New book by Larry Connors Click here Improve your trading - See how
The nine investors are Haitong Securities Co., Ltd. (SHSE: 600837), China Pacific Asset Management Co., Ltd., Youngor Group, Ping An Asset Management Co., Ltd., Aegon-Industrial Fund Management Co., Ltd., China National Offshore Oil Corp., Nice Group, Taikang Asset Management Co., Ltd. and Liu Yiqian.
CITIC Securities Co., Ltd. (SHSE: 600030) will serve as the co-sponsor and together with Guotai and Junan Securities Co., Ltd. and UBS Securities, it will act as the co-lead undertaker, too. The shares, with a 12-month lockup period, are priced at CNY 16.59 per share and the net the bank gains will reach about CNY 14.83 billion. Its core capital adequacy ratio and capital adequacy ratio will rise to 6.2 percent and 9.63 percent after the share issue. Total capital stock will increase to 8.83 billion shares and net assets attributable to parent's shareholders will surge by 31.68 percent.
Shanghai International Group, the biggest shareholder of the bank, did not participate in the share issue. As a result, its stake in the latter will be diluted to 27.7 percent from previously 30.86 percent. Haitong Securities and Youngor Group will edge onto the bank's top ten shareholders tally with a 1.36 percent stake and a 1.27 percent stake in it, each.
The bank's capital adequacy ratio and core capital adequacy ratio stood at 8.72 percent and 4.84 percent as at the end of March 2009, compared to minimums of eight percent and four percent by the China Banking Regulatory Commission, the top Chinese banking regulator. In order to replenish capital, it in May 2009 gained shareholder approval to raise CNY 15 billion via additional share issue and another CNY 15 billion via subordinated bond issue.
SPD Bank closed at CNY 19.67 on September 29, representing a premium of 18.57 percent.
Actually, a list of Chinese commercial banks have cast eye on additional share and bond issue. Bank of China (BoC, SEHK: 3988 and SHSE: 601988), one of the nation's Big Four state-owned commercial lenders, issued CNY 40 billion subordinated bonds on July 6. Bank of Communications (BoCom, SEHK: 3328 and SHSE: 601328), the fifth biggest Chinese commercial bank, issued CNY 25 billion subordinated bonds in early July.
(USD 1 = CNY 6.83)
Source: www.cnstock.com (September 30, 2009)
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
