Bank of China gets exchange nod for $228m share issuance

Bank of China (SSE:601988) has received the green light from the Shanghai Stock Exchange to proceed with its plan to issue no more than 27,272,727,272 A-shares to specific investors. This initiative, aimed at strengthening Bank of China's core tier 1 capital, is now under review by the China Securities Regulatory Commission. The specific details of the offering, including a price of CNY6.05 per share, a total amount not to exceed CNY165B. With the Shanghai Exchange acceptance now secured, Bank of China's plan awaits further approvals before it can proceed. Once finalized, the new shares will be subject to a five-year lock-up period. Bank of China detailed that it had received the report about the acceptance from the Shanghai Stock Exchange for A-share issuance to a selected target.