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State Council approves 287 bln yuan new fundraising quota in China

05-14-2010 10:42 BJT

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China's key stock index closed up 2.1 percent Thursday. It was spurred by banking stocks which gained after domestic media reported, the state council had approved a combined 287 billion yuan fundraising quota for the four biggest listed lenders.

Industrial and Commercial Bank of China, Bank of China, China Construction bank and Bank of Communications have already unveiled plans to raise up to 182 billion yuan. This means the four banks could seek to raise another 105 billion yuan. Banks have unveiled a series of capital raising schemes in recent months.

Some of them worth billions of dollars, stoking concerns about excessive share supplies weighing on the stock market. Analysts said the quota could be the result of a compromise between China's securities regulator, and the banking watchdog.

Editor:Zhang Jingya |Source: CCTV.com

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