China Merchants Bank, a leading retail bank in the mainland, said on Sept 5 the state-owned Assets Supervision and Administration Commission (SASAC) had approved its rights issue plan for its Hong Kong listing.

The company said the SASAC has also approved the proposed cash subscription of their rights issue by China Merchants Group Ltd, China Communications Construction Group Co Ltd, China Ocean Shipping (Group) Co, and China Shipping (Group) Co.

But the bank still has to seek the approval of other regulatory authorities, including both the mainland's top banking and securities regulatory bodies and the Hong Kong Stock Exchange.

The bank said it will announce more details when they are made available.