Chinese bank in $9bn share sale

CHINA’S fifth-largest lender, Bank of Communications, will raise $8.9bn (£5.7bn) to meet tighter capital requirements by placing shares with existing shareholders such as HSBC and the country’s finance ministry.

Under the 56.6bn yuan private placement, new Shanghai-listed shares will be priced at 4.55 yuan and Hong Kong-listed shares at HK$5.63.