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4-Traders Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  Bank of Communications Co Ltd    601328   CNE1000000S2

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5.82 CNY   +0.17%
03:46a Banking assets rise to 212.7 trillion yuan
08/26 BANK OF COMMUNI : BOCOM Int'l to List in HK
08/25 China banking sector onshore assets up 14.5%
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Bank Of Communications Shareholders OK $9 Billion Private Placement

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05/09/2012 | 12:11pm CEST

Bank of Communications Co. (3328.HK) said Wednesday its shareholders approved a plan to raise CNY56.6 billion (US$9 billion) via a private placement to shore up its capital base in the face of stricter banking rules.

The approval paves the way for China's fifth-largest bank by assets to become the first major domestic bank to seek to raise capital since the country's banking regulator drafted strict new capital-adequacy-ratio requirements last year.

The deal is still subject to approval from China's banking and securities regulators, Bank of Communications said in a statement.

The bank, known as BoCom and 19%-owned by HSBC Holdings PLC (HBC), said in March it would issue 6.54 billion yuan-denominated A shares at CNY4.55 each and 5.84 billion Hong Kong dollar-denominated shares at HK$5.63 each.

Twelve institutional investors, including China's Ministry of Finance and National Social Security Fund, HSBC, auto maker FAW Group, and tobacco manufacturer Hongta Group, will take part in the placement.

Under China's newly drafted capital requirements, banks that are considered important to China's financial system, such as major state-owned lenders like BoCom, will be required to maintain a ratio of core capital to risk-weighted assets of at least 9.50% by 2013.

The drive is aimed at containing the risks from certain assets, such as mortgage loans.

As of March 31, BoCom's core capital represented 9.39% of its risky assets, according to its latest financial reports.

To protect its capital from deteriorating, the bank eliminated its interim dividend for the January-June period of 2011, the first time in four years.

-Rose Yu contributed to this article, Dow Jones Newswires; 8621 6120-1200; rose.yu@dowjones.com

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Financials ( CNY)
Sales 2016 200 566 M
EBIT 2016 99 870 M
Net income 2016 64 745 M
Debt 2016 -
Yield 2016 4,52%
P/E ratio 2016 6,67
P/E ratio 2017 6,73
Capi. / Sales 2016 2,42x
Capi. / Sales 2017 2,30x
Capitalization 485 962 M
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Mean consensus HOLD
Number of Analysts 16
Average target price 5,69  CNY
Spread / Average Target -2,2%
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NameTitle
Chun Peng President, Vice Chairman & Executive Director
Qing Shan Hua Chairman-Supervisory Board
Xi Ming Niu Chairman & President
Ya Li Yu Chief Financial Officer, Executive Director & EVP
Wei Dong Hou Chief Information Officer & Executive VP
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