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Pudong Bank Shares Fall 5.09% After Private Placement Plan | Tony Seruga
Mar
10

Pudong Bank Shares Fall 5.09% After Private Placement Plan

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  • Lender plans to sell stock to two existing shareholders
  • Pudong says facing up to $9.4 billion capital gap by end-2018

Shanghai Pudong Development Bank Co. shares slumped by the most in almost seven months after the lender unveiled plans to raise 14.8 billion yuan ($2.3 billion) in a private share placement to replenish capital.

The stock sank 6.8 percent to 17.20 yuan, the biggest intraday drop since Aug. 25, as of 9:33 a.m. local time, as it traded for the first time in almost a month…

Pudong Bank Shares Fall 5.09% After Private Placement Plan

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