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BoCom shares rally at midday on reform plan
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BANK of Communications shares rallied in Shanghai for the second straight day after it said it plans to deepen reforms and improve risk controls to boost competitiveness.
The Shanghai-based state-owned lender’s shares jumped 2.6 percent to 4.33 yuan (70 US cents) by noon today.
Last night in a statement filed with the Hong Kong Stock Exchange, BoCom said it is studying plans to diversify ownership and improve corporate governance as it continues to launch more reforms and modernize.
The central government wants to reform SOEs to make better use of state assets.
BoCom was the first state-owned bank to list in Hong Kong and the first to ink a strategic partnership deal with an overseas lender like HSBC.
As of March 31, the Ministry of Finance was BoCom’s biggest shareholder with a 26.53 percent stake. HSBC, its third-biggest shareholder, held an 18.7 percent stake, according to BoCom’s first quarter financial results.
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