China’s central government continued to increase its holdings in the country’s top four state-owned banks through its sovereign wealth fund as it continued to bolster the nation’s ailing stock market, reports Caixin. Since October, Central Huijin Investment Ltd. has bought RMB 5.23 billion ($722 million) of stock in the Bank of China, the Agricultural Bank of China, the Industrial and Commercial Bank of China, and the China Construction Bank, according to Friday statements issued by the four banks.
The $1.24 trillion sovereign wealth fund first increased its holdings in the four banks in October and vowed to continue to do so over the next six months.
As of Wednesday, Central Huijin has bought a total of 330 million shares in the Bank of China, bringing its stake in the bank to 64%, the bank said in the statement. The fund bought 71.45 million shares in the China Construction Bank, increasing its stake to 57.14%; 401 million shares in the Agricultural Bank of China to hold a 40% stake; and 287 million shares in the Industrial and Commercial Bank of China to hold a 34.79% stake.