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Bank of Nanjing’s $2 Billion Fundraising Rejected

Bank of Nanjing had planned to use the proceeds from the offering to supplement capital. Photo: VCG
Bank of Nanjing had planned to use the proceeds from the offering to supplement capital. Photo: VCG

China’s securities regulator issued a surprise rejection of a private placement proposed by a listed commercial bank, raising speculation on whether the regulator is tightening its scrutiny of how banks raise capital.

Bank of Nanjing, a city commercial bank in the capital of eastern China’s Jiangsu province, said Monday in a statement that the China Securities Regulatory Commission (CSRC) rejected its plan to raise as much as 14 billion yuan ($2.05 billion) by issuing as many as 1.7 billion shares in a private placement with a group of investors.

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