---
endpoint: analytics
pattern: Financial Services
status: done
latency_ms: 82384
conversation_id: dde5e490-129b-4831-bb5b-09995af48930
citations: 2
created: 2026-05-31 20:11:46Z
---

# Who are the key shareholders of CCB?

# Key Shareholders of China Construction Bank (CCB, 939 HK / 601939 CH)

Based on CCB's 2024 Annual Report (top-ten ordinary shareholders, as at 31 December 2024), CCB is a state-controlled lender with a highly concentrated ownership structure dominated by **Central Huijin Investment Ltd.** acting on behalf of the Chinese state.

## Top 10 Ordinary Shareholders (as of 31 Dec 2024)

| # | Shareholder | Nature | % | Shares Held |
|---|------------|--------|---|-------------|
| 1 | **Central Huijin Investment Ltd. (Huijin)** | State | **57.03%** (H) + **0.11%** (A) | 142,590,494,651 H + 267,392,944 A [1] |
| 2 | **HKSCC Nominees Limited** | Overseas legal person | **37.52%** | 93,795,038,438 H [1] |
| 3 | China Securities Finance Corporation Limited | State-owned legal person | 0.88% | 2,189,259,672 A [1] |
| 4 | **State Grid Corporation of China** | State-owned legal person | 0.64% | 1,611,413,730 H [1] |
| 5 | Reca Investment Limited | Overseas legal person | 0.34% | 856,000,000 H [1] |
| 6 | Hong Kong Securities Clearing Company Ltd. (Northbound) | Overseas legal person | 0.28% | 689,270,894 A [1] |
| 7 | **China Yangtze Power Co.** | State-owned legal person | 0.26% | 648,993,000 H [1] |
| 8 | **Central Huijin Asset Management Ltd.** | State-owned legal person | 0.20% | 496,639,800 A [1] |
| 9 | **China Baowu Steel Group** | State-owned legal person | 0.13% | 335,000,000 H [1] |
| 10 | New China Life Insurance Company Ltd. (Traditional 018L) | Others | 0.08% | 200,903,923 A [1] |

## Key Takeaways

**1. Central Huijin Investment Ltd. — The Controlling Shareholder (~57.14% direct + indirect)**
- Huijin is the controlling shareholder of CCB, a wholly state-owned company established on 16 December 2003 by the State Council. It exercises the contributor's rights of the Chinese state in key state-owned financial institutions.
- Huijin holds **57.03% in H-shares** plus an additional **0.11% in A-shares** directly, and indirectly controls another **0.20%** via its wholly-owned subsidiary **Central Huijin Asset Management Ltd.** [2]
- In October 2023, Huijin began a buy-program; by 10 April 2024 it had increased its stake by a cumulative 71,450,968 A-shares (~0.03% of total share capital) [2].
- **New China Life Insurance**, also in the top 10, is a company controlled by Huijin [2].

**2. HKSCC Nominees Limited — 37.52% (nominee for H-share float)**
- HKSCC Nominees is a wholly-owned subsidiary of Hong Kong Securities Clearing Company Ltd. and holds H-shares as a nominee on behalf of institutional and individual investors. This is NOT a beneficial owner — it is the depository through which the entire H-share free float (excluding direct strategic holders) is held.
- Notably, this nominee position includes H-shares held by **Ping An Asset Management as investment manager on behalf of several clients**, as well as those held by **Ping An Insurance Group through its controlled enterprises** [2].

**3. Strategic Corporate State-Owned Shareholders (original promoters / cornerstone holders)**
Besides Huijin, three other Chinese state-owned enterprises were original CCB promoters and continue as significant holders, with their H-shares parked under HKSCC Nominees:
- **State Grid Corporation of China** — 0.64% (1,611,413,730 H-shares). Held through subsidiaries: State Grid International Development Co., Ltd. (296,131,000 shares) and State Grid International Development Limited (1,315,282,730 shares) [2].
- **China Yangtze Power** — 0.26% (648,993,000 H-shares) [2].
- **China Baowu Steel Group** — 0.13% (335,000,000 H-shares) [2].

**4. Other Notable Holders**
- **China Securities Finance Corporation Limited** (0.88%) — a state-owned securities-financing entity used in the A-share market for market-stabilization purposes.
- **Reca Investment Limited** (0.34%) — a long-standing foreign-legal-person holder.
- **Ping An Group** — although not directly listed in the top 10 line items, Ping An is explicitly flagged as a meaningful beneficial owner of H-shares sitting inside the HKSCC Nominees position, through both its asset-management arm acting for clients and through controlled enterprises of the group [2].

## Bottom Line
CCB's control structure is unambiguous: **the Chinese state, via Central Huijin Investment Ltd. (and its asset-management subsidiary), owns roughly 57.3% of the bank**, making CCB a state-controlled "Big Four" Chinese commercial bank. The remaining strategic stakes are held by other central SOEs (State Grid, Yangtze Power, Baowu) that were original promoters, while the ~37.5% H-share float (held under HKSCC Nominees) represents the public/institutional minority — within which Ping An is the most material identified beneficial owner. No private or foreign investor holds a meaningfully large direct stake outside the nominee structure.

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**Sources**
[1] China Construction Bank Corporation — Annual Report 2024 (filed April 2025), "Particulars of shareholding of top ten ordinary shareholders" (as of 31 Dec 2024)
[2] China Construction Bank Corporation — Annual Report 2024 (filed April 2025), Notes to shareholders table (Huijin shareholding increase, HKSCC Nominees disclosure including Ping An, State Grid subsidiaries, Huijin-controlled New China Life)

## Citations

- [1] **China Construction Bank Corporation annual_report 2025-04-02** · external
- [2] **China Construction Bank Corporation annual_report 2025-04-02** · external

