(ATF) Shengjing Bank has won approval from shareholders at the bank’s annual meeting for a large bond issue and received approval from the People’s Bank of China, the Bank of China Insurance Regulatory Commission, and the Liaoning Provincial Authority, according to Caijing.
PBOC agreed to the issue – 30 billion yuan worth of financial bonds, which will be used to optimize debt and its capital structure, as well as stabilizing long-term funding sources and to support long-term capital industry to carry out the task.
Shengjing Bank (02066) announced that net profit for the year ended December 31, 2019 increased by 6.1% year-on-year to about 5.443 billion yuan, with earnings per share of 90 cents, and no final dividend.
In November 2019, Shengjing Bank completed a simultaneous issuance of 3 billion shares at home and abroad. After the completion of the subscription and issuance, Evergrande Nanchang, the world’s largest property group and largest shareholder of Shengjing Bank and its concerted parties, increased its stake in the bank from 17.28% to 36.4%.
In related news, the Bank of Chengdu has proposed an issue of a billion yuan write-down and non-fixed-term capital bonds.