CHINA MERCHANTS BANK TO LAUNCH 1.5 BLN A-SHARE IPO
AsiaInfo Services, March, 2002
AsiaInfo Services 03-26-2002 China Merchants Bank to launch 1.5 bln A-share IPO CHINA, Mar 26, 2002 (AsiaPort via COMTEX) -- China Merchants Bank to launch 1.5 bln A-share IPO by the end of this month. China Merchants Bank would issue its share through the form of online bidding. According to the insiders, the price of the new share would be positioned at 7-8 yuan. Shanghai Pudong Development Bank issued up to 300 million new A shares despite protests from more than 60 small shareholders.
The bank is hoping to raise five billion yuan (about HK$4.7 billion), which means the shares would have to be issued at about 16.7 yuan. The shares have been hammered since early last month when it announced plans to issue the new shares. Shanghai Pudong Development Bank's...
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