Chinese conglomerate Macrolink Group plans to sell down its shareholdings in Bank of Ningxia Co. Ltd. and Daxinganling Rural Commercial Bank Co. Ltd. for a total of 1.80 billion yuan to comply with a regulatory requirement on a single investor's stakes in banks, Caijing reported July 4.

Macrolink is Bank of Ningxia's second-largest shareholder with a 13.53% stake, and holds 18% of Daxinganling Rural Commercial Bank. It is also the third- and second-largest shareholder of Bank of Beijing Co. Ltd. and Bank of Changsha Co. Ltd., respectively, with stakes of 8.57% and 11.11%.

In January, the then-China Banking Regulatory Commission finalized rules that limit a single investor to becoming a major shareholder of two banks, or a controlling shareholder of just one lender.

The regulator also defined a major shareholder as an investor that either holds 5% or more of a Chinese bank's total equity or holds less than a 5% stake but has significant influence of the bank's operations.

As of July 4, US$1 was equivalent to 6.63 Chinese yuan.