(Yicai Global) Sept. 15 -- China Securities Regulatory Commsion has approved several domestic joint-stock banks to sue preference shares outside China in order to rae capital. Postal Savings Bank of China Co. [HKG:1658] has become the latest such lender to garner approval, it said in a statement Sept. 13..> /n/n/n/n/n
The bank plans to sue up to 500 million preferred stocks overseas, with a face value of CNY100 (USD15.28) each. It may sue shares in batches with an interval of at least three months between each two sues, and with each sue making up no less than 25 percent of the approved quota, meaning the shares may be lted on the Hong Kong Stock Exchange.
Bank of Qingdao Co. [HKG:3866] got the green light from the regulator a week ago, allowing it to sue 80 million preferred stocks outside China. It later confirmed it will sue non-cumulative US dollar-denominated perpetual preferences shares at USD20 each in September, with a dividend yield of 5.5 percent. It hopes to rae USD1.2 billion (CNY7.85 billion).
Jilin Jiutai Rural Commercial Bank Corp. [HKG:6122] also announced plans late last month to sue up to 50 million preferred stocks overseas in a bid to rae up to CNY5 billion (USD768 million).