China Everbright Bank Co. Ltd. plans to issue up to 350 million preference shares with total proceeds of up to 35 billion yuan.

The company has received approval from the China Banking and Insurance Regulatory Commission for the issuance, according to a Dec. 13 release. The proceeds from the issue will be added to the company's Additonal Tier 1 capital.

As of Dec. 13, US$1 was equivalent to 6.88 Chinese yuan.