---
endpoint: analytics
pattern: Financial Services
status: done
latency_ms: 131774
conversation_id: dbbde1c4-7b7f-463b-ba79-754a55218928
citations: 4
created: 2026-05-31 20:46:41Z
---

# Who are the key shareholders of ICBC?

# Key Shareholders of ICBC (Industrial and Commercial Bank of China — 1398 HK / 601398 CH)

As at 31 March 2026, ICBC had **788,295 ordinary shareholders** in total — 99,583 H-share holders and 688,712 A-share holders [3]. Ownership is heavily concentrated at the top, with the Chinese state holding ~70% of ordinary shares directly through two vehicles. The remaining float is dominated by HKSCC Nominees (acting on behalf of all H-share investors) and a small group of state-linked institutional holders.

## Top 10 Ordinary Shareholders (as at 31 March 2026)

| # | Shareholder | Nature | Class | Shares Held | % of Total Ord. Shares |
|---|---|---|---|---|---|
| 1 | **Central Huijin Investment Ltd.** | State-owned | A Share | 124,004,660,940 | **34.79%** |
| 2 | **Ministry of Finance of the PRC** | State-owned | A Share | 110,984,806,678 | **31.14%** |
| 3 | **HKSCC Nominees Limited** | Foreign legal person | H Share | 86,197,167,431 | **24.19%** |
| 4 | National Council for Social Security Fund | State-owned | A Share | 12,331,645,186 | 3.46% |
| 5 | China Securities Finance Co., Ltd. | State-owned legal person | A Share | 2,416,131,540 | 0.68% |
| 6 | Hong Kong Securities Clearing Co. Ltd. | Foreign legal person | A Share | 1,513,077,034 | 0.42% |
| 7 | China Life Insurance — Traditional (005L-CT001 Hu) | Other entities | A Share | 1,474,783,481 | 0.41% |

Source: ICBC Q1 2026 Report (register of shareholders, 31 March 2026) [1]

## Key Observations

- **State control is absolute.** Central Huijin (an arm of China Investment Corporation / the State Council) and the Ministry of Finance jointly hold **~65.93%** of ICBC's ordinary shares on the A-share register [1]. Add the National Council for Social Security Fund (3.46%) and China Securities Finance (0.68%) and **direct/indirect state ownership exceeds 70%**.

- **HKSCC Nominees Limited (24.19%) is not a beneficial owner** — it is the nominee that holds H shares on behalf of all institutional and retail investors registered through Hong Kong Securities Clearing accounts. Notably, the National Council for Social Security Fund (NCSSF) and Ping An Asset Management Co., Ltd. are among the H-share beneficial holders sitting inside HKSCC's position [2]. When NCSSF's A and H shares are combined, it holds **19.02bn shares = 5.34% of total ordinary shares** [2].

- **Cross-holding relations.** Central Huijin also holds 100% of Central Huijin Asset Management Ltd. and 66.70% of China Securities Finance Co., Ltd. (the #5 holder) — meaning Huijin's economic interest is larger than its direct 34.79% stake when these subsidiaries are looked through [2].

- **Hong Kong Securities Clearing Co. (#6 with 0.42% in A shares)** represents Northbound Stock Connect holdings — Hong Kong and foreign investors accessing ICBC's A shares via the Shanghai-Hong Kong Stock Connect channel [2].

## Preference Share Holders (separate class)

ICBC also has two tranches of domestic preference shares (工行優 1 and 工行優 2). Top holders of the "工行優 1" tranche (RMB45bn total, 450mn shares) include:
- **China Mobile Communications Group** — 44.44%
- **China National Tobacco Corporation** — 11.11%
- **China Life Insurance Company Limited** — 7.78%
- **Ping An Life Insurance Company of China** — 6.67% [1]

## Forward Context — Second-Batch Recapitalisation (CLSA)

ICBC's ownership structure is likely to shift slightly when the planned MoF capital injection lands. Per CLSA's 30-March-2025 sector note, the first batch of state-bank recapitalisations (CCB / BOC / BOCOM / PSBC, totaling Rmb520bn) was disclosed in March 2025, and "leaves ABC and ICBC to the second batch in 2026, which we estimate at another Rmb500bn" [4]. When that A-share private placement to the MoF closes, the Ministry of Finance's direct stake in ICBC (currently 31.14%) will rise further, mildly diluting Central Huijin's relative position — though both remain state-owned.

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**Sources**
[1] ICBC Q1 2026 Report — "Particulars of Shareholding of the Top 10 Ordinary Shareholders of the Bank" (data as at 31 March 2026)
[2] ICBC Q1 2026 Report — Notes to top-10 shareholder table (Huijin subsidiary look-through; HKSCC Nominees beneficial holders; NCSSF aggregate position)
[3] ICBC Q1 2026 Report — "Information on Shareholders" (total shareholder count breakdown)
[4] China banks sector (Recapitalisation plans unveiled) — CLSA (30 March 2025) — 607954420LinqAlpha.PDF

## Citations

- [1] **Industrial and Commercial Bank of China Limited Class H: Industrial and Commercial Bank of China Limited First Quarterly Report of 2026** · external
- [2] **Industrial and Commercial Bank of China Limited Class H: Industrial and Commercial Bank of China Limited First Quarterly Report of 2026** · external
- [3] **Industrial and Commercial Bank of China Limited Class H: Industrial and Commercial Bank of China Limited First Quarterly Report of 2026** · external
- [4] **607954420LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/03/607954420LinqAlpha.PDF>

