Bank of Chongqing eyes RMB 5 billion offshore preference shares

By Marisa Wong

Morgantown, W.Va., March 21 – China’s Bank of Chongqing Co., Ltd. is proposing to issue up to RMB 5 billion of offshore preference shares to replenish its additional tier 1 capital, according to a company announcement.

The preference shares will be mandatorily convertible into H shares if some specified events occur.

The offshore securities will not be sold in the United States.

The proposed issuance is subject to shareholders’ approval.

The bank is based in Chongqing, China.

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