Wuxi Rural Commercial Bank Co.,Ltd announced that it expects to receive CNY 2 billion in funding
October 27, 2021
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Wuxi Rural Commercial Bank Co.,Ltd announced a private placement of not more than 320,500,000 A shares for gross proceeds of not more than CNY 2,000,000,000 on October 28, 2021. The transaction include participation from no more than 35 specific investors. The transaction was approved by the board of directors in its third meeting of the sixth board of directors of the company.
The transaction is subjected to approval of second extraordinary general meeting of shareholders in 2021, Jiangsu Banking and Insurance Regulatory Bureau approval, China Securities Regulatory Commission approval and other regulatory agencies approvals . The issuance price of this issuance shall not be less than 80% of the average transaction price of the company's A shares 20 trading days before the pricing base date. The securities issued are subjected to six months hold period from the date of issuance.
Wuxi Rural Commercial Bank Co., Ltd. is a China-based regional commercial bank principally involved in banking and related financial business. The Bank operates three business segments. Corporate segment provides services to public clients, including public loans, open bills, trade finance, public deposits and remittances. Personal segment provides banking services to individual customers, including retail loan, savings deposit, credit card and remittance businesses. Treasury segment includes transactional financial instruments, bond investments, repurchase and resale bonds, as well as interbank lending. The Bank operates its businesses primarily in Wuxi and other regions of Jiangsu, China.