25 August 2019

Five banks in running for preferred shares trial, paper says

Five major lenders — Industrial and Commercial Bank of China (01398.HK, 601398.CN), Bank of China Ltd. (03988.HK, 601988.CN), China Construction Bank (00939.HK, 601939.CN), Agricultural Bank of China (01288.HK, 601288.CN) and Shanghai Pudong Development Bank Co. Ltd. (600000.CN) — are expected to be the first to get the green light to issue preferred shares, the China Securities Journal reported Tuesday. The combined issue size is expected to be over 100 billion yuan (US$16.1415 billion), with the interest rate of such shares forecast at 6.5 percent to 8 percent. The share prices of most banks rose Monday, buoyed by the news of the preferred shares trial, the report said.

– Contact HKEJ at [email protected]



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