New Progress on Ministry of Finance's Capital Injection into Financial SOEs

The Ministry of Finance's capital injection into financial central enterprises has seen new developments. On the evening of October 14, ICBC, Agricultural Bank of China, and PICC simultaneously issued announcements responding to the review inquiry letter from the Shanghai Stock Exchange regarding their application for a seasoned equity offering. The announcements indicate that the inquiry primarily focused on administrative penalties and litigation/arbitration issues. The responses from these three institutions were largely consistent, stating that these issues will not constitute an obstacle to this issuance. (Securities Times)