Report on preferred-stock sale drives up Chinese bank shares

09/9/2013 | Bloomberg

A newspaper report that the China Securities Regulatory Commission was meeting with banks ahead of allowing them to sell preferred shares has sent banks' stock prices higher, with several coming close to or exceeding their 10% limit on a daily increase. "Selling preferred shares will enable banks to have a continuous supply of capital without adding pressure on equity investors," Masterlink Securities analyst Rainy Yuan said. "Banks are the best candidates to be the pilots, because of their stable earnings ability."

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