Bank of Communications (601328, 3328.HK) was reported by Hong Kong media to be planning to boost its capital base by raising 50-60 billion yuan through the issuance of H shares to six existing shareholders, including the Ministry of Finance, HSBC, and the Social Security Fund, reports 163.com.

According to an unnamed source, the bank is not trying to issue A shares as this requires the approval of 70 percent of shareholders, and such a move would be risky, given the current market conditions.

The bank is not likely to implement the plan anytime soon, and the earliest date the fund raising will take place is April, added the source.