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.