China Minsheng Bank to Raise As Much As $4.5 Billion
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China Minsheng Banking Corp., the nation’s first non-state lender, said it plans to raise as much as 29.4 billion yuan ($4.5 billion) by selling shares and convertible bonds to boost its capital adequacy ratio.
The bank will issue up to 20 billion yuan of convertible bonds in Shanghai and has canceled a plan to issue local-currency shares in a private placement, according to a filing to the Hong Kong stock exchange today. Minsheng will also issue as many as 1.65 billion new H-shares in Hong Kong, the statement said. Based on yesterday’s closing price of HK$6.72, that may raise as much as 9.35 billion yuan.