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Bank of Hangzhou to raise up to 7.2B yuan via private share placement

Bank of Hangzhou Co. Ltd. plans to raise up to 7.2 billion yuan via an issuance of shares on a private placement basis.

The bank will issue up to 800 million shares to four investors, according to a July 29 release.

The investors are Hongshi Holding Group Co. Ltd., the Hangzhou Finance Bureau, Suzhou Sugao New Technology Industry Development Co. Ltd. and Suzhou New District High Technology Industry Co. Ltd.

The move will raise Hongshi Holding's stake in Bank of Hangzhou by 5.72% to 11.81% from 6.09%.

As of July 29, US$1 was equivalent to 6.89 Chinese yuan.