State-owned shares, the full name of state-owned shares, refer to the shares formed by state-authorized investment institutions or state-authorized investment departments investing in companies with state-owned property. In the bank acceptance business, state-owned shares refer to bills issued by state-owned banks and joint-stock banks. In inter-bank business, state-owned shares also refer to state-owned banks, namely state-owned and joint-stock banks. For example, five state-owned banks: Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank and Bank of Communications, and 12 national joint-stock banks: China Merchants, Xingye, Minsheng, Pudong Development Bank, CITIC and Ping An are all state-owned banks.