Bank posts fall in debut trading
By Maggie Zhang |
November 27, 2009, Friday
|
Print Edition
Print Edition
CHINA Minsheng Banking Corp yesterday became the first Chinese lender to decline on its Hong Kong trading debut in four years on investor fears over the frequency of banks to raise capital.
Its shares tumbled 3.1 percent from its issue price of HK$9.08 (US$1.17) to HK$8.80 in Hong Kong yesterday.
The Beijing-based bank, which is the first privately held lender in China, raised HK$30.1 billion earlier this month in the biggest share sale in Hong Kong since April 2007.
Minsheng is the first Chinese bank to sell shares in Hong Kong in two and a half years as it tapped the rebound in investment sentiment following the global financial crisis.
The bank shelved a previous attempt to sell stock four years ago, citing poor market conditions as the main reason.
"The sentiment toward Chinese banks seems rather weak these days against the backdrop of capital raising plans by several banks," said She Minhua, a Haitong Securities Co analyst.
Minsheng Bank Chairman Dong Wenbiao said yesterday it has no plan to raise additional funds over the next three years.
All seven Hong Kong-listed Chinese banks fell yesterday while the Hang Seng Index lost 1.78 percent to 22,210.41.
The Bank of China, the third-biggest lender in China, said on Tuesday that it has plans to raise capital. Its announcement followed the recently disclosed plans to sell shares by the Industrial Bank and China Merchants Bank to boost capital.
In the first 10 months of this year, banks in China have lent 8.92 trillion yuan, up 5.26 trillion yuan from a year ago.
Its shares tumbled 3.1 percent from its issue price of HK$9.08 (US$1.17) to HK$8.80 in Hong Kong yesterday.
The Beijing-based bank, which is the first privately held lender in China, raised HK$30.1 billion earlier this month in the biggest share sale in Hong Kong since April 2007.
Minsheng is the first Chinese bank to sell shares in Hong Kong in two and a half years as it tapped the rebound in investment sentiment following the global financial crisis.
The bank shelved a previous attempt to sell stock four years ago, citing poor market conditions as the main reason.
"The sentiment toward Chinese banks seems rather weak these days against the backdrop of capital raising plans by several banks," said She Minhua, a Haitong Securities Co analyst.
Minsheng Bank Chairman Dong Wenbiao said yesterday it has no plan to raise additional funds over the next three years.
All seven Hong Kong-listed Chinese banks fell yesterday while the Hang Seng Index lost 1.78 percent to 22,210.41.
The Bank of China, the third-biggest lender in China, said on Tuesday that it has plans to raise capital. Its announcement followed the recently disclosed plans to sell shares by the Industrial Bank and China Merchants Bank to boost capital.
In the first 10 months of this year, banks in China have lent 8.92 trillion yuan, up 5.26 trillion yuan from a year ago.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
