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Chinese banks to issue "A" shares to boost capital
The two leading Chinese banks, the Agricultural Bank of China and the Industrial and Commercial Bank of China, plan to issue Type "A" shares to increase their registered capital by a total of 260 billion yuan (approximately $38.4 billion USD). The Agricultural Bank aims to raise 160 billion yuan through the issuance of shares to the Ministry of Finance, the China National Tobacco Corporation, and their subsidiaries, while the Industrial and Commercial Bank plans to raise 100 billion yuan via a similar share issuance to the same entities. The move aims to strengthen their capital bases and enhance their financial capacity in the Chinese market.
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