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Huijin's rescue scheme for lenders draws to a close

By Liu Yiyu (China Daily)
Updated: 2009-09-29 08:19

Central Huijin Investment Ltd, the domestic arm of China's sovereign wealth-fund, has completed a rescue scheme to increase shareholdings in China's three largest banks, which was set in motion in the wake of the financial crash, according to the lenders.

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But the retreat of the major stock rescuer would not likely drag down market sentiment and the market has pulled out of the worst, said analysts.

The Industrial & Commercial Bank of China (ICBC), Bank of China (BOC) and China Construction Bank (CCB) announced the conclusion of Huijin's year-long program over the weekend.

Huijin bought additional shares equivalent to 0.08 percent of ICBC, 0.03 percent of BOC and 0.06 percent of CCB's total share capital in the past twelve months ended Sept 22. It launched the rescue scheme on Sept 23 last year in a bid to bolster share prices that plummeted after the outbreak of the global financial crisis...

The full text is available in the September Issue of China Banking. Please visit E-Shop for more subscription details.