Bank to offer shares in Hong Kong

Shanghai-listed China Merchants Bank is to offer 2.2 billion shares in Hong Kong, according to a company statement. This is equivalent to at least 15% of expanded share capital after issuance. Priority will be given to potential strategic investors or high-quality institutional investors, China Merchants Bank said in a filing with the Shanghai Stock Exchange. Shareholder and regulatory approval is still required, and no timetable was issued.