Citic Bank's holding shareholder Citic Group pledges full subscription to AH rights

NetEase Finance September 28, Citic Bank issued a Tuesday evening announcement that the company's controlling shareholder Citic Group pledged to take its stake in Citic Bank in full cash to subscribe to the bank's a+h rights issue.　　Citic Bank said the subscription was required to be approved by the company's shareholders ' meeting, the category of shareholders ' meetings, and reported to the China Banking Regulatory Commission and the China Securities Regulatory Commission for approval by the Ministry of Finance and approval by the Hong Kong stock Exchange.　　In addition, the Citic Bank's board of directors also passed a motion on a letter of commitment on the provision of Citic Bank International Singapore branch on September 28. Allotment financing not more than 26 billion yuan August 11, Citic Bank announced that the plan A+h rights issue financing does not exceed 26 billion yuan. The rights issue in accordance with the allocation of no more than 2.2 shares per 10 shares to all shareholders placements, A shares and H shares share rights.　　After deducting the relevant issue fees, the funds collected will be used to replenish the capital.　　In the first quarter of next year, Cao Tong, deputy governor of Citic Bank, said in a mid-term results briefing that the bank's rights issue was tentatively scheduled to take place in the first quarter of next year to avoid refinancing by other banks in the second half, and that the plan had been backed by BBVA, the foreign shareholder. Refinancing has little impact on the market at present, in the existing equity structure, CITIC Group holds 62% of Citic Bank's stake, and BBVA holds a 15% per cent stake in Citic, totalling 77%.　　According to this calculation, in the allotment financing 26 billion yuan, 3.9 billion funds from bbva;161 billion funds from Citic Group. Cao Tong said that because of the special shareholding structure of Citic Bank, in fact, the funds raised in the market is limited, the specific to a-share market is only 1.7 billion yuan.