Agricultural Bank of China and ICBC plan to raise a combined 260 billion yuan, approximately $38.7 billion, through private placements of A-shares on the Shanghai Stock Exchange. AgBank is targeting up to 160 billion yuan ($24 billion) while ICBC aims to raise up to 100 billion yuan ($15 billion). China’s Ministry of Finance is the lead investor, committing 200 billion yuan, accounting for roughly 77% of the total raise. The proceeds will be used to replenish core Tier 1 capital, in line with a regulatory directive issued in September 2024. Bank of China and China Construction Bank already completed similar capital injections in 2025, forming the first wave of this state-directed recapitalization effort.
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