Jumbo placement
Bank of China, China’s third largest lender, held a two-day beauty contest for its proposed H-share placement last week in Beijing, which ran until March 19. To raise its CAR, BOC said earlier it would issue a Rmb40bn (US$5.86bn) A-share CB and to sell up to 20% of enlarged H-share capital (15.2bn H-shares). Based on BOC’s HK$3.98 Hong Kong close on March 17, the deal could raise up to HK$60.5bn (US$7.8bn). The fundraising was pending shareholder approval on March 19.
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