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ICBC to issue up to 100B yuan of preference shares

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ICBC to issue up to 100B yuan of preference shares

Industrial & Commercial Bank of China Ltd. plans to issue up to 100 billion yuan worth of domestic preference shares.

The lender will issue up to 1 billion preference shares, according to an Aug. 30 filing.

The shares will be issued via one or more nonpublic offerings, following regulatory approval.

As of Aug. 30, US$1 was equivalent to 6.84 Chinese yuan.