China Merchants Bank, the biggest publicly traded mainland
lender, won approval from shareholders Wednesday for a record RMB 10 billion convertible
bond sale, overriding the opposition of minority investors.
shareholders controlling 73 percent of the bank supported the sale, which the company
said it needs to strengthen its capital base. The shareholders, mainly government-owned
companies, hold non-tradable shares, which would be less affected by earnings
Minority shareholders voted against the sale, saying the creation
of new stock may cut earnings per share and cause the publicly traded stock to