Bank of Nanjing (SHA:601009) will fully redeem 500 million preferred shares on Sept. 7.

The shares were issued in September 2016 and were worth 5 billion yuan.

The redemption followed the receipt of a no-objection letter from the Jiangsu Regulatory Bureau of the National Financial Regulatory Administration, according to a weekend filing with the Shanghai bourse.

Shares of the bank rose 1% in recent trade.