Several State-owned commercial banks announced that they have approved proposals to issue A-shares, worth up to 520 billion yuan ($71.59 billion), to targeted investors on Sunday.

All funds raised will be used to replenish the banks' core tier-1 capital.

China Construction Bank announced it would introduce a strategic investment from the Ministry of Finance, aiming to raise up to 105 billion yuan.

Bank of Communications announced it would raise up to 120 billion yuan, with the Ministry of Finance, China Tobacco and its subsidiary Shuangwei Investment as investors. The Ministry of Finance is expected to subscribe up to 112.42 billion yuan of the shares.

Bank of China has proposed to issue A-shares to designated investors, such as the Ministry of Finance, seeking to raise up to 165 billion yuan.

Postal Savings Bank of China has proposed to issue A-shares to the Ministry of Finance, China Mobile and China State Shipbuilding Corporation, aiming to raise up to 130 billion yuan.

The proposed plans need to be approved by regulators and the stock exchange involved before getting implemented.

Tan Guoling contributed to this story.