Bank of China aims to issue new HK shares soon

Bank of China wants to issue additional Hong Kong-listed H shares as soon as possible in a follow-on offering equal to 20 percent of its existing H share capital, the chairman of China's fourth-largest lender by assets said on Thursday.

Xiao Gang said the lender was seeking approval from shareholders and regulators on the mainland and in Hong Kong for the share issuance.

Xiao was speaking to a news briefing during China's annual session of the top legislature.

Analysts briefed by the bank in January had said Bank of China was considering a new share sale in Hong Kong to raise capital, supplementing plans for a convertible bond issue of up to 40 billion yuan ($5.86 billion) to shore up its capital base and maintain its lending capacity.

(Source: China Daily)