Bank of China Shares Halted After Report of $8.9 Billion Offer
This article is for subscribers only.
Bank of China Ltd. shares were halted from trading in Hong Kong and Shanghai after a report said the nation’s third-largest lender by market value plans to raise as much as 60 billion yuan ($8.9 billion) in a rights offer.
The Beijing-based lender will sell the shares in Shanghai and Hong Kong, Caixin Online reported yesterday, without citing anyone. Bank of China’s board approved the sale of stock to existing shareholders on June 30 and the company will make an announcement today, Caixin said.