China Central Huijin, owning more than HK$1,000 billion in three Chinese asset banks in Hong Kong, plan to open an account of company's investors in Hong Kong Stock Exchange & Clearing (HKex)'s subsidary - Central Clearing.
As the largest shareholder of some stated-control commercial banks such as ICBC, China Construction Bank and Bank of Communications etc, Central Huijin's move to open account was seen as a measure to deposit shares or to reduce the hold for stocks. Among the banks held by it, only the stocks of Bank of Communications has passed the ban-sold period and can be sold in market at any time.
Sources well-informed said the institution may cut the shares in three Chinese banks in a small size by opening the account. Institution's vice-director Wang Jianxi has stressed again and again they will keep the nationality of these state-owned banks, dispite some of them have finished the reform of share system and listed.
Source well-informed in mainland financial sector said the Central Huijin's move is a great turnpoint, indicating the argue about whether it is a semi-government institution or a state-owned controled share company come to a crucial change. He said also the group plan to imitate the Pension Fund which set an investors account in HK and then sold the shares it held in some state-owned banks, and become the 2nd institution opening investors account in HK.
After set an account, the insititution can deposit the shares listed in HK; get the services from agents.