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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China Bank of Communications' rights issue reduced AFP - 1 hour 27 minutes ago Send IM Story Print China Bank of Communications' rights issue reduced SHANGHAI (AFP) - – Shares in Bank of Communications fell Monday after the lender cut a planned rights issue by a fifth amid weak market sentiment and a rush by other Chinese banks to raise money. The bank, China's fifth biggest lender in terms of assets, said it aimed to raise 33.1 billion yuan (4.85 billion dollars) from the rights issue, according to statements filed with the Shanghai and Hong Kong stock exchanges Sunday. The size of the planned rights issue, designed to replenish capital after massive lending in 2009, is much smaller than the original target of 42 billion yuan announced in February. Shanghai-listed shares of Bank of Communications ended the morning down 2.35 percent at 6.24 yuan. The overall market fell 2.09 percent. Qian Wenhui, a vice president at the bank, told a media briefing Monday that the original 42 billion target was a top-line estimate, according to Dow Jones Newswires. "When we plan fundraisings, we must consider market conditions, the bank's need for business expansion and shareholders' interest," Qian was quoted as saying. The benchmark Shanghai Composite Index has lost 24 percent so far this year while the Hong Kong index has fallen 12 percent. The bank will sell 3.89 billion yuan-denominated A shares in Shanghai at 4.5 yuan each and 3.46 billion Hong Kong dollar-denominated shares in Hong Kong at 5.14 Hong Kong dollars each, according to the statements. HSBC, which holds about 19 percent of Bank of Communications, said it will subscribe for its full entitlement, or 1.4 billion H-shares. China's banks are rushing to raise tens of billions of dollars from the stock market after being ordered by regulators to strengthen their balance sheets after a government-backed lending spree last year to boost growth. Several other listed banks, including the top three -- Bank of China, China Construction Bank and Industrial and Commercial Bank of China -- are seeking to raise tens of billions of dollars between them. The last of the top four banks, Agricultural Bank of China, is also expected to raise tens of billions of dollars through an initial public offering soon. Recommend Send IM Story Print Related Articles Asian stocks, euro fall on US jobs data, Hungary fears AFP - 17 minutes ago China Bank of Communications' rights issue reduced AFP - 1 hour 27 minutes ago Agricultural Bank of China IPO size doubt: report AFP - 2 hours 8 minutes ago Trading halted in Cathay Pacific, Swire Pacific shares AFP - Monday, June 7 Foxconn gives China workers dramatic wage hike AFP - Monday, June 7 News Search Top Stories As record sales drop, singers flock to festivals US dollar flexes muscle as crisis stalks markets UN warns climate change could trigger 'mega-disasters' Not forgotten: Remains of US soldier sought on Vietnam hill Marine sponge drug extends breast cancer survival: study More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended New world record for longest poker game US dollar flexes muscle as crisis stalks markets UN warns climate change could trigger 'mega-disasters' Not forgotten: Remains of US soldier sought on Vietnam hill Eurozone debt could squeeze banks: experts More Most Viewed » Hubble catches planet being devoured by its star The point about pain: New study sheds light on acupuncture Paris museum burglar grabs 120-million-dollar art haul US team creates first 'synthetic life' Clashes as Israeli forces storm Gaza aid boat: Hamas TV More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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