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China Everbright Bank to raise 50B yuan in preference share issue

China Everbright Bank Co. Ltd. plans to issue preference shares to raise up to 50 billion yuan.

The bank said Dec. 20 that it will issue up to 500 million shares with a par value of 100 yuan per share.

The shares will be issued by way of nonpublic issuance in tranches. The first tranche will be issued within six months from the date of approval from regulators.

The bank plans to use proceeds from the shares to strengthen its capital base.

As of Dec. 20, US$1 was equivalent to 6.95 Chinese yuan.