Huijin supports CCB's rights issue

Parent Huijin's announcement precedes CCB's shareholder meeting tacking to push through with the $11bln fundraising plan.

China Construction Bank, the world's second-largest lender by market value, said on Monday that its state-owned parent Central Huijin will fully participate in its rights issue.

CCB's statement of Huijin's support, issued to the Shanghai Stock Exchange, comes ahead of a shareholder meeting on Thursday that will vote on whether to approve the $11 billion fundraising plan.

CCB Chairman Guo Shuqing said last month that the bank may push back with its capital-raising to early next year due to uncertain market conditions.

CCB is 12% owned by Bank of America and 6% owned by Singapore state investor Temasek.

View the full story in Reuters.