preferred shares

China in renminbi push through preferred shares

The Chinese government hopes the first offshore preferred share issue will expand the currency’s overseas market.

Bank of China and Industrial and Commercial Bank of China are planning to issue $12.3 billion worth of preferred shares in Hong Kong with a triple-currency structure.

The issue of preferred shares would be the first from Chinese companies in the city and the purpose of multiple currencies is to attract a diverse set of investors, according to multiple sources.

BOC will tap the offshore market by October to issue up to Rmb40 billion shares and ICBC in November for Rmb35 billion in US dollars, euros and renminbi, said the sources.

Sources said that, among the three tranches in the offerings, the US dollar...

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