中国银行业-评估工行、农行获政府注资的潜在影响-China Banks_ Assessing the potential impact of reported government capital injections for ICBC & ABC

2 February 2026 | 1:02PM HKT Equity Research CHINA BANKS Assessing the potential impact of reported government capital injections for ICBC & ABC According to Bloomberg News, the Ministry of Finance (MoF) may issue bonds to insurance companies (Rmb 200bn) and inject capital (Rmb 300bn) into two large SOE banks, ICBC and ABC. In 2025, the MoF recapitalized 4 large banks (CCB Rmb 105bn, BOC Rmb 165bn, PSBC Rmb 130bn, BoCom Rmb 120bn, see here) by issuing Rmb 500bn of special treasury bonds (beyond Rmb 8/12bn f ...