China’s Minsheng Bank (600016.SH, 1988.HKG) has received approval from the state securities regulator to issue up to 1.65 billion new shares in Hong Kong in an effort to boost its capital adequacy ratio, Reuters reported. The bank’s Hong Kong-listed shares ended 0.4% lower to HK$7.50 on Thursday after the announcement. If Minsheng were to issue the maximum number of shares, it could raise up to US$1.6 billion, based on Thursday’s close. The bank is raising funds to meet new capital adequacy ratio (CAR) requirements sent by Beijing. In an effort to increase the safety of its financial system, the government may raise CAR to as high as 11.5% for systemically important financial institutions.