Slaughter and May advised Goldman Sachs on the US$23.8bn recapitalisation of the Agricultural Bank of China

We advised Goldman Sachs as financial adviser to the Agricultural Bank of China (ABC) on their recapitalisation plan through an issuance of A-shares traded on the Shanghai Stock Exchange. The bank recapitalisation is part of a broader coordinated capital injection by the Chinese government into eight state-owned financial institutions to bolster their risk resilience and lending ability. The issuance by ABC targets to raise US$23.8bn and constitutes a whitewash transaction under the Hong Kong Takeovers Code. The transaction was announced on 6 September 2026.