The bank was the first of the four to propose a restructuring plan to the State Council in February 2003. The Central Huijin Investment Co Ltd, a central government investment arm, injected US$22.5 billion to the bank at the end of 2003. The bank set up a joint-stock company in September 2004.

    The Bank of America invested US$2.5 billion in the bank in June 2005, holding 9 per cent of its stake. Singapore's Temasek Holdings Ltd purchased a 5.1 per cent stake in the bank for US$1.4 billion.

    CCB kicked off an IPO in Hong Kong in October 2005, floating 30.5 billion shares priced at HK$2.35 (29 US cents) and raising US$9.2 billion. Its shares have risen about 60 per cent since then.

    According to the 2005 annual report, the bank's total assets stood at 4.6 trillion yuan (US$575 billion) by the end of 2005. Net profits dropped 4 per cent last year to 47 billion yuan (US$5.9 billion), affected by the macroeconomic environment. The average earnings per share were 0.24 yuan (3 US cents). Its non-performing loan ratio was 3.84 per cent.

    The bank is planning to grant stock options to senior executives and other staff this year, said president Guo Shuqing recently.

    Bank of China

    The bank got a US$22.5 billion capital injection from Huijin at the end of 2003. Its joint-stock company was launched in August 2004.

    The Royal Bank of Scotland invested US$3.1 billion for a 10 per cent stake in the bank. Other strategic investors include Switzerland's UBS, the Asian Development Bank and Temasek Holdings Ltd.

    The bank had total assets of 4.7 trillion yuan (US$586 billion) by the end of 2005. Its non-performing loan ratio was 4.4 per cent in mid-2005.

    The Industrial and Commercial Bank of China

    The bank received a US$15 billion capital injection by Huijin in April 2005.

    It launched a joint-stock company in October. Months later, American Express and Allianz Group paid a combined US$3.78 billion for an 8.89 per cent stake in the bank, the biggest amount of foreign investment in a Chinese bank.

    Chairman Jiang Jianqing confirmed in May that it will sell shares to the public in 2006, but declined to say if the bank would be listed in the domestic market or overseas.

    It was reported the bank's IPO could be sized at US$12 billion. The bank will restructure its departments this month to improve efficiency.

    The ICBC has assets worth more than 6 trillion yuan (US$750 billion). Its capital adequacy ratio was 10.26 per cent by the end of 2005.

    Its non-performing loan ratio fell to 4.43 per cent then.

    The Agricultural Bank of China

    The bank is still waiting for State Council approval of its restructuring proposal. Senior bank officials said earlier this year the bank is seeking an overall listing and is in talks with potential strategic investors.

    Its assets have exceeded 5 trillion yuan (US$625 billion). The bank's non-performing loan ratio was 26.17 per cent by the end of 2005, down 0.56 of a percentage point from a year ago.

    Its net profit was 1.04 billion yuan (US$130 million) for 2005, down 48 per cent from 2004.

    (Source: China Daily)