China Merchants Bank secures regulator’s approval for CNY35bn rights issue

But the application process with the China Securities Regulatory Commission and the HKEx is still ongoing.

China Merchants Bank (CMB) said it had received approval from the China Banking Regulatory Commission for its A+H share rights issue, reports yicai.com, citing a company filing.

CMB said it is continuing with the application process with the China Securities Regulatory Commission and the Hong Kong Exchanges and Clearing for the rights issue.

The State-owned Assets Supervision and Administration Commission also approved the bank’s rights issue and allowed China Merchants Group, China Communications Construction Group’s related subsidiaries, China Ocean Shipping (Group) Company, China Shipping (Group) Company and its related subsidiaries to fully subscribe to the shares allotted to them, according to a report in CapitalVue.