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Weihai City Commercial Bank Co., Ltd. Class H ( (HK:9677) ) has issued an update.
Weihai Bank has signed a domestic share subscription agreement with Caixin Asset, under which Caixin Asset will conditionally subscribe for up to 327,989,709 new domestic shares at RMB3.29 per share, raising as much as RMB1.08 billion in cash. The share issue, conducted under a specific mandate approved by shareholders, is priced at a significant premium to the recent H-share market price but at a discount to the bank’s latest reported net asset value per share, and all net proceeds are earmarked to supplement the bank’s core Tier 1 capital, potentially strengthening its capital adequacy and supporting future business expansion, subject to fulfillment of conditions for the issuance to proceed.
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, focusing on providing banking and financial services to domestic and international clients through both domestic shares and H shares. The bank operates within China’s regulated banking sector and actively manages its capital structure to support business growth and regulatory capital requirements.
Average Trading Volume: 1,491,956
Technical Sentiment Signal: Strong Buy
Current Market Cap: HK$18.24B
See more data about 9677 stock on TipRanks’ Stock Analysis page.