Deals
BoCom to Raise $8.9 Billion in Shanghai, Hong Kong Sales
This article is for subscribers only.
Bank of Communications Co., China’s fifth-largest lender, plans to raise 56.6 billion yuan ($8.9 billion) in the world’s biggest share sale since May.
China’s Ministry of Finance and HSBC Holdings Plc, the Shanghai-based bank’s two largest shareholders, will take part in the private placement, according to a filing to the Hong Kong Stock Exchange yesterday. The lender’s board approved selling new Shanghai- and Hong Kong-listed shares.