Bank of Communications finalizes A-share private placement, secures CNY 120bn

Bank of Communications (SSE:601328) has finalized its private placement of A-shares, securing CNY 120 billion before deducting issuance expenses, according to a new announcement. The China Securities Regulatory Commission previously approved the placement. The final issuance involved 14,101,057,578 A-shares, priced at CNY 8.51 per share, directed towards specific investors: the Ministry of Finance (CNY 13.21 billion), China Tobacco Corporation (CNY 538.18 million), and China Shuangwei Investment (CNY 352.53 million). Proceeds will be allocated to the bank's core tier-one capital. The company has entered into agreements with joint lead underwriters, including Guotai Junan Securities and China Securities to supervise usage of the funds. A report from KPMG Huazhen validates that the bank's current share capital stands at CNY 88,363,784,223. KPMG also notes this figure may be subject to future adjustments pending final registration.