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
Chinese Firms Face Rising Compliance Demands in Global Expansion
China Unicom Slashes Spending, Pivots Harder to AI
Unitree Robotics Files for $608 Million STAR Market IPO
LATEST
Tencent Folds AI Lab Into Hunyuan Team in Major AI Overhaul
Unitree Robotics Files for $608 Million STAR Market IPO
Xiaomi Unveils Trio of Large AI Models in $8.7 Billion Bet
ByteDance to Sell Game Studio Moonton to Saudi Wealth Fund
Alibaba Cloud Revenue Jumps 36% as AI Strategy Pays Off
China Unicom Slashes Spending, Pivots Harder to AI
Chinese Firms Face Rising Compliance Demands in Global Expansion
Tencent to Launch Hunyuan 3.0 in April, Build WeChat AI Agent
Tencent Profit Rises 16% as Overseas Games, Cloud Gain Traction
Alibaba Joins OpenClaw-Driven AI Agent Race With Wukong Platform
Google to Open Gemini to All Users in Hong Kong
ByteDance Halts Global Rollout of Seedance 2.0 Amid Copyright Dispute
Tencent Joins OpenClaw Sponsors After Data-Scraping Spat With Founder
Alibaba Consolidates AI Efforts Into New Token Hub Unit
Memory Chip Surge Forces Chinese Smartphone Makers to Raise Prices
D-Robotics Raises $120 Million as Investor Appetite for Embodied AI Grows
Chinese Data-Centers-in-Space Firm Raises Fresh Funds
EHang Posts First-Ever Quarterly Profit
Tencent Denies Copying Claims by OpenClaw Creator
Apple to Cut App Store Commissions in China Amid Scrutiny
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