Mar. 6, 2007 (China Knowledge) – China Minsheng Banking <600016> plans to list in Hong Kong in the second half of the year, seeking to raise at least HK$10 billion.

Chairman Dong Wen-biao told Reuters in Beijing on Monday that Minsheng had raised about RMB 20 billion through a private placement of two billion shares, lifting the company's capital- adequacy ratio to about 13%. The number of shares placed was much lower than had been previously announced, he said.

That share placement, about 40% smaller than the previous plan to issue 3.5 billion shares, was deliberately reduced because of the planned Hong Kong listing, said Dong. He added that the regulatory authorities have been supportive of Minsheng’s efforts to raise capital overseas.