Shares of the Agricultural Bank of China (ABC) opened 2.24 percent higher than its initial public offering price of 2.68 yuan (about US$0.4) on its first day of trading on the Shanghai bourse Thursday.

The bank started trading at a price of 2.74 yuan per share on the Shanghai Stock Exchange.

Trading on the Hong Kong bourse is to start Friday. The ABC was the last of China's "big four" state-owned banks to float its shares.

The other three state-owned banks -- the Industrial and Commercial Bank of China, China Construction Bank and Bank of China, are listed on both Shanghai and Hong Kong bourses.