The mainland's major public banks may have to delay their refinancing plans to ensure a smooth A-share listing by Agricultural Bank of China this year, now that the stock market has turned bearish. Guo Shuqing, chairman of China Construction Bank Corp, told Reuters yesterday that the country's second-biggest lender would postpone until early next year its planned rights offer, which aimed for 75 billion yuan (HK$85.7 billion) of proceeds. It was the first among major state-owned lenders to publicly admit a potential delay of a multibillion-yuan share placement. Banks are under pressure to raise additional capital to meet the regulator's capital adequacy requirement. The weak Shanghai market, which has fallen 22 per cent so far this year, battered by worries of monetary tightening, has made it difficult for the banks to conduct their mega refinancing plans. Analysts said the China Securities Regulatory Commission (CSRC) was also set to slow down approvals for the fund-raising deals in the coming months. China Construction Bank had wanted to raise 75 billion yuan through rights issues on both the Hong Kong and Shanghai stock exchanges late this year but pulled back. 'It was understood that the initial public offering by Agricultural Bank would be given priority this year,' said Orient Securities analyst Jin Lin. 'Other banks' fund-raising plans would be delayed to give way to the cash-hungry lender.' Agricultural Bank, the only unlisted bank among the Big Four, aims to raise US$30 billion in both Shanghai and Hong Kong in the middle of the year. The Big Four - Agricultural Bank, China Construction Bank, Industrial and Commercial Bank of China and Bank of China - have targeted a combined 287 billion yuan of fresh funds to boost capital following a lending binge last year. Bank of Communications, the country's fifth-largest lender, intended to raise an additional 42 billion yuan through a rights issue. The mega financing plans by the biggest lenders were one of the major forces that sent the A-share market down sharply this month. An investment banker at Essence Securities said the poor market conditions had affected some of their underwriting deals although the regulator had yet to halt IPO approvals. Fund-raising block Share placements are being delayed as the market turns bearish China Construction Bank has postponed to next year its rights offer of, in yuan: 75b yuan