Central Huijin invests in 4 major Chinese banks

Central Huijin Investment made massive purchases in four major Chinese banks.

According to separate filings to the Shanghai Stock Exchange, the banks specified that Central Huijin bought 4.73 million shares in the Industrial and Commercial Bank of China, 5.73 million shares in the Agricultural Bank of China, 3.84 million shares in the Bank of China and 2.81 million shares in the China Construction Bank.

The country's sovereign wealth fund now owns 35.43-percent stake of the ICBC, 40.16 percent of the ABC, 67.65 percent of BoC and 57.15 percent of China Construction Bank.

The banks said Central Huijin will purchase more of their shares during the next six months.

The purchases were done to boost market confidence and shore up share prices of state-owned commercial banks.

The move has fueled speculation that more support measures will be unveiled for the market before the 18th National Congress of the Communist Party of China, scheduled for Nov. 8.

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