China Minsheng plans RMB30bn of preferred shares

China Minsheng Bank (600016.SHA) plans to sell as much as RMB20 billion (US$3.27 billion) of preferred shares onshore and RMB10 billion onshore to boost its capital, The Wall Street Journal reported, citing a filing to the Shanghai Stock Exchange. The sales, which will help boost the bank’s Tier-1 capital base, are still subject to approval by domestic regulators, according to the filing. A number of Chinese banks have released plans to sell preferred shares since regulators in April allowed banks to address tougher capital rules by using preferred shares to raise new equity – without diluting voting control.