Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Alibaba Tech Tapped to Provide Olympic Athletes With AI Assistants
Satellite-Maker Spacety Kicks Off IPO as China’s Commercial Space Race Heats Up
China's AutoFlight Rolls Out World’s First 5-Ton eVTOL
LATEST
China's AutoFlight Rolls Out World’s First 5-Ton eVTOL
Alibaba AI App Crashes After 3 Billion Yuan Giveaway Sparks Frenzy
Satellite Chipmaker Cygnus Raises $215 Million as China Internet-in-Space Push Accelerates
Alibaba Tech Tapped to Provide Olympic Athletes With AI Assistants
Satellite-Maker Spacety Kicks Off IPO as China’s Commercial Space Race Heats Up
Beijing Humanoid Robotics Hub Raises $100 Million in First Funding Round
Analysis: Alibaba’s New Processor Shows Applications Are Key to AI Chip Success
Aerofugia Raises Nearly $150 Million to Get Flying Taxis Certified
Alibaba Pledges $432 Million in Lunar New Year AI Subsidy War
In Depth: Megvii Co-Founder Is Back Riding the Latest AI Wave
China Fines Kuaishou Unit $3.8 Million for E-Commerce Violations
Chips Drive China’s Electronics Exports
Robots Take the Stage at China’s Spring Festival Gala
Alibaba Unveils New AI Chip to Rival Nvidia’s China Offerings
ASML Expects China Revenue Drop Following Backlog-Fueled Surge
China’s Telecom Industry Stalls as Traditional Revenue Dries Up
TikTok Outage Puts New U.S. Operations to the Test
Moonshot AI Gets More Into Agents With New Model
Texas Doubles Down on China Tech Ban, Adding AI and E-Commerce Giants
Chinese GPU-Maker Challenges Nvidia in Three-Year Development Plan
Citic Bank to Jump on Perpetual Bonds Bandwagon With $5.9 Billion Issue

By Wu Yujian and Han Wei / Mar 28, 2019 02:07 AM / Finance

Photo: VCG

Photo: VCG

China Citic Bank Corp., one of the 12 joint-stock lenders that operate across the country, is planning to sell as much as 40 billion yuan ($5.9 billion) of perpetual bonds, the bank said Tuesday while reporting strong results for 2018.

Chinese lenders are stepping up to issue perpetual bonds to supplement capital since regulators flashed a green light for such long-term borrowing to alleviate mounting capital pressures on the banking sector amid slowing economic growth. This form of borrowing doesn’t have a fixed maturity date and could remain outstanding perpetually.

In January, Bank of China became the first lender to win approval to raise $40 billion by selling perpetual bonds.

According to a company report, Citic Bank’s capital adequacy ratio stood at 12.47% at the end of 2018, 0.82 percentage point higher than the previous year.

Citic Bank reported its fastest profit growth in five years for 2018, boosted by the bank’s expansion in retail banking. Net profit rose 4.6% to 44.5 billion yuan. The bank’s total assets expanded 6.9% to 6 trillion yuan at the end of 2018, the Citic Bank said.

Related: As ‘Big Four’ Banks’ Capital Dwindles, Regulator to OK Perpetual Bonds

Share this article
Open WeChat and scan the QR code