China Construction Bank now world's largest with $247bln market value

The lender unseated ICBC behind Central Huijin’s unlocking of shares and its plan for a $9.2bln rights issue.

China Construction Bank has become the world's largest bank in term of market value, according to CCB Chairman Guo Shuqing.

"The market value of CCB reached US$ 247 billion" on November 4, Guo said the next day at a finance summit in Beijing sponsored by Caixin Media, "ranking it first in the world."

The increase in stock value lifted state-owned CCB from second place to unseat the previous leader by market value, Industrial and Commercial Bank of China. Guo said the market had reacted to his bank's recent shareholding developments.

"Previously, there was a series of news that may have brought fluctuations in the bank's value, such as the unlocking of shares held by our largest shareholder, Central Huijin Investment, as well as our plan for a rights issue," Guo said. "The positive responses from the market are very encouraging for us."

CCB announced November 1 a plan to raise up to US$ 9.2 billion through a share rights issue within a month to shore up its balance sheet, which weakened after a 2009 lending binge.

View the full story in CaiXin.

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

What is Lorem Ipsum?

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Evergreen Group obtains financing license to expand in Malaysia