China Construction Bank gets nod for targeted A-share issue

China Construction Bank Corporation (SSE:601939) announced that it has received approval from the China Securities Regulatory Commission (CSRC) to proceed with its plan to issue A-shares to specific investors. This issuance aims to bolster the bank's core Tier 1 capital, supporting long-term and sustainable business development. The plan aligns with directives from the Financial Regulatory Commission and the Ministry of Finance, which support key state-owned banks in strengthening their capital reserves. The specific issuance price is set at CNY 9.06 per share, with the number of shares issued is 11,589,403,973. Proceeds will be used to improve the bank's risk resistance and support financial stability. Trading will commence on the Shanghai Stock Exchange.