中国农业银行(Agricultural Bank of China)一直被认定是中国最后一家上市售股的大型国有银行，但没有人料到，它的首次公开发行(IPO)会拖得这么久。2006年，它之前的最后一家未上市大型国有银行――中国工商银行(ICBC)在香港和上海两地同时上市，筹资220亿美元。但此后，农行的IPO却一拖再拖。
拖延是由多种因素造成的，其中最突出的是，没人知道农行账簿上到底有多少不良贷款。此外，人们也在讨论这样一个问题：农行是否应该继续作为一家贯彻中国政府农业政策的银行，而不应完全以赢利为目的。
上述问题似乎已基本得到解决，但现在的问题是，中国其它各大银行也都在急于筹集资金，而沪港两地股市均已下跌。
官员们坚称，农行300亿美元规模的IPO将继续进行（很可能在7月中旬），尽管中国政府不得不为此下令全国养老基金和中石油(PetroChina)等国有企业认购农行股份。
分析师们指出，中国业绩最糟糕的银行将可能在全球最大的IPO中筹得最多的资金，这显然是荒谬的。
但中国政府的论点刚好相反，有官员指出，农行需要最多的资金才能成为一家有生存能力的商业银行，因此政府有责任给予它最大的帮助。
译者/汪洋
http://www.ftchinese.com/story/001032930
Agricultural Bank of China was always going to be the last of China's big state-controlled banks to sell shares in an initial public offering but nobody thought it would take this long. The bank's IPO has been delayed repeatedly since 2006, when Industrial and Commercial Bank of China, the last of its big peers, raised $22bn in a simultaneous Hong Kong and Shanghai listing.
The delays were caused, among other things, by the fact nobody knew how many bad loans Agricultural Bank had on its books. There was also debate over whether it should remain a lender that carried out Beijing's agricultural policies instead of focusing purely on profit.
Those issues appear to have largely been resolved, but now the problem is that all its large competitors are also rushing to raise money and stock markets in Hong Kong and Shanghai have fallen.
Officials insist the $30bn IPO will go ahead, probably in mid-July, even if Beijing has had to order the national pension fund and state-owned companies such as Petrochina to take up allotments.
Analysts have pointed out the apparent incongruity of the worst Chinese bank raising the most money in what could be the world's largest IPO.
But in Beijing the argument is reversed, with officials pointing out that Agricultural Bank needs the most cash to be a viable commercial lender, so the government is obliged to give it the biggest helping hand.
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