Shanghai Bank to Raise ¥40b from Rights Offer to China Mobile

Shanghai Pudong Development Bank (SHA: 600000) said Friday that it will place ¥40 billion ($1 = ¥6.83) worth of shares with China Mobile (NYSE: CHL, HKG: 0941) to replenish its depleted capital in the wake of massive lending last year. The 2.2 billion planned shares will boost the world's biggest wireless phone carrier's holding in the bank to 20%. The bank's capital adequacy ratio stood at 10.16% as of September 2009.