Chinese three largest commercial banks announced yesterday that Central
Huijin Investment Co., Ltd., an investment arm of the government, had increased
its shareholdings of the three banks.
According to announcements released by the banks yesterday evening, Huijin
has increased shareholdings of 2 million shares for each bank through shares
purchase on the Shanghai Stock Exchange.
China Construction Bank (CCB) said that following the acquisition, Huijin
holds 152,844,297,904 shares of the CCB (including 2,000,000 A-shares and
152,842,297,904 H-shares), representing approximately 65.405 percent, up from
65.4041 percent, of the total issued share capital of the bank.
The Industrial and Commercial Bank of China said Huijin now holds
118,008,174,032 shares in the bank after the acquisition, increasing its stake
in the country's top lender from 35.3292 percent to 35.3298 percent.
The Bank of China said the government investment arm now holds
171,327,404,740 shares in the bank after the purchase, increasing its stake from
67.4937 percent to 67.4945 percent.
It is one of a package of moves by the government to stabilize the sliding
stock market, including the recent cancellation of the stamp tax on stock
purchases.
Huijin intends to continue to increase its shareholdings in the three banks
on the secondary market within 12 months commencing from the date of this share
acquisition, according to the banks' announcements.
