(Yicai Global) Sept. 6 -- China Construction Bank Corp. [SHA:601939; HK:0939] recently received approval from the China Banking Regulatory Commission to issue less than 600 million preferred shares and raise up to USD9.2 billion (CNY60 billion), the bank said in a Shanghai Stock Exchange filing yesterday.

The bank said it will use the funds raised to replenish its tier 1 capital -- the core measure of a bank's financial strength from a regulator's perspective -- in accordance with relevant regulations.

The issuance of preferred shares in China was approved by holders of the bank's A- and H-shares in meetings in 2014 and 2015, respectively.