December 18, 2019 / 8:42 AM / 2 months ago

China's Hengfeng Bank says to issue 100 billion shares to state, foreign investors

BEIJING, Dec 18 (Reuters) - China’s Hengfeng Bank said in a Wednesday statement that it would issue 100 billion shares through a private placement.

Central Huijin Investment Ltd, an investment arm of country’s sovereign investment fund, China Investment Corp (CIC), will purchase 60 billion shares, the local government-backed financial asset management firm will purchase 36 billion shares, while the remaining 4 billion shares will be issued to Singapore’s United Overseas Bank, according to the statement.

The Shandong-based bank has not released its annual report since 2017 amid management and liquidity issue.

Reporting by Cheng Leng,Huizhong Wu and Beijing Monitoring Desk, Editing by Louise Heavens

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