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| China Huijin increases stake in three top commercial lenders |
| BY steelguru.com, Writer |
| Chinese three largest commercial banks announced 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, Huijin has increased shareholdings of 2 million shares for each bank through shares purchase on the Shanghai Stock Exchange. China Construction Bank said that following the acquisition, Huijin holds 152,844,297,904 shares of the CCB, representing approximately 65.405% up from 65.4041% 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% to 67.4945%. 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. According to the banks' announcements 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. |