HONG KONG — Chinese state enterprises have come to the rescue of a troubled rural commercial bank in the nation’s northeastern Jilin province, after it warned of losses to the tune of 1.7 billion yuan to 1.9 billion yuan ($237 million to $265 million).
China International Capital Corporation Hong Kong, an overseas unit of China’s largest investment bank, and state-owned Jilin Financial Holding Group have offered to acquire for cash all of the Hong Kong-listed and domestic shares of Jilin Jiutai Rural Commercial Bank, respectively, according to an exchange filing Thursday evening. The lender, often simply referred to as Jiutai Bank, will also apply for delisting in Hong Kong upon shareholder approval of the acquisition.
