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Minsheng Bank Plans Stock Offer
Minsheng Bank, China's sole private bank, plans to issue shares before the end of June as the sector girds for entry to the World Trade Organisation, banking industry sources said on Tuesday.
Minsheng aims to issue 300-350 million domestic A shares, raising more than two billion yuan ($242 million), they said. The pricing and listing exchange have not been set, sources said.
The issue was still awaiting approval of the China Securities Regulatory Commission (CSRC), the market watchdog.
China has just two domestically listed banks, the Shanghai Pudong Development Bank and the Shenzhen Development Bank .
CSRC chairman Zhou Xiaochuan said last week that China is drafting rules on the listing of financial institutions.
Analysts say moves to allow such listings appear to be gathering pace, spurred by a need to strengthen Chinese firms for competition expected with the country's entry to the WTO.
Haitong Securities will be the underwriter for Minsheng Bank's issue, the sources said.
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