It’s different for the privately owned. When ICBC, China’s largest state lender, sold Rmb34bn of A-shares in Shanghai in a rights issue last November, buyers included the domestic arm of the sovereign wealth fund, the Finance Ministry and China Life. When Minsheng, the first Chinese lender mostly owned by private firms, sold Rmb22bn of A-shares in a private placement on Friday, buyers included a gearbox manufacturer, a cosmetics developer and a vendor of pig feed. Oh, and China Life.
民營企業的境遇就是不同。去年11月份,中國最大的國有銀行中國工商銀行(ICBC)在上海A股市場通過配股發行融資340億元人民幣,當時配售對象包括中國主權財富基金的國內子公司、中國財政部以及國有保險公司中國人壽(China Life)。而當中國第一家由民營企業控股的銀行——民生銀行(Minsheng)上週五在A股市場定向增發220億元人民幣的股票時,買家則包括一家汽車變速箱製造商、一家保健品開發企業和一家豬飼料經銷商。哦,還有中國人壽!