Summary by Futu AI
China Citic Limited (CITIC) announced on October 31, 2024, that its subsidiary, China Citic Bank Corporation, plans to proceed with the issuance of shares through a rights issue. The rights issue proposal was initially announced on April 29 and June 22, 2022. CITIC Limited and CITIC Group have committed to subscribe to all the allocated A-share rights issue shares. However, China Citic Bank received a notice from the Shanghai Stock Exchange to suspend the review process and must replace the accounting firm before it can continue the rights issue review. China Citic Bank will actively complete the replacement and apply for the resumption of the review. The implementation of the rights issue still requires approval from the Stock Exchange and registration approval from the China Securities Regulatory Commission, which presents uncertainties, so it is suggested that subscribing may not necessarily materialize. CITIC will announce progress in a timely manner and remind shareholders and investors to trade cautiously.