Bank of Communications execs buy shares

Bank of Communications announced late Wednesday that a group of its directors and executives had spent over 2 million yuan ($324,675) to purchase 563,100 shares of the bank from the stock market, the first move of its kind in China's A-share market.

The 13 executives bought the shares at prices ranging from 3.75 to 3.77 yuan on Tuesday and Wednesday, and they are committed to a three-year lock-up period for holding the shares, the bank said in a statement filed with the Shanghai bourse.

The move is said to show the executives' confidence in the overall performance of China's fifth-largest lender by assets, which suffered the most undervalued stock prices among the 16 listed banks in China's A-share market.