More than a year after Minsheng Banking Corp announced that it planned to replenish its capital base through the sale of H-shares and A-share convertible bonds, the Chinese bank was finally able to complete the first part of the plan yesterday. The bank raised HK$11.2 billion $1.44 billion from a placement of new H-shares, making use of the first opportunity to hit the market after getting regulatory approval for the sale.
Minsheng received approval from the China Regulatory Securities Commission for the H-share sale on February 22, but was then in a blackout period ahead of its full-year earnings. Once the earnings were released last Thursday, it was finally...
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