Telegraph

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[Eight central financial enterprises will replenish capital and increase capital by a total of 360 billion yuan] On September 6, eight central financial enterprises including the Industrial and Commercial Bank of China announced capital increase plans to replenish core tier-one capital. According to statistics, eight central financial enterprises plan to increase capital by a total of 360 billion yuan, which will help further enhance their ability to operate steadily, resist risks, and serve the real economy. According to the announcement, two large state-owned commercial banks, Industrial and Commercial Bank of China and Agricultural Bank of China, plan to issue A shares to specific targets, the Ministry of Finance, China Tobacco Corporation and related subsidiaries, and plan to raise funds of no more than 100 billion yuan and 160 billion yuan respectively. In addition, the Ministry of Finance will inject 30 billion yuan and 10 billion yuan respectively into two policy financial institutions, the Export-Import Bank of China and China Export and Credit Insurance Corporation. On the same day, four state-owned commercial insurance companies announced capital increase plans. The People's Insurance Company of China plans to issue A-shares to a specific target, the Ministry of Finance, and plans to raise no more than 15 billion yuan. The Ministry of Finance injected 35 billion yuan and 7 billion yuan into China Life Group and China Taiping respectively. China Re plans to have the Ministry of Finance subscribe for domestic shares in cash and plans to raise 3 billion yuan.