Hua Xia Bank (600015.SH) is working on plans tor raise as much as US$2.93 billion in funds to replenish its capital, the Wall Street Journal reported. Hua Xia, in which Deutsche Bank has a majority 17% stake, is China’s eleventh largest bank by market value and is the latest mainland lender to turn to the capital markets for cash after aggressive lending last year depleted banks’ capital positions. CICC said Hua Xia may raise funds by private placement with its three largest shareholders – Deutsche, Shougang Group and State Grid. Hua Xia suspended trading of its shares on Wednesday pending an announcement regarding the fund raising exercise.
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