Harbin Bank Co. Ltd. plans to issue 80 million offshore preference shares to raise up to 8 billion yuan in proceeds.

The bank said Dec. 15 that funds raised from the issuance will be used to replenish its additional Tier 1 capital.

The bank will issue the offshore preference shares by way of a private placement.

As of Dec. 15, US$1 was equivalent to 6.94 Chinese yuan.