SAFE Subsidiary Takes Stakes in Several Listed Banks

(Beijing) – A wholly owned investment subsidiary of the State Administration of Foreign Exchange has emerged as a major shareholder in several listed banks, the first time the firm is known to have bought stocks in the Chinese market.

Wutongshu Investment Platform Co. Ltd., which has carried out a few investments using the country's forex reserve since November 2014, is now among the top 10 shareholders in four banks, the lenders' annual financial statements released recently show.