CHINA Minsheng Banking Corp yesterday said it plans to sell 1.65 billion shares in Hong Kong to replenish its capital.

The 1.65 billion H shares are offered at HK$6.65 (86 US cents) to HK$6.86 each, which marks a discount of up to 7 percent to last Friday's closing price of HK$7.15, according to Bloomberg News.

The Beijing-based lender announced its A and H-share refinancing scheme in February, under which it planned to raise 29 billion yuan (US$4.57 billion). It aimed to sell 20 billion yuan worth of convertible bonds in the A-share market and 1.65 billion shares worth 9 billion yuan in Hong Kong.

The lender suspended trading of its shares yesterday in Hong Kong and Shanghai, according to its filings. Share trading will resume today.

Source:shanghaidaily