Tencent Affiliate WeBank Awaits Approval to Raise 1.2 Billion Yuan

(Beijing) – An online-only bank is waiting for regulatory approval to sell stocks to investors including its major shareholder Tencent Holdings Ltd. to raise capital, multiple sources with knowledge of the situation said.

Shenzhen Qianhai WeBank, the country's first non-brick-and-mortar bank, plans to raise 1.2 billion yuan from six investors, the sources told Caixin. Among the investors are Tencent, which currently owns 30 percent of the bank and is planning to buy another 365 million yuan worth of the shares if the regulator gives the green light, they said.