Financial regulators have authorized a major state-owned asset management firm to increase its holdings in one of China's largest banks.
On August 3, the National Financial Regulatory Administration issued a formal response approving the China Great Wall Asset Management Co., Ltd. to boost its stake in China Construction Bank Corporation. The approved increase is limited to no more than 1.99% of the bank's total share capital.
Following the transaction, the total shareholding of China Great Wall Asset Management in China Construction Bank Corporation must not exceed 5% of the bank's outstanding shares.
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