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China Merchants Bank raises 27.5B yuan in preference share issue

China Merchants Bank Co. Ltd. issued 275 million preference shares to raise 27.50 billion yuan.

The preference shares were issued with a nominal value of 100 yuan each to qualified investors. The shares are convertible into ordinary A shares of the company should the company's Additional Tier 1 or Tier 2 capital falls below the accepted threshold.

The company may redeem the shares from the fifth year following the date of issuance.

Proceeds from the issuance will be used to replenish the company's Additional Tier 1 capital.

As of Dec. 26, US$1 was equivalent to 6.54 Chinese yuan.