 to US$0.45).

The bank's price range for its Shanghai shares at 2.52 yuan to 2.68 yuan (US$0.37 to US$0.39). ABC will announce the final IPO price by July 7.

Its shares begin trading in Shanghai on July 15.

The net proceeds from the global offering will be used be to strengthen the bank's capital base to support ongoing growth of its business.

Xiang Junbo, chairman of ABC, said via a video connection from New York that he was confident about the prospects for rural finance in China.

With the expected massive urbanization drive in China, ABC has an advantage over others with its extensive rural network, he said.