Minsheng to sell 2 billion shares

Minsheng Bank plans to sell two billion additional A-shares in a private offering, the Wall Street Journal reported. No specific details were released as to how much the Chinese bank will earn from the issuance, but if shares are sold at the closing price of US$1.57, the sale could generate US$3.14 billion. Minsheng, the nation's only non-state lender, originally planned to sell as many as 3.5 billion A-shares last year, but lowered the number this year as its share price has nearly doubled in the last six months. The final pricing and the potential investors, which are to be limited to 10 institutions, will be announced February 15.