BoCom up again on ownership reform plan
Print Edition
SHARES in the Bank of Communications, China’s fifth-largest lender, rallied for a second day yesterday after the company announced plans for increased private ownership.
The Shanghai-based lender gained 6.6 percent to 4.50 yuan (73 US cents) after rising by the daily limit of 10 percent on Monday. The gains came on the back of speculation it might become the first state-owned bank to pilot the government’s mixed-ownership reforms.
According to a Monday night filing to the Hong Kong stock exchange, BoCom is studying feasibility plans regarding its ownership structure and corporate governance system.
The mixed-ownership reform plan is part of the central government’s initiatives to improve the efficiency and competitiveness of public-sector enterprises.
BoCom was the first state-owned bank to list in Hong Kong and also the first to sign a strategic partnership deal with an overseas lender, namely HSBC.
The bank said in the filing that it has formulated a new share structure, comprising state, private and foreign capital.
According to the bank’s own figures, its biggest shareholder is currently the Ministry of Finance, with a 26.5 percent stake, while HSBC is its third-largest, with 18.7 percent.
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