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    939   CNE1000002H1

CHINA CONSTRUCTION BANK CORPORATION

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Delayed Hong Kong Stock Exchange  -  04:08 2022-07-04 am EDT
5.240 HKD   -0.57%
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China allows 'Big Four' banks to issue loss-absorbing bonds

04/29/2022 | 06:26am EDT
FILE PHOTO: The logo of Industrial and Commercial Bank of China (ICBC) is pictured at the entrance to its branch in Beijing

SHANGHAI (Reuters) - China notified its "Big Four" state lenders on Friday that they can issue loss-absorbing bonds, in a move that would help prevent the spread of any potential instability in its financial system.

The country's banking regulator said it had sent notices to Industrial and Commercial Bank of China , Agricultural Bank of China , Bank of China and China Construction Bank .

The four lenders are designated as global, systemically important banks by Chinese regulators and the Switzerland-based Financial Stability Board (FSB). They are all under pressure to meet total loss-absorbing capacity (TLAC) targets from 2025.

Loss-absorbing bonds, which are not counted in a bank's capital base, can be written off, or converted into common equities, when the bank enters the disposal phase, the China Banking and Insurance Regulatory Commission said.

The regulator urges issuers of such bonds to adopt a market-oriented pricing mechanism, to make them attractive to investors.

Meanwhile, issuers are banned from directly, or indirectly buying loss-absorbing bonds sold by themselves.

China published rules last year requiring that the "Big Four" banks hold a TLAC amount of at least 16% of risk-weighted assets starting Jan 1, 2025, and the bar will be further raised to 18% from Jan. 1, 2028.

(Reporting by Shanghai Newsroom; editing by Jason Neely & Simon Cameron-Moore)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AGRICULTURAL BANK OF CHINA LIMITED 0.34% 2.97 Delayed Quote.10.45%
BANK OF CHINA LIMITED 0.64% 3.15 Delayed Quote.11.39%
CHINA CONSTRUCTION BANK CORPORATION -0.57% 5.24 Delayed Quote.-2.41%
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED -6.87% 4.34 Delayed Quote.5.91%
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Financials
Sales 2022 816 B 122 B 122 B
Net income 2022 319 B 47 572 M 47 572 M
Net Debt 2022 - - -
P/E ratio 2022 3,54x
Yield 2022 8,50%
Capitalization 1 134 B 169 B 169 B
Capi. / Sales 2022 1,39x
Capi. / Sales 2023 1,29x
Nbr of Employees 375 531
Free-Float 99,0%
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Mean consensus BUY
Number of Analysts 24
Last Close Price 4,47 CNY
Average target price 6,44 CNY
Spread / Average Target 44,0%
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Managers and Directors
Jin Liang Zhang Vice Chairman & President
Guo Li Tian Chairman
Yong Qing Wang Chairman-Supervisory Board
Pan Shi Jin Information Controller
Kenneth Patrick Chung Independent Non-Executive Director
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