With the approval of the CBRC (Yinjianfu [2014] No.563) and CSRC (Zhengjianxuke [2014] No.938), the Bank non-publicly issued RMB39.94 billion of offshore preference shares (“Offshore Preference Shares”) on 23 October 2014. With the approval of the Hong Kong Stock Exchange, such Offshore Preference Shares have been listed on the Hong Kong Stock Exchange since 24 October 2014.
| Stock Name |
BOC 2014 PREF |
| Stock Code |
4601 |
| Issuance Size |
RMB39.94 billion |
| Nominal Value Per Share |
RMB100 |
| Settlement Currency |
USD |
| Dividend Rate |
6.75% |
| Listing Venue and Clearing Platform |
Hong Kong Stock Exchange, Euroclear / Clearstream OTC trading |
| Listing Date |
24 October 2014 |
With the approvals of CBRC (Yinjianfu [2014] No. 562) and CSRC (Zhengjianxuke [2014] No. 990), the Bank made a non-public issuance of RMB32 billion Domestic Preference Shares (First Tranche) on 21 November 2014 in the domestic market. With the approval of SSE (Shangzhenghan [2014] No. 818), Domestic Preference Shares (First Tranche) have been traded on the Comprehensive Business Platform of SSE since 8 December 2014.
| Stock Name |
中行优1 |
| Stock Code |
360002 |
| Issuance Size |
RMB32 billion |
| Nominal Value Per Share |
RMB100 |
| Dividend Rate |
6% |
| Trading Venue and Platform |
Shanghai Stock Exchange，Comprehensive Business Platform |
| Beginning Date of Trading |
8 December 2014 |
The Bank made a non-public issuance of RMB28 billion Domestic Preference Shares (Second Tranche) on 13 March 2015 in the domestic market. With the approval of SSE (Shangzhenghan [2015] No. 377), Domestic Preference Shares (Second Tranche) have been traded on the Comprehensive Business Platform of SSE since 31 March 2015.
| Stock Name |
中行优2 |
| Stock Code |
360010 |
| Issuance Size |
RMB28 billion |
| Nominal Value Per Share |
RMB100 |
| Dividend Rate |
5.5% |
| Trading Venue and Platform |
Shanghai Stock Exchange，Comprehensive Business Platform |
| Beginning Date of Trading |
31 March 2015 |
With the approvals of CBIRC (Yinbaojianfu [2019] No. 387) and CSRC (Zhengjianxuke [2019] No. 1051), the Bank made a non-public issuance of RMB73 billion Domestic Preference Shares (Third Tranche) on 24 June 2019 in the domestic market. With the approval of SSE (Shangzhenghan [2019] No. 1164), Domestic Preference Shares (Third Tranche) have been traded on the Comprehensive Business Platform of SSE since 17 July 2019.
| Stock Name |
中行优3 |
| Stock Code |
360033 |
| Issuance Size |
RMB73 billion |
| Nominal Value Per Share |
RMB100 |
| Dividend Rate |
4.5% |
| Trading Venue and Platform |
Shanghai Stock Exchange，Comprehensive Business Platform |
| Beginning Date of Trading |
17 July 2019 |
The Bank made a non-public issuance of RMB27 billion Domestic Preference Shares (Fourth Tranche) on 26 August 2019 in the domestic market. With the approval of SSE (Shangzhenghan [2019] No. 1528), Domestic Preference Shares (Fourth Tranche) have been traded on the Comprehensive Business Platform of SSE since 17 September 2019.
| Stock Name |
中行优4 |
| Stock Code |
360035 |
| Issuance Size |
RMB27 billion |
| Nominal Value Per Share |
RMB100 |
| Dividend Rate |
4.35% |
| Trading Venue and Platform |
Shanghai Stock Exchange，Comprehensive Business Platform |
| Beginning Date of Trading |
17 September 2019 |
I. Preference Shareholders
I. Preference Shareholders
Number of preference shareholders as at 30 September 2019: 87 (including 86 Domestic Preference Shareholders and 1 Offshore Preference Shareholder)
Top ten preference shareholders as at 30 September 2019
Unit: Share
|
No.
|
Name of preference shareholder |
Number of
shares held as at the end of the reporting
period |
Percentage
of total
preference shares |
Type of shareholder |
Type of
shares |
| 1 |
Bank of New York Mellon Corporation |
399,400,000 |
19.98% |
Foreign legal person |
Offshore Preference Shares |
| 2 |
Bosera Fund — ICBC — Bosera — ICBC — Flexible Allocation No. 5 Specific Multi-customer Assets Management Plan |
220,000,000 |
11.00% |
Other |
Domestic Preference Shares |
| 3 |
China Mobile Communications Group Co., Ltd. |
180,000,000 |
9.00% |
State-owned legal person |
Domestic Preference Shares |
| 4 |
CCB Trust Co., Ltd. — “Qian Yuan — Ri Xin Yue Yi” Open-ended Wealth Management Single Fund Trust |
133,000,000 |
6.65% |
Other |
Domestic Preference Shares |
| 5 |
China Life Insurance Company Limited － traditional － general insurance product － 005L － CT001SH |
86,000,000 |
4.30% |
Other |
Domestic Preference Shares |
| 6 |
BOCOM Schroder Asset Management — BOCOM — Bank of Communications Co., Ltd. |
73,200,000 |
3.66% |
Other |
Domestic Preference Shares |
| 7 |
Bosera Fund — ABC — Agricultural Bank of China Limited |
69,000,000 |
3.45% |
Other |
Domestic Preference Shares |
| 7 |
China Resources SZITIC Trust Co., Ltd. — Investment No.1 — Single Fund Trust |
66,500,000 |
3.33% |
Other |
Domestic Preference Shares |
| 7 |
China National Tobacco Corporation |
50,000,000 |
2.50% |
State-owned legal person |
Domestic Preference Shares |
| 10 |
Postal Savings Bank of China Co., Ltd. |
40,000,000 |
2.00% |
State-owned legal person |
Domestic Preference Shares |
- Note: The Bank of New York Mellon Corporation, acting as the custodian for all the offshore preference shareholders that maintain an account with Euroclear and Clearstream as at 30 September 2019, held 399,400,000 Offshore Preference Shares, representing 100% of the Offshore Preference Shares.
II. Dividend Information
The Bank’s Preference Share dividend will be distributed on an annual basis. The first dividend period begins on the issuance date of the preference shares. Once the holders of the Preference Shares have received dividends at the specified dividend rate, they shall not be entitled to participate in the distribution of the remaining profits of the Bank together with the holders of the ordinary shares.
The Preference Share dividend is non-cumulative. If any dividend for any dividend period is cancelled in respect of the Preference Shares, such cancelled dividend shall not be carried forward to the following dividend period. The Bank shall be entitled to cancel any dividend on the Preference Shares, and such cancellation shall not constitute a default. The Bank may at its discretion use the funds arising from the cancellation of such dividend to repay other indebtedness due and payable.
Dividend payments are independent from the Bank’s rating, nor do they vary with the rating.
Dividend Distribution Information
| Types of preference shares |
Dividend payment date |
Total dividend |
Dividend rate |
| Offshore Preference Shares |
23 October 2015 |
439 (USD million, after tax) |
6.75% (after tax) |
| Domestic Preference Shares (First Tranche) |
23 November 2015 |
1,920 (RMB million, before tax) |
6.00% (before tax) |
| Domestic Preference Shares (Second Tranche) |
14 March 2016 |
1,540 (RMB million, before tax) |
5.50% (before tax) |
| Offshore Preference Shares |
24 October 2016 |
439 (USD million, after tax) |
6.75% (after tax) |
| Domestic Preference Shares (First Tranche) |
21 November 2016 |
1,920 (RMB million, before tax) |
6.00% (before tax) |
| Domestic Preference Shares (Second Tranche) |
13 March 2017 |
1,540 (RMB million, before tax) |
5.50% (before tax) |
| Offshore Preference Shares |
23 October 2017 |
439 (USD million, after tax) |
6.75% (after tax) |
| Domestic Preference Shares (First Tranche) |
21 November 2017 |
1,920 (RMB million, before tax) |
6.00% (before tax) |
| Domestic Preference Shares (Second Tranche) |
13 March 2018 |
1,540 (RMB million, before tax) |
5.50% (before tax) |
| Offshore Preference Shares |
23 October 2018 |
439 (USD million, after tax) |
6.75% (after tax) |
| Domestic Preference Shares (First Tranche) |
21 November 2018 |
1,920 (RMB million, before tax) |
6.00% (before tax) |
| Domestic Preference Shares (Second Tranche) |
13 March 2019 |
1,540 (RMB million, before tax) |
5.50% (before tax) |
III. Credit Rating
Offshore Preference Shares
The Offshore Preference Shares have been rated “Ba2” by Moody’s Investors Service, Inc. and “BB-” by Standard & Poor’s Rating Services.
Domestic Preference Shares
Dagong Global Credit Rating Co., Ltd. has evaluated the Bank's Domestic Preference Shares and issued the relevant credit rating reports, gave an AAA counterparty rating to the Bank and an AA+ credit rating to both the first tranche and second tranche Domestic Preference Shares with a stable outlook.
China Chengxin Securities Rating Co., Ltd. has evaluated the Bank's Domestic Preference Shares and issued the relevant credit rating reports, gave an AAA counterparty rating to the Bank and an AA+ credit rating to both the third tranche and fourth tranche Domestic Preference Shares with a stable outlook.
