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China Minsheng Banking to raise 50B yuan in convertible bond issue

China Minsheng Banking Corp. Ltd. plans to raise up to 50 billion Chinese yuan via the issuance of convertible bonds to boost its capital adequacy ratio.

Proceeds from the six-year bonds will be used to fund future business development and to replenish its core Tier 1 capital, the bank said.

The bonds will be convertible into the bank's A shares. The conversion period of the bonds will commence on the first trading day immediately following the expiry of the six-month period after the issuance date and ends on the maturity date.

The issuance is subject to shareholders' approval.

As of March 30, US$1 was equivalent to 6.89 Chinese yuan.