China's Major State Banks to Raise Billions via Share Sales, Finance Ministry to Inject Capital into Insurer

Deep News
Sep 06

On September 6, Industrial and Commercial Bank of China announced plans to issue A-shares to specific investors, including the Ministry of Finance, China National Tobacco Corporation, and its affiliates. The fundraising target is capped at 100 billion yuan, with proceeds earmarked entirely to bolster tier-one core capital after deducting issuance costs. The capital increase will proceed pending internal and external regulatory approvals.

Also on September 6, Agricultural Bank of China unveiled a private placement proposal on the Shanghai Stock Exchange, targeting the Ministry of Finance, China National Tobacco Corporation, and its subsidiaries. The total funds to be raised will not exceed 160 billion yuan, all designated to strengthen tier-one core capital, with the final scale subject to regulatory approval.

In a separate development on the same day, China Life Group announced that the Ministry of Finance will inject 35 billion yuan into the insurer. This move is aimed at enhancing the company's operational stability and risk resilience, while supporting its focus on core business, improving governance, and fostering differentiated growth.

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