Investment arm of China's sovereign-wealth fund Central Huijin Investment has acquired substantial shares in four Chinese banks through the secondary market.
The banks include Industrial & Commercial Bank of China (ICBC), Agricultural Bank of China, Bank of China and China Construction Bank.
As of end June and September 2012, the investment bank held 67.63% and 67.64% stake in Bank of China respectively, while in ICBC 35.43%.
Central Huijin intends to continue raising its stake in the banks over the next twelve months.
The purchase program is a strategy to stabilize share prices of the state owned commercial banks and to boost confidence of the stressed stock market.
Established in December 2003 and headquartered in Beijing, Central Huijin carries out equity investments in major state-owned financial enterprises in accordance with authorization by the State Council.