ICBC, Bank of China may change fundraising schemes

Central Huijin to benefit from lenders' rights issues offering over issuing bonds and selling shares.

Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. may revise their fund-raising plans by opting to conduct rights issues in Shanghai and Hong Kong, rather than issuing convertible bonds in Shanghai and selling shares in Hong Kong, the 21st Century Business Herald reported Wednesday, citing several sources.

The report said rights issues would benefit Central Huijin Investment Ltd., the domestic investment arm of China's sovereign wealth fund and a major shareholder in the country's state-run financial institutions, because they wouldn't dilute Huijin's holdings in the two lenders, according to a report in Market Watch.

Huijin holds 35% of ICBC and 67.5% of Bank of China.

Other major banks, including Bank of Communications Co. and China Construction Bank Corp., have said they would raise funds via rights issues.

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