Agricultural Bank of China’s share opened in the Honk Kong Stock Exchange amid a blizzard of photographer’s flashes but it failed to live up to the hype and expectations. It followed the same trend as the earlier day’s opening in Shanghai.

AgriBank was hovering around 3.27 Hong Kong dollars ($0.42) around noon. It was up by 2.2 percent from its offering price of 3.20 dollars. Shanghai-listed shares had seen worse as there was only a 0.8 percent gain.

Agricultural Bank is negotiating a 36 percent backer fees for its $10.5billion initial stock sale in Honk Kong. Sources informed that seven arrangers, led by Goldman Sachs group Inc, Morgan Stanley and China International Capital Corp., may share about $70 million of fees upfront.

If the AgriBank were to exercise an option to expand the sale to cover for the excess demand the investment banks managing the Initial public offering will earn more and could also make it the largest IPO enabling the lender to raise $22.1 billion. The previous being Industrial & Commercial Bank of China, another state-controlled Chinese bank which had raised $21.9 billion.

Pan Gondsheng feels that fees for Agricultural bank’s sale should be lower as the investment banks spent less time preparing it. He had earlier helped ICBC’s initial public offering.

IPO documents suggested that Agriculture Bank is paying 1.16 percent of its proceeds in Shanghai as fee and 1.96 percent in Honk Kong in fees. CiCC, China Galaxy Securities Co., Guotai Junan Securities Co. and Citic Securities Co. managed the Shanghai IPO.

Joseph Ackerman, chief executive of Deutsche Bank, has called the AgriBank IPO a historic transaction that marked an important moment for China and Honk Kong while he spoke to a host of reporters at the opening ceremony before the Hong Kong trading.