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 |
With the approvals of CBIRC (Yinbaojianfu [2019] No. 387) and CSRC (Zhengjianxuke [2019] No. 1051), 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 |
With the approval of the CBIRC (Yinbaojianfu [2019] No.630) and CSRC (Zhengjianxuke [2020] No.254), the Bank non-publicly issued RMB2.82 billion of Offshore Preference Shares (Second Tranche) on 4 March 2020. With the approval of the Hong Kong Stock Exchange, such Offshore Preference Shares (Second Tranche) have been listed on the Hong Kong Stock Exchange since 5 March 2020.
| Stock Name |
BOC 20USDPREF |
| Stock Code |
4619 |
| Issuance Size |
RMB2.82 billion |
| Nominal Value Per Share |
RMB100 |
| Settlement Currency |
USD |
| Dividend Rate |
3.60% |
| Listing Venue and Clearing Platform |
Hong Kong Stock Exchange, Euroclear / Clearstream OTC trading |
| Listing Date |
5 March 2020 |
For details of the redemption of preference shares, please refer to the Bank’s announcements published on the websites of SSE, HKEX and the Bank.
I. Preference Shareholders
Please kindly refer to the Bank’s financial report.
II. Dividend Information
The Bank’s Preference Share dividend will be distributed on an annual basis. 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.
For details of the dividend distribution information of preference shares, please refer to the Bank’s announcements published on the websites of SSE, HKEX and the Bank.
III. Credit Rating
Offshore Preference Shares
The Offshore Preference Shares (Second Tranche) have been rated “BB+” by Standard & Poor’s Rating Services, “Ba1” by Moody’s Investors Service, Inc. and “BB+” by Fitch.
Domestic Preference Shares
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.
