Xiang said the profits from lending 10 billion yuan ($1.46 billion) to rural areas in Heilongjiang Province is equivalent to that from lending 16 billion yuan ($2.34 billion) in Beijing.

"Urbanization presents the biggest opportunity for ABC to grow," said Xiang. China has shifted into high gear as part of its industrialization efforts, which has allowed ABC and other banks to expand and develop in rural markets.

There are more than 2,000 counties and 34,000 towns in China. Xiang said ABC is the only major bank in those areas and profits will rise due to various financial demands during urbanization as tens of millions of rural residents become urban residents over the next few years.

During the road show before the listing, ABC managers pledged that the bank would see bigger profits in the coming years, mainly from its booming intermediary business, improved asset quality and more efficient cost controls.

Its prospectus said the bank would push into the intermediary services and divert its attention from traditional lending businesses.

Profit seeker

So far this year, China's three bourses—Hong Kong, Shanghai and Shenzhen—have accounted for almost 50 percent of all funds raised in IPOs worldwide, data from Thomson Reuters showed. By a striking contrast, the New York Stock Exchange, once the bellwether for IPOs, accounted for only 6 percent.

ABC's listing marked the end of the banking sector reform that started five years ago when all major banks were stagnant.

When the other three state-owned commercial banks floated their shares, the market had been much more buoyant and they needed at least six months for preparation. But ABC had everything done in three months, thanks to the green lights from the Central Government and the blessing of government regulatory departments.

ABC has always been the weakest link among China's state-owned commercial banks. In the past, all state-owned banks made numerous "policy loans," meaning the loans were issued based on government directives instead of for commercial profits. ABC shouldered the most "policy loans" as it focused on lending to rural areas—an appropriate commitment given the bank's name, which exposed the bank to more risks than its peers.

How to transform this policy-driven institution into a profit-seeking commercial lender has been a true challenge to ABC managers.

"Bringing ABC to public investors has been the most difficult job I've ever done," Xiang said. "It's like teaching an elephant to dance."