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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  China Construction Bank Corporation    0939   CNE1000002H1

CHINA CONSTRUCTION BANK CORPORATION

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China's Baoshang Bank to be taken over by local governments, state firms

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01/21/2020 | 01:22am EST
Staff members are seen at the booth of Baoshang Bank at an investment and finance fair for small and medium sized enterprises in Beijing

China's troubled Baoshang Bank will be taken over by local governments and a group of state firms, a central bank official with direct knowledge of the matter said, as Beijing looks to shore up some of the country's weakest lenders.

Financial regulators took control of Inner Mongolia-based Baoshang Bank last May, citing serious credit risks. That takeover rattled domestic markets, pushing up interbank funding costs for some smaller lenders and prompting the central bank to inject cash into the banking system to prevent contagion risks.

The governments of China's Inner Mongolia Autonomous Region and Baotou, a major city in the region, will lead the acquisition of at least a 50% stake in a reorganised Baoshang Bank, according to the official, who declined to be identified given the sensitivity of the matter.

State firms in Inner Mongolia will also participate in the takeover, the official said.

The People's Bank of China (PBOC) said in November that asset and cap­i­tal ver­i­fi­ca­tion work at Baoshang was nearly complete, and that it would restructure the lender as soon as possible.

Other strategic investors in the revamped Baoshang Bank include Huishang Bank, China Construction Bank (CCB) and a national deposit insurance fund managed by the central bank, the official said.

The official did not elaborate on the value of the investment or specific shareholding details.

Reuters reported earlier this month that Huishang Bank planned to take over four branches of Baoshang under a state-led reorganisation.

Huishang also said recently that it plans to invest up to 3.6 billion yuan ($524.29 million) to hold up to 15% of a newly created provincial commercial bank, without naming the lender, although the sources said at the time that the investment was linked to the Baoshang reorganisation.

The Inner Mongolia and Baotou governments could not be reached for comment. Baoshang and Huishang declined to comment. CCB didn't reply to a Reuters request for comment.

By Rong Ma, Cheng Leng and Ryan Woo

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF CHINA LIMITED 0.00% 3.22 End-of-day quote.-3.59%
CHINA CONSTRUCTION BANK CORPORATION 0.00% 6.55 End-of-day quote.-2.82%
HUISHANG BANK CORPORATION LIMITED -2.36% 2.9 End-of-day quote.0.00%
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD. -1.22% 30.71 End-of-day quote.0.48%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.03% 7.042 Delayed Quote.1.21%
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Financials (CNY)
Sales 2019 686 B
EBIT 2019 497 B
Net income 2019 266 B
Debt 2019 -
Yield 2019 5,42%
P/E ratio 2019 5,58x
P/E ratio 2020 5,30x
Capi. / Sales2019 2,17x
Capi. / Sales2020 2,04x
Capitalization 1 486 B
Chart CHINA CONSTRUCTION BANK CORPORATION
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Technical analysis trends CHINA CONSTRUCTION BANK CO
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 25
Average target price 7,42  CNY
Last Close Price 5,91  CNY
Spread / Highest target 55,8%
Spread / Average Target 25,5%
Spread / Lowest Target -6,29%
EPS Revisions
Managers
NameTitle
Gui Ping Liu Vice Chairman, President & General Manager
Guo Li Tian Chairman
Yi Ming Xu Chief Financial Officer
Geng Sheng Zhang Executive Director & Executive Vice President
Zhen Yu Li Member-Supervisory Board
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