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Bank of Nanjing to raise up to 14B yuan via share sale

Bank of Nanjing Co. Ltd. plans to raise up to 14 billion yuan via a nonpublic issuance of common stock to five investors to replenish its core Tier 1 capital.

The Chinese lender will issue 1,696,000,000 shares at the higher of a 10% discount to average share price of the 20 days prior to the pricing date and the most recent net assets per share attributable to equity holders.

China Taiping Insurance Holdings Co. Ltd. unit Taiping Life Insurance Co. Ltd., Nanjing Zijin Investment Group, Nanjing Gaoke Co. Ltd., Jiangsu Communications Holding Co. Ltd. and Jiangsu Phoenix Publishing & Media Group Co. Ltd. will subscribe for the shares to be issued.

As of Aug. 1, US$1 was equivalent to 6.72 Chinese yuan.