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CN Banks Accelerating Refinancing for Stock Repurchases & Increases, with Credit Limit Initially Estimated to Be RMB300B+
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Various commercial banks in Mainland China have recently accelerated the implementation of refinancing for stock repurchases and increases, and the total amount of credit line granted has topped RMB300 billion, according to preliminary estimation, CCTV reported. The report quoted the data disclosed by a number of Chinese banks, of which ICBC (01398.HK) has accumulated support and reserves for more than 400 stock repurchase and increase projects of listed companies, involving a transaction amount of more than RMB100 billion. BANK OF CHINA (03988.HK) has supported 73 stock repurchase and increase projects as of the end of March, with a total loan amount of RMB25.36 billion. CCB (00939.HK) has provided services to nearly 70 listed companies and their major shareholders, covering various ownership systems such as state-owned enterprises, centralized enterprises, and private enterprises, and covering clients of the Shenzhen Stock Exchange, Shanghai Stock Exchange and Beijng Stock Exchange, with a total loan amount of nearly RMB14 billion. The Governor of the People's Bank of China (PBOC), Pan Gongsheng, announced in September last year the creation of the program of refinancing for stock repurchases and increases, which will guide mainland banks to provide loans to listed companies and major shareholders to support stock repurchases and increases. AAStocks Financial News |
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