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
Lightelligence Sets Record IPO Gain with 383% Surge on Hong Kong Debut
Beijing to Impose Sweeping Drone Sales Ban From May 1
Insta360 Profit Falls as R&D Surge Meets Rising DJI Competition
LATEST
Insta360 Profit Falls as R&D Surge Meets Rising DJI Competition
Beijing to Impose Sweeping Drone Sales Ban From May 1
Lightelligence Sets Record IPO Gain with 383% Surge on Hong Kong Debut
Robot Era Raises Over $200 Million as Humanoid Robot Race Heats Up
DeepSeek Launches New AI Model as Funding Rumors Spread
Tencent Unveils New AI Model to Close Gap With Rivals
DJI Enters Heavy-Lift Drone Market With 200-Kilogram Payload Models
Apple Supplier Dongshan Precision Rallies on AI-Driven Demand
Horizon Robotics Unveils 5-Nanometer Integrated Auto Chip
In Depth: China’s AI Hiring Boom Belies a Struggling Job Market
China Unveils AI-Driven Plan to Build $14 Trillion Service Sector by 2030
X Square Robot Raises New Funds, Targets Home Trials by May
Computing Shortage Forces Chinese AI Firms to Ration Services
Moonshot AI Launches New Model With Improved Coding and Agent Capabilities
Chinese Firm Uses Employee Data to Build AI Worker, Stoking Job Security Debate
China’s Sunrise Raises Over $140 Million for AI Inference Chip Push
ByteDance’s Profit Plunges 70% on Aggressive AI Spending
Chinese-Built Robot Wins Beijing Half-Marathon
Chinese AI Robotics Startup TARS Raises $455 Million in Record Pre-A Round
Zhipu Acquires $53 Million Beijing Office as AI Operations Expand
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