Eight Central Financial Institutions Increase Capital by 360 Billion Yuan

Eight central financial enterprises in China, including the Industrial and Commercial Bank of China, Agricultural Bank of China, Export-Import Bank of China, China Export & Credit Insurance Corporation, China Life Insurance Group, China Reinsurance Group, and others, have announced a capital increase plan totaling approximately 360 billion yuan. This capital will be used to supplement core tier-one capital and enhance the ability to serve the real economy. ICBC and ABC plan to issue A-shares directed at the Ministry of Finance, China National Tobacco Corporation, and related subsidiaries, aiming to raise no more than 100 billion yuan and 160 billion yuan, respectively. The Ministry of Finance plans to inject 30 billion yuan and 10 billion yuan into the Export-Import Bank and the Export Credit Insurance Corporation, respectively. PICC intends to issue A-shares directed at the Ministry of Finance to raise no more than 15 billion yuan, while the Ministry of Finance plans to inject 35 billion yuan and 7 billion yuan into China Life Group and China Re, respectively, and will subscribe to 3 billion yuan of domestic shares of China Re in cash.

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