China Construction Bank has joined a growing number of Chinese banks in announcing a cash replenishment plan to shore up a balance sheet that has been eroded by a year-long lending binge. The Beijing-based bank, the world's second-largest lender by market value, plans to raise up to Rmb75 billion $11 billion from a rights issue which, if successful, will be the largest offering of its kind in Asia.
CCB will offer 0.7 rights share for every 10 existing A- and H-shares. The price will be no more than Rmb4.50 per rights share, according to a stock exchange filing on Thursday night.
Under the plan, approximately 16.36 billion new shares will be issued, of which 15.7...
¬ Haymarket Media Limited. All rights reserved.
