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MarketScreener Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  Industrial and Commercial Bank of China    601398   CNE000001P37

INDUSTRIAL AND COMMERCIAL BANK OF CHINA (601398)
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General Electric, China's Silk Road Fund to launch energy investment platform

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11/10/2017 | 03:12am CEST
Logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia

SHANGHAI (Reuters) - General Electric Co (>> General Electric Company) and a Chinese state fund set up for the Belt and Road trade initiative plan to jointly establish an energy infrastructure investment platform, China's government said.

SHANGHAI (Reuters) - General Electric Co (>> General Electric Company) and a Chinese state fund set up for the Belt and Road trade initiative plan to jointly establish an energy infrastructure investment platform, China's government said.

The announcement came on the sidelines of a state visit to Beijing by U.S. President Donald Trump, who has been looking to rev up U.S.-China trade.

The Silk Road Fund and GE Energy Financial Services signed a "cooperation" deal to set up the platform in Beijing, the State Administration of Foreign Exchange (SAFE) said in a statement dated Thursday and seen by Reuters on Friday.

"The two sides will jointly invest in electric power grids, new energy and oil and gas, in countries and regions along the Belt and Road," SAFE said.

"The cooperation between the Silk Road Fund and GE will not only boost cooperation between high-end manufacturing industries from China and the U.S., but also promote economic and trade development in the regions where of investment," SAFE added.

The step was part of a flurry of deals between GE and Chinese companies. These included an engine and repair deal for GEnx-1B engines from Juneyao Airlines Co Ltd (>> Juneyao Airlines Co Ltd) worth $1.4 billion at list prices, and another $1.1 billion order for 80 Leap-1B engines to power 40 Boeing 737 MAX Aircraft from ICBC Leasing, the leasing arm of state bank Industrial and Commercial Bank of China Ltd (>> Industrial and Commrcl Bank of China Ltd).

The Silk Road Fund was set up at the end of 2014 and is backed by China's foreign exchange reserves, China Investment Corp, the Export-Import Bank of China and the China Development Bank.

(This story has been refiled to clarify that government statement was dated Thursday)

(Reporting by Engen Tham; Editing by Joseph Radford)

Stocks mentioned in the article
ChangeLast1st jan.
GENERAL ELECTRIC COMPANY -0.41% 12.265 Delayed Quote.-29.40%
INDUSTRIAL AND COMMERCIAL BANK OF CHINA -1.81% 5.43 End-of-day quote.-10.81%
JUNEYAO AIRLINES CO LTD -1.75% 11.82 End-of-day quote.-21.32%
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Financials (CNY)
Sales 2018 755 B
EBIT 2018 481 B
Net income 2018 302 B
Debt 2018 -
Yield 2018 4,57%
P/E ratio 2018 6,55
P/E ratio 2019 6,05
Capi. / Sales 2018 2,51x
Capi. / Sales 2019 2,31x
Capitalization 1 895 B
Chart INDUSTRIAL AND COMMERCIAL BANK OF CHINA
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 7,05  CNY
Spread / Average Target 27%
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Managers
NameTitle
Shu Gu Vice Chairman & President
Hui Man Yi Chairman
Wen Wu Zhang General Manager-Finance & Accounting
Lin Zhao Member-Supervisory Board
Wei Zhang Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
INDUSTRIAL AND COMMERCIAL BANK OF CHINA-10.81%273 645
JP MORGAN CHASE & COMPANY0.01%363 412
BANK OF AMERICA-3.59%283 267
WELLS FARGO-14.11%247 742
CHINA CONSTRUCTION BANK CORPORATION-9.77%214 414
BANK OF CHINA LTD-10.58%183 884