Business
        

Top News

China's largest lender completes dual rights issue

Updated: 2010-12-24 10:13

(Xinhua)

Twitter Facebook Myspace Yahoo! Linkedin Mixx

BEIJING - Industrial and Commercial Bank of China (ICBC), China's largest lender by market value, announced Thursday that it has completed its 44.9 billion yuan($6.75 billion) rights issue in Shanghai and Hong Kong.

The dual-listed lender said in a statement to the Shanghai Stock Exchange that it had raised HK$13.04 billion ($1.68 billion) from the Hong Kong portion of its rights issue by selling 3.74 billion shares at a price of HK$3.49.

Related readings:
China's largest lender completes dual rights issue ICBC extends $1.5b credit to post-Expo construction
China's largest lender completes dual rights issue ICBC opens new branch in Japan
China's largest lender completes dual rights issue ICBC chief sees China tightening policy further
China's largest lender completes dual rights issue ICBC eyes expansion in Greater Mekong Sub-Region

The Beijing-based bank said it had sold 11.3 billion shares at 2.99 yuan in the Shanghai market, which was 99.72 percent subscribed and had raised 33.67 billion yuan in late November.

The ICBC said the fund raising aimed to replenish its capital base.

The bank's core capital adequacy ratio stood at 9.33 percent by the end of September this year, while its capital adequacy ratio was 11.57 percent. In the first three quarters of this year, the ICBC saw net profits up 27.1 percent year-on-year to 127.8 billion yuan.

Shares of the bank closed flat at 4.18 yuan in Shanghai and was down 0.35 percent to HK$5.7 in Hong Kong.

E-paper

Ear We Go

China and the world set to embrace the merciful, peaceful year of rabbit

Preview of the coming issue
Carrefour finds the going tough in China
Maid to Order

European Edition

Specials

Mysteries written in blood

Historical records and Caucasian features of locals suggest link with Roman Empire.

Winning Charm

Coastal Yantai banks on little things that matter to grow

New rules to hit property market

The State Council launched a new round of measures to rein in property prices.

Top 10 of 2010
China Daily in Europe
The Confucius connection