Jul. 26, 2012 (China Knowledge) - China Minsheng Banking Corp Ltd<600016
>, the first privately owned bank in the country, announced yesterday that it has obtained approval from the China Securities Regulatory Commission
to issue up to RMB 20 billion in bonds that could be converted into Shanghai-listed
In February this year, the bank announced plans to float up to RMB 20 billion in convertible bonds and to sell 1.65 billion H shares through a rights issue.
The lender in late March raised net proceeds of HK$11.11 billion through the H-share rights issue at a price of HK$6.79 apiece.
The bank's net profit jumped 47.7% YoY to RMB 9.17 billion in the first quarter of this year, driven by rapid growth in net interest income as well as fee and commission income, according to an earlier report from China Knowledge.
The bank's A shares closed at RMB 5.80 yesterday and its H shares closed at HK$6.68.