BEIJING, Sept 7: Authorities in China on Friday approved plans by China Construction Bank (CCB), a state-owned commercial bank, to issue nearly nine billion new shares in what would be mainland China’s biggest stock offering.

CCB, one of China’s four biggest banks, has been listed in Hong Kong for the past two years, but it plans to list nearly nine billion local currency A shares representing 3.85 per cent of its capital on the Shanghai stock exchange.

The banking regulator said on its website it had given the go-ahead for the listing.

CCB shares closed on Friday at 6.94 Hong Kong dollars and brokers said the bank could raise 62.46 billion Hong Kong dollars or 60.53 billion yuan ($8.02 billion).—AFP