Core Viewpoint - The resignation of Lin Zhihong, the head of internal audit at Bank of Communications, is due to a job adjustment and will take effect on October 16, 2025. This change is not expected to negatively impact the bank's daily operations [1]. Summary by Sections - **Resignation Announcement** - Lin Zhihong has submitted a written resignation report to the board of directors [1]. - The resignation is effective from October 16, 2025 [1]. - **Impact on Operations** - The resignation will not adversely affect the bank's daily production and operational activities [1].

交通银行股份有限公司（以下简称"交通银行"或"本行"）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。 本行董事会近日收到内部审计负责人林至红女士的书面辞任报告,林至红 女士因工作岗位调整辞去本行审计监督局局长职务，辞任自2025年10月16日起生 效。林至红女士的辞任不会对本行日常生产经营活动产生不利影响。 为保证公司规范运行，本行将按照有关法律法规及《交通银行股份有限公司 章程》的相关规定，尽快完成内部审计负责人的聘任工作。本行董事会对林至红 女士在任职期间为内部审计工作做出的贡献表示衷心感谢。 股票代码：601328 股票简称：交通银行 编号：临 2025-067 特此公告 交通银行股份有限公司 关于内部审计负责人辞任的公告 交通银行股份有限公司董事会 2025 年 10 月 16 日 ...

本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 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分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03328） 海外監管公告 交通银行股份有限公司 关于内部审计负责人辞任的公告 茲載列交通銀行股份有限公司於上海證券交易所網站刊登的《交通銀行股份有限 公司關於內部審計負責人辭任的公告》，謹供參閱。 承董事會命 交通銀行股份有限公司 何兆斌 公司秘書 中國上海 2025年10月16日 於本公告發佈之日，本行董事為任德奇先生、張寶江先生、殷久勇先生、 周萬阜先生、常保升先生*、廖宜建先生*、陳紹宗先生*、穆國新先生*、 艾棟先生*、石磊先生 # 、張向東先生 # 、李曉慧女士 # 、馬駿先生 # 、王天澤先生 # 及 肖偉先生 # 。 * 非執行董事 ＃ 獨立非執行董事 股票代码：601328 股票简称：交通银行 编号：临 2025-067 交通银行股份有限公司（以下简称"交通银 ...

据交通银行公告，董事会近日收到内部审计负责人林至红女士的书面辞任报告，林至红女士因工作岗位 调整辞去本行审计监督局局长职务，辞任自2025年10月16日起生效。林至红女士的辞任不会对本行日常 生产经营活动产生不利影响。 ...

Core Insights - The total M&A transaction value in mainland China reached $340.2 billion in the first three quarters of 2025, representing a year-on-year increase of 80.3% but a quarter-on-quarter decline of 29.9% [2] - The number of announced transactions was 3,791, which is a 10.5% increase year-on-year and a 9.3% increase quarter-on-quarter [2] Cross-Border M&A - The total value of outbound M&A from mainland China was $18.1 billion, marking a year-on-year increase of 29.6% [5] - Foreign acquisitions of mainland Chinese companies totaled $11.6 billion, a decrease of 28.2% compared to the previous year [5] - Domestic M&A transactions dominated with a scale of $300.5 billion, showing a significant year-on-year growth of 106.3% [5] Industry Distribution - The financial sector led the M&A market in mainland China with a market share of 25.7% and a total transaction value of $87.4 billion, reflecting a year-on-year increase of 270.2% [8] - The energy and power sector held a market share of 17.5%, with a year-on-year growth of 193.4% [8] - The high-tech sector followed closely with a market share of 16.1% ($54.9 billion), experiencing a year-on-year increase of 108% [8] Financial Advisor Rankings - CICC ranked first among financial advisors with a market share of 16.1% (involved in transactions worth $54.8 billion) in the first three quarters of 2025 [11] - CITIC Securities held the second position with a market share of 15.1%, while Goldman Sachs ranked third with a market share of 12.2% [11] - In terms of transaction volume, CICC, ICBC, and CITIC Securities were the top three [11] Legal Advisor Rankings - The top three law firms by transaction value in the first three quarters of 2025 were Yingke Law Firm, King & Wood Mallesons, and JY Law Firm [13] - In terms of transaction volume, Fangda Partners, King & Wood Mallesons, and JunHe Law Firm led the rankings [13]

Core Insights - On October 16, a total of 10 companies in the A-share market announced plans related to private placements [1] - Three companies disclosed new private placement proposals, six companies had their proposals approved by shareholders, and one company's proposal was halted [1] Group 1: Private Placement Proposals - The companies with the highest proposed fundraising amounts are Junpu Intelligent, Digital Government, and Delixi Shares, with proposed amounts of up to 1.161 billion, 1.05 billion, and 720 million respectively [1] - A total of 114 companies have announced completed private placement plans this year, with 55 companies raising over 1 billion [1] Group 2: Major Fundraising Amounts - The highest fundraising amounts from private placements were reported by China Bank, Postal Savings Bank, and Transportation Bank, with total fundraising amounts of 165 billion, 130 billion, and 120 billion respectively [1]

Core Viewpoint - The company, Bank of Communications, has announced the redemption of its $2.8 billion perpetual capital bonds, with the first redemption date set for November 18, 2025, following the fulfillment of necessary conditions [1] Group 1: Bond Redemption Details - The issuer has decided to exercise its redemption right for all outstanding bonds, which will be redeemed at par value plus any unpaid interest up to the first redemption date [1] - The issuer received prior written approval from the National Financial Regulatory Administration on April 9, 2025, confirming that the conditions for exercising the redemption right have been met [1] - After the redemption on the first redemption date, there will be no outstanding balance remaining on the bonds [1] Group 2: Listing and Regulatory Actions - The issuer will apply to withdraw the bonds from listing on the Hong Kong Stock Exchange following the completion of the redemption [1]

Core Viewpoint - The banking sector is facing significant challenges in its fund sales business due to increased competition from internet platforms, changing investor behaviors, stricter regulations, and a shift towards quality-driven growth rather than scale-driven growth [1][11]. Group 1: Fund Custody Business - The entry barriers for fund custody qualifications have increased, leading to some small and medium-sized banks withdrawing their applications, with Guangzhou Bank being the latest to do so after over three years of waiting [4][5]. - The new regulatory requirements demand a net asset threshold of 500 billion yuan and a strong market presence, which many smaller banks struggle to meet, resulting in a concentration of custody business among larger financial institutions [5][6][7]. - The top five banks dominate the fund custody market, holding approximately 47.93% of the market share, making it increasingly difficult for smaller institutions to compete [7]. Group 2: Sales Channel Dynamics - The withdrawal of custody applications signals a strategic retreat from high-cost, low-return business models, as many banks are opting to focus on more profitable areas [8]. - There is a noticeable trend of fund companies terminating sales partnerships with smaller banks, indicating a shift towards more rational and concentrated channel strategies [9][10]. - As of mid-2024, the bank channel's share of equity fund holdings has declined from 44.81% to approximately 41.93%, reflecting a broader trend of diminishing influence in the market [9][10]. Group 3: Revenue Growth Challenges - The reliance on traditional revenue models based on scale and licensing is becoming unsustainable, prompting banks to adopt "price for volume" strategies to attract customers [11][12]. - While lowering fees can temporarily boost transaction volumes, it compresses banks' intermediary income, which is primarily derived from subscription fees [12]. - To achieve sustainable growth, banks need to transition from merely selling products to providing comprehensive services, enhancing customer engagement, and developing a robust advisory framework [13].

Core Insights - The A-share private placement market is experiencing a strong recovery in 2025, with total fundraising reaching 775.1 billion yuan in the first three quarters, a year-on-year increase of 548.7% [1][2][10] - Key sectors attracting investment include non-bank financials, defense and military, semiconductors, and hardware equipment [1][3] Fundraising Overview - In the first three quarters of 2025, 119 companies conducted private placements, raising a total of 775.1 billion yuan, marking a 15.53% increase in the number of placements compared to the previous year [2] - The total fundraising amount significantly exceeds the annual totals from the previous three years, which were 721.9 billion yuan in 2022, 578.9 billion yuan in 2023, and 173.1 billion yuan in 2024 [2] Sector Analysis - The banking sector accounted for nearly 70% of the total fundraising, primarily due to major banks like China Bank and Postal Savings Bank raising a combined 520 billion yuan [2][3] - Non-bank financials and public utilities ranked second and third in fundraising, with amounts of 50.7 billion yuan and 29.3 billion yuan, respectively [3] - The semiconductor and defense sectors also saw significant fundraising, with amounts of 25.9 billion yuan and 24.3 billion yuan, respectively [3] Average Fundraising Amount - The average fundraising amount per project has increased, with the average for 115 companies (excluding four state-owned banks) being 22.2 million yuan, compared to 11.9 million yuan in the same period last year [3] - Eleven companies raised over 5 billion yuan each, compared to only four in the previous year [3] Notable Projects - Major projects include Guolian Minsheng's 29.5 billion yuan for asset acquisition, AVIC Chengfei's 17.4 billion yuan for asset acquisition, and China Nuclear Power's 14 billion yuan for project financing [4][6] - Other significant projects include Fulede's 6.19 billion yuan for acquiring 100% of Fulehua and ChipLink's 5.31 billion yuan for acquiring 72.33% of ChipLink Yuezhou [4][6] Regional Distribution - Beijing leads in fundraising with 42.9 billion yuan from 11 projects, accounting for 55.34% of the total [7] - Shanghai and Jiangsu follow with 15.0 billion yuan and 4.3 billion yuan, respectively [7] - Shaanxi has seen a notable increase in fundraising, reaching 19.2 billion yuan, largely due to AVIC Chengfei's successful issuance [8] Market Trends - The recovery in the private placement market is attributed to policy guidance, active mergers and acquisitions, and improved market profitability [12] - The technology sector, particularly in high-end manufacturing and AI, is seeing increased investment, with several companies planning significant fundraising for related projects [12]

格隆汇10月15日丨交通银行(601328.SH)公布，2020年11月18日，本行在境外市场完成发行28亿美元无 固定期限资本债券（以下简称"本次债券"），根据本次债券条件与条款，在本次债券发行后第5年及之 后的每个派息日附发行人有条件赎回权。本行已通知本次债券的持有人其将于2025年11月18日（以下简 称"赎回日"）行使赎回权赎回所有未偿付的本次债券。本行将按照本金加上截至赎回日（不含该日）应 付未付的利息赎回全部本次债券。 本次债券于赎回日赎回完成后，将不再含有未偿付余额。本行将相应向香港联合交易所有限公司申请撤 回本次债券上市。本公告中所使用的简称（另作定义的除外）均与本次债券发行条件与条款中的含义一 致。 本行已收到国家金融监督管理总局出具的《国家金融监督管理总局办公厅关于赎回二级资本债券和无固 定期限资本债券意见的函》（金办便函〔2025〕347号），国家金融监督管理总局对本行赎回本次债券 无异议，行使赎回权条件已满足。 ...