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China government-linked entities raise stakes in Harbin Bank

Harbin Economic Development and Investment Co. and Heilongjiang Financial Holdings Group Co. Ltd. completed their acquisition of more shares in Harbin Bank Co. Ltd.

The bank said Dec. 13 that it received approval for the transfer of its shares to the two companies. Following the share transfers, Harbin Economic Development now holds 3,257,943,986 domestic shares of the bank, representing 40.87% of the total issued domestic shares and 29.63% of the total issued shares of the bank, respectively. It is the largest shareholder of the bank.

Meanwhile, Heilongjiang Financial holds a total of 2,039,975,058 domestic shares of the bank, representing 25.59% of the total issued domestic shares and 18.55% of the total issued shares of the bank, respectively. Heilongjiang Financial is now the second-largest shareholder of the bank.