Chong Hing Bank Plans to Raise HK$3.71 Billion in Rights Issue
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Chong Hing Bank Ltd. plans to raise HK$3.71 billion ($478 million) selling stock to existing shareholders to meet capital-adequacy requirements and fund an expansion.
The Hong Kong-based lender will sell as many as 217.5 million shares for HK$17.05 each in a ratio of one for every two held, it said in a statement to the city’s stock exchange on Monday. The rights-issue price is a 26 percent discount to where the stock last traded.