, China

Shanghai Pudong Bank completes $2.2 billion share placement

The bank said it placed all shares with a 1 year lock up from selling to institutional investors as other banks line up to refresh their capital base.

Pudong Bank issued 904 million new yuan-denominated A shares at 16.59 yuan each to one individual investor and eight institutions, including brokerage Haitong Securities and garment maker Youngor Group, it said in a statement published in the official Shanghai Securities News.

All investors promised to lock up the shares for one year, according to a report from Reuters.

Pudong Bank announced in April that it would use the proceeds to supplement capital as some Chinese banks rush to raise funds after a lending spree in the first half of this year reduced their capital adequacy.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

What is Lorem Ipsum?
What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Exclusives

Sed molestie interdum dui sit amet egestas
It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout.
CIMB Niaga leads the way in captivating Indonesia’s youth
The bank’s digital solutions are winning over younger generations with 3.2M mobile users and 96% digital transaction rate in 2023.