Bank of Communications completes A-share private placement, boosts capital

Bank of Communications (SSE: 601328) announced the successful completion of its private placement of A-shares to specific investors, resulting in a substantial increase in its core tier-one capital. The bank issued 14,101,057,578 shares at a price of RMB 8.51 per share, raising gross proceeds of RMB 120,000,000,000. After deducting issuance expenses of RMB 59,445,117.77 the net proceeds totaled RMB 119,940,554,882.23.