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Minsheng exits from Haitong Securities

(China Daily/Agencies)
Updated: 2009-06-26 08:15

The Shanghai-listed bank is planning to list in Hong Kong this year. [CFP]

China Minsheng Banking Corp, the country's first listed non-State lender, said yesterday it had sold its entire holdings in Haitong Securities Co for an estimated 5.46 billion yuan ($799.05 million), locking in profit.

Minsheng had sold 381 million shares of Haitong, China's third-biggest brokerage, at an average price of 14.33 yuan apiece up to June 22, the Beijing-based lender said in a statement to the Shanghai Stock Exchange.

Shares of Haitong Securities fell 1.46 percent yesterday to close at 16.23 yuan.

The sale enabled Minsheng to realize a profit of 3.8 billion yuan from its five-year investment in Haitong, the China Securities Journal reported.

Minsheng's attempts last year to sell down its holdings in Haitong through auctions failed, as few investors were willing to buy brokerage shares in a tumbling stock market.

The bank has been urged by the regulator to sell its entire Haitong stake before June 29, as China's banking laws require lenders to sell any foreclosed loan collateral within two years of taking possession.

The lender accepted 4.63 percent of Haitong between 2004 and 2005 as debt repayment, according to an earlier statement.

Minsheng shares closed at 7.99 yuan yesterday in Shanghai, having nearly doubled so far this year thanks to a revival in the Chinese A-share market.

Related readings:  titleMinsheng bank to be listed in HK within 2009  titleMinsheng Bank readies for Hong Kong float  Minsheng Bank may further increase stake in UCBH  Minsheng Bank net profit up 1.6% in Q1

In another development, Minsheng has hired four banks to handle its 20 billion yuan Hong Kong share offering, sources said yesterday.

The banks involved in the offering are Bank of China International Ltd, China International Capital Corp, Macquarie Group and UBS AG, according to a source with direct knowledge of the matter.

Shareholders of Minsheng earlier this week approved the bank's plan for a Hong Kong share offering, and the bank is expected to complete a share offering in Hong Kong by the end of this year.

Minsheng said it hopes to use the proceeds from the offering to beef up its core capital adequacy ratio to about 9 percent from 6 percent now.

The lender expects to issue up to 15 percent of its expanded capital, or up to 3.32 billion shares. There will be a green-shoe option to increase the issue by an additional 15 percent.