Stock market plunge is a setback for Chinese banks' offerings

06/8/2010 | China Daily (Beijing)

China's banks are facing additional challenges in replenishing their capital, which was depleted by record lending, with the slumping equity market forcing them to reduce the size of offerings. Agricultural Bank of China is unlikely to sell more than $22 billion in shares during its initial public offering, down from its target of $30 billion, according to Haitong Securities. Bank of Communications said it will cut an upcoming rights offering by 20% to $4.8 billion.

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China Daily (Beijing)

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