China Minsheng Bank holders approve HK IPO plan
China Minsheng Bank (CMB) shareholders on Monday approved a plan to list on the Hong Kong stock exchange.
The listing would occur in the fourth quarter of 2009, and is expected to raise as much as US$3.8 billion in fresh capital. the mid-sized lender hopes to issue 3.32 billion new shares, or 15% of the bank's enlarged share capital. CMB is already listed on the Shanghai stock exchange.
Liu Minwen, general manager of the bank's capital financing office, said CMB is US$2.93 billion short of meeting the government's 9% capital adequacy ratio.
The bank also said it is in talks to introduce a new foreign strategic investor.
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