19 September 2018

Bank of Jiangsu to auction 16 mln shares, paper says

Bank of Jiangsu, a city commercial bank in eastern China, is planning to auction 16.05 million shares, representing a 0.1764 percent stake in the lender, at a floor price of 83 million yuan (US$13.5 million), the China Securities Journal reported Monday, citing an announcement from the Beijing Equity Exchange. The auction price translates to 5.18 yuan per share, down from 5.5 yuan in 2011, it said. Bank of Jiangsu booked a net profit of 7.04 billion yuan last year on operating revenue of 19.8 billion yuan, the report said.

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