Bank of Ningbo (SHE:002142) plans to fully redeem preferred shares for 10.5 million yuan, according to a Shenzhen bourse disclosure on Thursday.

The preferred shares, which are worth 10 billion yuan, were issued under the Ningbo Bank Preferred 02 tranche in 2018.

After the redemption, the trading of the preferred shares will be suspended on Friday, Nov. 7.