Local banks turn to Third Board for funding

Increasing numbers of local small banks are set to apply to list on China's third national equity exchange in a move to replenish capital levels amid growing market competition.

Meixian Hakka County Bank Co Ltd, a Guangdong-based county-level lender, became one of the latest names added to the list on Dec 21, after filing an application with the National Equities Exchange and Quotations, better known as the New Third Board.

According to a statement, Hakka County Bank is planning to issue 106 million shares through an agreement transfer to replenish its capital reserves.