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

BANK OF COMMUNICATIONS CO LTD (601328)
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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; [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF COMMUNICATIONS CO LTD -0.16% 6.13 End-of-day quote.-1.13%
FAW CAR CO., LTD. --End-of-day quote.
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Financials ( CNY)
Sales 2018 203 B
EBIT 2018 110 B
Net income 2018 71 855 M
Debt 2018 -
Yield 2018 4,77%
P/E ratio 2018 6,40
P/E ratio 2019 6,00
Capi. / Sales 2018 3,82x
Capi. / Sales 2019 3,51x
Capitalization 774 B
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Bank of Communications Co  Technical Analysis Chart | 601328 | CNE1000000S2 | 4-Traders
Technical analysis trends BANK OF COMMUNICATIONS CO
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 20
Average target price 6,55  CNY
Spread / Average Target 6,7%
EPS Revisions
Managers
NameTitle
Chun Peng President & Vice Chairman
Shu Guang Song Chairman-Supervisory Board
Wei Wu Chief Financial Officer
Ya Li Yu Executive Director & Executive Vice President
Tung Shun Wong Non-Executive Director
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