China Citic Bank Plans $4B Rights Issue

China Citic Bank is seeking to raise $4 billion in a rights issue, The Wall Street Journal reports. The bank is selling 7.8 billion shares in a deal comprising Shanghai and Hong Kong-listed shares.

The Shanghai-listed offering will be priced at $0.50 per unit, while the Hong Kong-listed shares will be $0.51 a share. Spain’s BBVA and the Chinese bank’s main shareholders have agreed to participate in the share sale.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Reuters.