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Bank of Zhengzhou to issue up to 8B yuan of preference shares

Bank of Zhengzhou Co. Ltd. will issue offshore preference shares of not more than 8 billion Chinese yuan in aggregate to Southwest Securities International Securities Ltd.

Southwest Securities agreed to subscribe to a principal term of not more than 80 million of these shares at a par value of 100 yuan each, it said in an Oct. 10 release.

The company added that the subscription offers a rate of return that is "generally more favorable and higher than the interest rate of fixed deposits offered by well-recognized financial institutions in Hong Kong." The dividend rate of the preference shares is expected to initially range at between 5.30% and 5.60%.

As of Oct. 10, US$1 was equivalent to 6.59 Chinese yuan.