第一财经·2025-06-24 11:15Core Viewpoint - The issuance of special government bonds totaling 500 billion yuan to inject capital into four major state-owned banks has been completed, enhancing their core tier one capital and supporting their ability to serve the real economy [2][3][11]. Group 1: Capital Increase Details - China Construction Bank successfully raised 105 billion yuan through a private placement, with the funds allocated to bolster its core tier one capital [2]. - Other banks, including Bank of Communications, Bank of China, and Postal Savings Bank, also completed similar capital increases, raising 120 billion yuan, 165 billion yuan, and 130 billion yuan respectively, totaling 500 billion yuan from the Ministry of Finance [2][3]. - The capital increase process was rapid, taking just over two months from the announcement to completion, reflecting a well-prepared strategy [4]. Group 2: Pricing and Market Reaction - The pricing of the capital increases was carefully considered, balancing the interests of existing shareholders and the need for capital. The issuance prices were set at premiums to the market prices, with China Construction Bank's price at 9.06 yuan per share, lower than its market price of 9.45 yuan at the time of announcement [5][6]. - The stock prices of the four banks saw significant increases, with China Construction Bank and Bank of Communications rising over 10% since March 28 [7]. Group 3: Shareholding Changes - Post-capital increase, the Ministry of Finance became the controlling shareholder of Bank of Communications, holding 29.86% of its A-shares and over 30% of its total shares [10]. - The shareholding structure of Postal Savings Bank also changed, with the Ministry of Finance becoming the third-largest shareholder at 15.77% [10]. Group 4: Impact on Capital Adequacy - The capital increases are expected to improve the core tier one capital adequacy ratios of the banks, with projected increases of 0.49, 0.86, 1.28, and 1.51 percentage points for China Construction Bank, Bank of China, Bank of Communications, and Postal Savings Bank respectively [11]. - If the newly raised capital is fully utilized for lending, it could generate an additional 4.84 trillion yuan in credit across the four banks [11].