Citic Bank pitches cheap rights issue

China Citic Bank Corp launched a Rmb26bn ($4.01bn) dual rights issue on Friday becoming the latest Chinese bank to boost its capital ratio. China’s top four banks all closed successful equity capital raisings last year to meet tighter domestic capital requirements — and smaller banks now want to improve their own ratios.

  • 27 Jun 2011
Citic will sell 2.48bn H-shares at HK$4 ($0.51) each and 5.32bn A-shares for Rmb3.33 each, and offer two new shares for every 10 existing shares. But Citic’s stock has plummeted 11.4% since the beginning of June and the rights issue is cheaper than expected, according to bank analysts. ...

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