China Minsheng Bank Hires Four investment banks Run Hong

"China Minsheng Bank Hires Four investment banks Run Hong | AboutHK.Com - more information about HK"

China Minsheng Banking Corp Ltd has four investment banks for the planned 20 billion yuan, or U.S. $ 2.93 billion, Hong Kong Stock Exchange IPO in the fourth quarter, media reported Thursday, quoting a person with the situation. The joint lead managers of the transaction would be Bank of China International Holdings Ltd, China International Capital Corp, Macquarie Capital AG and UBS AG (UBS: News), the reports said. Earlier in the week, the shareholders of Beijing-based Minsheng, the first bank in China, are mostly owned by non-governmental organizations, relating to the plan, in Hong Kong and the issuance of up to 3.32 billion new shares, or 15% the Bank expanded share capital. On 5 June meeting of the bank's board, it was found that the proceeds from the Hong Kong job would be to "complement the Bank's core capital, improving its capital adequacy ratio to risk-resistance ability and profitability, and support fast and healthy growth of the company. " Meanwhile, Minsheng sold its stake in Haitong Securities Co. for 5.46 billion yuan, or U.S. $ 799 million, reported on Thursday. The bank sold the 380.91 million Haitong shares or 4.6% of the brokerage, at an average price of 14.33 yuan a share. China Minsheng acquired shares in Haitong in the years 2004 and 2005, when an unnamed customer of the lender reportedly used Haitong stock of debt to repay. According to reports, China Minsheng profit from the sale will be nearly 4 billion yuan, almost 40% of its 10.60 billion yuan net profit target this year, and funds are also used to improve the capital base before a planned Hong Kong listing. Comments Please login to post comments or replies.