Central Huijin, a unit of China Investment Corp, the country’s sovereign wealth fund, may invest about US$14.7 billion in new shares offered by banks, Reuters reported, citing state media. Bank of China (601988.SH, 3988.HK), Industrial and Commercial Bank of China (601398.SH, 1398.HK) and China Construction Bank (601939.SH, 0939.HK) all have rights issues in the pipeline as they bid to replenish capital depleted in last year’s lending binge. Huijin is already the largest shareholder in China’s state-controlled banks, having formerly operated as the Ministry of Finance’s investment arm. It will raise funds for the new purchases through a previously announced US$27.6 billion bond issue in the domestic market. The remainder of the proceeds will be injected into Export-Import Bank of China (China Eximbank) and China Export Credit Insurance Corp (Sinosure), according to the Shanghai Securities Journal.