Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has successfully issued its second phase of perpetual bonds for 2025, raising a total of RMB 40 billion to supplement its Tier 1 capital [2] Group 1: Bond Issuance Details - The bond issuance was approved by relevant regulatory authorities and completed on November 10, 2025 [2] - The total issuance size of the bonds is RMB 40 billion, with a fixed interest rate of 2.21% for the first five years [2] - The interest rate will be adjusted every five years, and the issuer has the conditional redemption right on each interest payment date after the fifth year [2] Group 2: Fund Utilization - The funds raised from this bond issuance will be used in accordance with applicable laws and regulatory approvals to enhance the bank's other Tier 1 capital [2]

Core Insights - The eighth China International Import Expo (CIIE) concluded with an intended transaction amount of $83.49 billion, marking a record in both the number of participating companies and exhibition area, with 461 new global product launches [1] Group 1: Financial Institutions' Role - Financial institutions played a crucial role in enhancing the exhibition experience through technology and services, creating a seamless "transaction network" for buyers and sellers [1] - The integration of artificial intelligence (AI) and financial technology was highlighted, with various banks showcasing AI-driven experiences, such as China Bank's AI experience zone featuring robots and interactive displays [2][4] - The introduction of digital currency and upgraded payment systems facilitated smoother transactions, with the Industrial and Commercial Bank of China (ICBC) offering a commemorative digital currency wallet for the expo [6][9] Group 2: AI and Interactive Experiences - AI technology was prominently featured, with banks like China Construction Bank presenting humanoid robots capable of natural language interaction and full-service capabilities [5] - Interactive experiences, such as virtual racing and personalized AI portraits, attracted significant visitor engagement, demonstrating the blend of financial services with entertainment [5][6] - The use of AI in financial services was emphasized, with robots not only providing assistance but also marketing financial products effectively [4][5] Group 3: Payment Innovations - The payment system saw significant upgrades, with digital currency becoming a standard for transactions at the expo, allowing for quick and efficient cross-border payments [9][10] - The introduction of "instant buy and refund" services streamlined the tax refund process for international visitors, significantly reducing the time required for refunds [10] - The collaboration between China UnionPay and China Bank to offer integrated payment and tax refund services showcased the evolution of payment solutions at the expo [10] Group 4: Trade Facilitation and Collaboration - Financial institutions positioned themselves as resource hubs, facilitating connections between exhibitors and domestic buyers through various matchmaking activities [11] - The launch of upgraded banking apps by financial institutions aimed to enhance service integration, providing a comprehensive "finance + lifestyle" experience for exhibitors and consumers [13] - The role of financial institutions has evolved from merely providing loans to becoming key players in promoting global supply chain cooperation, as evidenced by the significant growth in cross-border settlement volumes [13]

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) has successfully issued its second phase of perpetual capital bonds for 2025, with a total issuance size of RMB 40 billion, aimed at supplementing its other Tier 1 capital [1] Group 1: Bond Issuance Details - The bond was recorded on November 6, 2025, and the issuance was completed on November 10, 2025 [1] - The initial coupon rate for the first five years is set at 2.21%, with adjustments every five years thereafter [1] - The issuer retains the conditional redemption right on each interest payment date starting from the fifth year [1] Group 2: Fund Utilization - The funds raised from this bond issuance will be used in accordance with applicable laws and regulatory approvals to enhance the bank's other Tier 1 capital [1]

Core Viewpoint - The recent acquisition of Jinzhou Bank by Industrial and Commercial Bank of China (ICBC) has triggered a significant shift in the fund distribution landscape, leading to the termination of distribution agreements by approximately ten fund companies and affecting over 1,600 funds, highlighting the ongoing consolidation and risk management in the banking sector [2][3][4]. Fund Distribution Changes - ICBC's acquisition of Jinzhou Bank has resulted in multiple fund companies, including GF Fund, Huaxia Fund, and others, announcing the termination of their distribution partnerships with Jinzhou Bank, effective from November 17 [3][4]. - Jinzhou Bank, which had been a high-risk financial institution, was fully acquired by ICBC, marking a significant event in the restructuring of China's banking sector [3][6]. Fund Transition Process - The funds previously distributed by Jinzhou Bank will be transitioned in two ways: those that are also distributed by ICBC will be automatically transferred to ICBC, while those not distributed by ICBC will be moved to direct sales channels managed by the respective fund companies [5][6]. - Fund companies have communicated the need for investors to manage their holdings by specific deadlines to ensure a smooth transition of their fund shares [5][6]. Industry Consolidation and Effects - The consolidation of banking channels is expected to intensify the "Matthew Effect" in fund distribution, concentrating resources among leading channels and increasing competition among fund companies [7][8]. - Despite banks still being the primary sales channels for funds, their market share has declined from over 50% to around 40%, with independent fund sales institutions and brokers gaining ground [7][8]. Future Market Dynamics - The competitive landscape for fund sales is shifting from a focus on scale to a more comprehensive competition based on customer service, advisory capabilities, and digital proficiency [8].

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has successfully issued its second phase of perpetual capital bonds for 2025, amounting to RMB 40 billion, aimed at supplementing its other Tier 1 capital [1] Group 1: Bond Issuance Details - The bond issuance was approved by relevant regulatory authorities and completed in the interbank bond market [1] - The bonds were recorded on November 6, 2025, and the issuance was finalized on November 10, 2025 [1] - The initial coupon rate for the first five years is set at 2.21%, with adjustments every five years thereafter [1] Group 2: Use of Proceeds - The funds raised from this bond issuance will be utilized in accordance with applicable laws and regulatory approvals to enhance the bank's other Tier 1 capital [1]

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) announced the issuance of perpetual bonds, aimed at supplementing its other Tier 1 capital, with a total issuance size of RMB 40 billion [1] Group 1: Bond Issuance Details - The second phase of the perpetual capital bonds will be completed on November 10, 2025 [1] - The initial coupon rate for the first five years is set at 2.21%, with adjustments every five years thereafter [1] - The issuer retains a conditional redemption right on each interest payment date starting from the fifth year [1] Group 2: Fund Utilization - Proceeds from the bond issuance will be used in accordance with applicable laws and regulatory approvals [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 特此公告。 中國工商銀行股份有限公司 董事會 中國，北京 2025年11月10日 股份代號：1398 關 於 2025 年 無 固 定 期 限 資 本 債 券（ 第 二 期 ） （ 債 券 通 ）發 行 完 畢 的 公 告 經相關監管機構批准，中國工商銀行股份有限公司（「本行」）2025年無固定期限資本債 券（第二期）（債券通）（「本期債券」）已於近日在全國銀行間債券市場發行完畢。 本期債券於2025年11月6日簿記建檔，並於2025年11月10日完成發行。本期債券發行規 模為人民幣400億元，前5年票面利率為2.21%，每5年調整一次，在第5年及之後的每個 付息日附發行人有條件贖回權。 本期債券募集資金將依據適用法律和主管部門的批准，用於補充本行其他一級資本。 中國工商銀行股份有限公司 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED （於中華人民共和國註 ...

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has successfully issued its second tranche of perpetual capital bonds for 2025, with a total issuance size of RMB 40 billion, aimed at supplementing its other Tier 1 capital [1] Group 1: Bond Issuance Details - The bond issuance was approved by relevant regulatory authorities and completed on November 10, 2025 [1] - The bonds were recorded on November 6, 2025, with a fixed interest rate of 2.21% for the first five years, after which the rate will be adjusted every five years [1] - The issuer retains the conditional redemption right on each interest payment date starting from the fifth year [1] Group 2: Fund Utilization - The funds raised from this bond issuance will be used in accordance with applicable laws and regulatory approvals to enhance the bank's other Tier 1 capital [1]

证券代码：601398 证券简称：工商银行 公告编号：临 2025-043 号 中国工商银行股份有限公司 关于 2025 年无固定期限资本债券（第二期）（债券通） 发行完毕的公告 中国工商银行股份有限公司董事会及全体董事保证本公告内容不存在任何虚 假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 经相关监管机构批准，中国工商银行股份有限公司（简称本行）2025 年无 固定期限资本债券（第二期）（债券通）（简称本期债券）已于近日在全国银行间 债券市场发行完毕。 本期债券于 2025 年 11 月 6 日簿记建档，并于 2025 年 11 月 10 日完成发行。 本期债券发行规模为人民币 400 亿元，前 5 年票面利率为 2.21%，每 5 年调整一 次，在第 5 年及之后的每个付息日附发行人有条件赎回权。 本期债券募集资金将依据适用法律和主管部门的批准，用于补充本行其他一 级资本。 1 特此公告。 中国工商银行股份有限公司董事会 二〇二五年十一月十日 ...

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has successfully issued its second phase of perpetual capital bonds for 2025, with a total issuance scale of RMB 40 billion, aimed at supplementing its other Tier 1 capital [1] Group 1: Bond Issuance Details - The bond was recorded on November 6, 2025, and the issuance was completed on November 10, 2025 [1] - The coupon rate for the first five years is set at 2.21%, with adjustments every five years thereafter [1] - The issuer retains a conditional redemption right on each interest payment date starting from the fifth year [1] Group 2: Fund Utilization - Proceeds from the bond issuance will be used to supplement ICBC's other Tier 1 capital, subject to applicable laws and regulatory approvals [1]