China Banks Rally on Report of Preferred Shares: Shanghai Mover
This article is for subscribers only.
Chinese banks rallied after a newspaper reported that the securities regulator may allow some lenders to sell the country’s first preferred shares, giving them a new way to meet long-term fundraising requirements.
Shanghai Pudong Development Bank Co. surged by its daily limit of 10 percent to 10.53 yuan at 1:06 p.m. in Shanghai. Agricultural Bank of China Ltd., the nation’s third-largest lender by market value, rose as much as 9.7 percent, heading for its biggest gain since the shares started trading in 2010. Bank of Communications Co. climbed 10 percent.