December 18, 2019 / 10:03 AM / a month ago

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

(Corrects to say that other investors are among the buyers of 4 bln shares sold in paragraph 2)

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 the 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 and other investors, 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 and Jon Boyle)

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