Bei Jing Shang Bao·2025-03-31 14:58Core Viewpoint - The four major state-owned banks in China are conducting a targeted issuance of A-shares to specific investors, primarily to stabilize stock prices and supplement capital, with a total subscription amount of 500 billion yuan from the Ministry of Finance [2][6]. Group 1: Capital Increase and Stability - The targeted issuance aims to balance stock price stability and capital supplementation, with the issuance price set at a premium to protect the interests of existing shareholders [4][6]. - The core tier 1 capital adequacy ratios for the four banks are robust, meeting the requirements for globally systemically important banks (GSIB) [2][3]. - The issuance is a response to regulatory support for capital supplementation among major state-owned banks, with thorough communication with stakeholders [2][3]. Group 2: Pricing and Shareholder Interests - The issuance prices for the banks are set at 6.05 yuan, 9.27 yuan, 8.71 yuan, and 6.32 yuan per share, representing a premium over recent market prices [4][5]. - The pricing strategy aims to minimize the dilution of existing shareholders' rights while ensuring compliance with regulatory requirements [4][5]. - The banks emphasize that the issuance will enhance their risk resilience and overall financial stability, benefiting all shareholders in the long run [5][6]. Group 3: Focus on Economic Support - The capital increase will enhance the banks' ability to support the real economy, particularly in sectors like technology, small and micro enterprises, green finance, and the elderly care industry [7][8]. - The issuance of special government bonds is expected to leverage the capital, potentially increasing credit availability by approximately 4 trillion yuan [7]. - The banks are committed to optimizing their asset structures and focusing on sustainable growth areas to better serve the economy [8].