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March 8, 2014 |
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Hua Xia Bank (simplified Chinese: 华夏银行) is a bank based in Beijing in the People's Republic of China.
Singapore-based Pangaea Capital Management bought 289 million non-traded shares for 3.50 yuan apiece -- a hefty 16 percent discount to the bank's listed share price, the auctioneers and two industry sources involved in the sale told Reuters. Huaxia bank's shares closed down 2.34 percent at 4.17 yuan, underperforming the market's 1.9 percent slide. An executive at the Shandong Yinxing Auction Co., which oversaw the sale, said on Tuesday that a Singaporean fund had won the auctionwith a bid of 1.01 billion yuan ($125 million). A Huaxia executive identified the firm as Pangaea -- or "Panshi" in Chinese -- but stressed that the deal still required regulatory approval. The shares sold had been held by the country's top coal producer, Yanzhou Coal Mining Co. Ltd. , which received the stake as collateral for a loan. Pangaea was not immediately available for comment. If successful, the bidder would become the fourth largest shareholder, while the largest shareholder would remain steel conglomerate Shougang. Beijing has made reforming its financial sector, awash with nearly $200 billion of bad debt, a priority for fear it could jeopardise future economic stability. Chinese banks want to tap foreign lenders' expertise while foreign lenders are keen to invest in domestic banks to gain a foothold in the market. But Huaxia has been struggling to raise cash alongside rivals, which are trying to meet increased competition once Beijing opens the market wider to foreign players from the end of 2006. Huaxia has so far failed to attract investment, unlike larger rivals such as Bank of Communications , one-fifth owned by HSBC Holdings Plc. . Banking sources said last week that Deutsche Bank and another European financial firm might sign a deal to buy 10 percent of Huaxia for $220 million as early as September. According to Huaxia's annual report, its capital adequacy ratio stood at 8.61 percent at the end of 2004, versus the 8 percent minimum requirement. ($1=8.0913 yuan)
Category: Banks of the People's Republic of China Category:Companies of the People's Republic of China This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Hua Xia Bank".
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