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Youngor Group aired in an announcement that it would make an investment of not more than CNY 1.8 billion in the share purchase.
Shanghai Pudong Development Bank is set to raised at most CNY 15 billion in capital through a non-public issuance of not more than 1.137 billion new shares, and the money will be used to replenish its capital adequacy ratio and core capital adequacy ratio.
The additional share-offering plan of the Shanghai lender has won go-ahead by the China Securities Regulatory Commission, the industry authority in the country.
Ningbo, Zhejiang-based Youngor Group, taking garments, real estate and equity investment as pillar businesses, has grown into a veteran in investing in financial companies. It owned 1.98 percent of CITIC Securities (SHSE: 600030), 0.82 percent of Haitong Securities (SHSE: 600837) and 7.16 percent of Bank of Ningbo (SZSE: 002142) respectively by June end this year.
Source: www.news365.com.cn (September 25, 2009)
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