CMB announces smaller than expected Rmb35bn rights issue
China Merchants Bank (CMB) hopes to become the next Chinese bank to tap the equity capital markets and improve its capital ratios, after announcing plans this week to raise Rmb35bn ($5.42bn) through a dual rights issue.
The bank said on Monday that it plans to sell 2.2 rights shares for every 10 existing shares, split between an A share offering and an H share offering. H shares will represent around 18% of the deal, or 860m shares.
But the multi-billion issue, despite its size, will
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