Source: brokerage China
State-owned banks have made a big increase in their holdings of H shares!
HKEx Disclosure of easy Information showsBestonlinevideopokersitesOn May 22, CITIC Securities Asset Management-No. 3 single Asset Management plans to increase its holdings in more than 200 million H shares of the Bank of China on the market, and Ping an Capital Management increased its holdings by 915 the next day.Bestonlinevideopokersites.70,000 H shares of ICBC.
After the completion of the two increases, CITIC Securities Asset Management-No. 3 single asset management plan accounted for more than 5% of the total number of H shares of the Bank of China, while Ping an Capital Management held more than 14% of ICBC H shares as an "investment manager".
Among them, Ping an Capital Management's last increase in ICBC's H shares took place in the first half of 2019, while CITIC Securities Asset Management-No. 3 single asset management plan first appeared in the series of major shareholders of Bank of China's H shares.
Ping an increases its H-share holdings in ICBC
Ping An Asset Management Co.,Ltd. (ping an Capital Management) increased its stake in Industrial and Commercial Bank of China (ICBC) H shares on May 23, at a cost of about HK $43 million, according to information disclosed by the HKEx.
After the increase, Ping an Capital Management holds a total of 12.156 billion ICBC H shares as an "investment manager", accounting for 14 per cent of ICBC's H shares and 3.41 per cent of the bank's total share capital.
Ping an Capital Management held about 12.138 billion ICBC H shares at the end of last year, according to ICBC's annual report. This means that Ping an Capital Management has increased its holdings by about 18.151 million shares since the beginning of this year.
Prior to this, Ping an Capital Management's last round of centralized holdings took place in the first half of 2019, during which it increased its holdings of about 3.461 billion ICBC H shares to 12.1688 billion shares. Since then, Ping an Capital Management has reduced its holdings of about 31.023 million shares in the first half of 2023.
According to public information, Ping an of China first appeared on the list of major ICBC H shares in the third quarter of 2017, accounting for more than 5% of the total number of ICBC H shares, and has since experienced several rounds of large-scale holdings in the second half of 2017, the second half of 2018 and the first half of 2019.
In the meantime, Ping an of China publicly responded that the increase in ICBC's H-share holdings is a financial investment and will strictly follow the financial investment principles. "Ping an of China is optimistic about the development prospects of China's banking industry and ICBC, and ICBC has a good dividend rate. in line with the investment principles of insurance funds.
According to statistics, the annual cash dividend ratio of ICBC has been higher than 30% for 17 consecutive years, and the amount of dividends in the last three fiscal years has exceeded 100 billion yuan. At the end of April this year, the bank also considered and passed a board bill on interim dividends.
Since the beginning of this year, ICBC H shares have risen 22 per cent, while ICBC A shares have risen 14.6 per cent.
Bank of China's H shares have been greatly increased
As the largest state-owned bank during the year, Bank of China H shares also ushered in a massive increase in holdings.
Citic Securities Asset Management-No. 3 single asset management plans to increase its stake in Bank of China H shares on May 22, at a cost of more than HK $810 million, according to information disclosed by the Hong Kong Stock Exchange.
After this increase, the aforementioned asset management plan holds a total of 4.224 billion H shares of Bank of China, accounting for more than 5 per cent of the bank's total H shares and 1.43 per cent of the bank's total share capital, with a market capitalization of more than HK $16 billion.
It is worth mentioning that, in addition to increasing the holdings of Bank of China's H shares, CITIC Securities Asset Management-No. 3 single asset management plan also entered the top 10 shareholders of Daqin Railway during the year and held 424.6 million A shares of Daqin Railway by the end of March, accounting for 2.42% of the company's total share capital.
Prior to this, Citic Financial assets announced at the beginning of the year that it planned to set up a single asset management plan for investment by CITIC Securities Asset Management and CITIC Construction Investment respectively. The investment target is the high-quality assets of listed companies in domestic and foreign markets (including but not limited to bonds, stocks, etc.).
It is reported that the total amount of funds entrusted by Citic Financial assets to CITIC Securities Management and CITIC Construction Investment does not exceed 60 billion yuan, and the investment period is three years.
Citic Financial assets said that through the above-mentioned joint asset management plan, Citic Group can give full play to its synergy advantages, enhance investment risk management and control capabilities, and strengthen investment professional support.
It is understood that Citic Financial assets, formerly known as China Huarong, changed its name in January this year. At the unveiling ceremony, CITIC Financial assets said that the company is an important unit of CITIC Group to help build a financial power, and has the special function and important role of countercyclical rescue, resolving financial risks and unblocking the circulation of factors.
The data show that since the beginning of this year, Bank of China's H shares have risen nearly 30%, and Bank of China's A shares have also risen more than 13%.
High premium for ah shares of banks
In addition to ICBC and Bank of China, the Postal savings Bank was also increased by important shareholders during the year.
According to the disclosure, the Shanghai Group increased its holdings of 103.5 million shares and 176.392 million shares of Postal savings Bank H shares on January 31 and March 8 respectively, but did not disclose the price of the increase.
After the completion of the increase, the Shanghai Group's H shares of Postal savings Bank has increased to 3.983 billion shares. Together with its actual holding of 113 million A shares of Postal savings Bank, Shanghai Group's shareholding in Postal savings Bank has returned to more than 4%, or about 4.13%.
The last time SIPG stepped in to increase its holdings took place in the fourth quarter of 2022. It is understood that the Shanghai Group is one of the cornerstone investors in the H-share IPO of the Postal savings Bank.
In addition, Bank of Communications Chairman Ren Deqi added 100000 shares of BoCom H shares on May 14, at a cost of HK $600000, increasing the number of shares to 500000 shares.
Yu Jinxin's team of Minsheng Securities released a research report in mid-May, saying that as of May 17, the A shares of 15 A + H shares listed banks had a premium to H shares, with an average premium rate of 43%, which is still at a historically high level.
"under the general discount of H shares, even through the Hong Kong Stock Connect channel with higher dividend tax, there are still 10 AH listed banks with higher dividend yields than A shares. During the two sessions, Hong Kong participants put forward a proposal to reduce the dividend tax rate of Hong Kong Stock Connect. If the subsequent tax reduction policy can be implemented, the dividend advantage of banks'H shares will be further expanded. " The report says.
The report also stresses that while the H-share discount brings dividend advantages, it should also take into account the relative disadvantages of H-share market liquidity and settlement efficiency:
On the one hand, at this stage, the dividend yield of H shares is mainly high in small and medium-sized banks, and their H-share liquidity is poor compared with large banks, so the actual investment may face additional time costs and exchange rate risks because of poor transactions.
On the other hand, due to the influence of investor structure and dividend settlement efficiency, the trading activity of H-shares is weaker than that of A-shares as a whole.