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Troubled Bank of Jinzhou to receive 12 billion yuan funding from state investors

2020-03-11 2020-03-12

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China's troubled Bank of Jinzhou Co. will receive an injection of roughly 12 billion yuan in fresh funds from two state-backed investors.

Chengfang Huida, a subsidiary of the state-owned China Cinda Asset Management, will take 5.27 billion shares, making it the bank's largest shareholder, with a 37.7 per cent stake, according to the bank's filing to the Hong Kong Stock Exchange.

Liaoning Financial Holding, a state-owned vehicle from Liaoning province, will take 930 million shares, a 6.65 per cent stake of the bank.

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