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Weihai City Commercial Bank Co., Ltd. Class H ( (HK:9677) ) has issued an announcement.
Weihai Bank Co., Ltd. has entered into an H share subscription agreement with Tsinlien Group under which the investor will conditionally subscribe for up to 150 million H shares at RMB3.29 per share, raising up to RMB493.5 million, with all net proceeds earmarked to supplement the bank’s core Tier 1 capital. The issue price represents a roughly 18% premium to the recent market price but a near 20% discount to the bank’s latest reported net asset value per share, and Huatai has been appointed as placing agent to handle settlement and delivery, though the deal remains subject to conditions and may not proceed, warranting caution from shareholders and potential investors.
More about Weihai City Commercial Bank Co., Ltd. Class H
Weihai Bank Co., Ltd. is a joint stock commercial bank incorporated in the People’s Republic of China and listed in Hong Kong, providing banking and financial services through its issuance of domestic and H shares to support capital adequacy and business growth.
Average Trading Volume: 965,666
Technical Sentiment Signal: Strong Buy
Current Market Cap: HK$18.3B
For detailed information about 9677 stock, go to TipRanks’ Stock Analysis page.