Fundraising Overview - China Postal Savings Bank has received approval from the China Securities Regulatory Commission to issue 20,933,977,454 A-shares, raising a total of RMB 130 billion, with a net amount of RMB 129,961,940,637.58 after deducting issuance costs [1][2] Fund Management Agreement - The bank has signed a tripartite supervision agreement for the management and use of the raised funds with China International Capital Corporation and CITIC Securities on June 17, 2025 [2][3] - The agreement stipulates that the raised funds must be used solely for designated purposes and outlines the responsibilities of the underwriters in supervising the fund usage [3][4] Fund Storage Details - The funds are stored in a dedicated account at China Postal Savings Bank, with a total amount of RMB 129,999,632,075.47 allocated for core tier one capital [3][4] - The agreement includes provisions for regular audits and oversight by the underwriters, ensuring compliance with relevant regulations [4][5]

中国邮政储蓄银行股份有限公司 向特定对象发行 A 股股票 验资报告 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 验资报告 毕马威华振验字第 2500426 号 中国邮政储蓄银行股份有限公司： 我们接受委托，审验了贵公司截至 2025 年 6 月 17 日止新增注册资本及实收资本（股本） 情况。按照法律法规和相关协议的要求出资，提供真实、合法、完整的验资资料，保护资产的 安全、完整是全体股东及贵公司的责任。我们的责任是对贵公司新增注册资本及实收资本（股 本）情况发表审验意见。我们的审验是依据《中国注册会计师审计准则第 1602 号 — 验资》进 行的。在审验过程中，我们结合贵公司的实际情况，实施了检查等必要的审验程序。 贵 公 司 原 注 册 资 本 为 人 民 币 99,161,076,038.00 元 ， 实 收 资 本 （ 股 本 ） 为 人 民 币 年 4 月 17 日召开的 2024 年年度股东大会、2025 ...

Core Viewpoint - The legal opinion issued by Beijing Jiayuan Law Firm confirms the compliance of China Postal Savings Bank's A-share issuance process and its targeted investors, indicating that all necessary approvals and authorizations have been obtained for the issuance [1][5][17]. Group 1: Approval and Authorization - The internal approvals for the issuance include various resolutions and reports that have been passed by the board and shareholders, confirming the bank's eligibility for the A-share issuance [3][4][11]. - The Ministry of Finance has given its principle consent for the issuance plan, and the Financial Regulatory Bureau has approved the issuance proposal [5][17]. - The Shanghai Stock Exchange has reviewed and found the application for the issuance to meet the necessary conditions [5][17]. - The China Securities Regulatory Commission has granted registration approval for the issuance [5][17]. Group 2: Issuance Objects - The targeted investors for the issuance include the Ministry of Finance, China Mobile Group, and China Shipbuilding Group, with all parties confirming the legality and compliance of their funding sources [6][9][17]. - The issuance involves related party transactions, as both China Mobile Group and China Shipbuilding Group are considered affiliates of the bank [7][9]. Group 3: Issuance Process - The issuance agreements, including the Share Subscription Agreement and Strategic Cooperation Agreement, have been executed and are deemed valid [9][10][17]. - The total number of shares to be issued is 20,933,977,454, which does not exceed 30% of the bank's total share capital prior to the issuance [11][14]. - The issuance price has been adjusted to 6.21 RMB per share, based on the pricing principles established [12][14]. - The total funds raised from the issuance amount to 130 billion RMB, with net proceeds after expenses being approximately 129.96 billion RMB [16][17].

Group 1 - The 2025 China International Financial Expo was held in Shanghai, showcasing the integration of AI and financial technology, with institutions demonstrating their latest technological advancements and applications [2] - Financial institutions are leveraging AI financial models to enhance their digital transformation, creating stronger competitive barriers in the "finance + technology" sector [2] - The focus is on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, aiming for high-quality development in the financial industry [2] Group 2 - Bank of China presented its theme "Digital Innovation and Financial Integration," highlighting its efforts in digital transformation and global service ecosystem [3] - As of the end of Q1, Bank of China's technology finance loan balance increased by 570.2 billion yuan, with a total of 113,300 clients [5] - Postal Savings Bank emphasized building a digital intelligence advantage and showcased its innovations in the same five key areas as Bank of China [6][10] Group 3 - Traffic Bank focused on digital transformation and cross-border payment solutions, showcasing its blockchain ecosystem for shipping trade [11][15] - Beijing Bank introduced its AI digital employee "Jing Xiaobao," which enhances customer interaction and financial services [16][18] - Urumqi Bank displayed its innovations in the five key financial areas, particularly in cross-border finance [19][21] Group 4 - HSBC highlighted the increasing demand for the use of the renminbi in cross-border trade, emphasizing its potential to improve operational efficiency for Chinese enterprises [22][23] - Ant Group's Vice President discussed the integration of large models into core business processes of financial institutions, showcasing various application paths [24][26] - Qifu Technology presented its AI-driven credit super-intelligent system, aimed at enhancing banks' credit capabilities and operational efficiency [28][30] Group 5 - OceanBase showcased its distributed database technology, which is gaining traction among financial institutions for core system upgrades [31][35] - The company emphasized the need for a collaborative approach involving policy guidance, technology drive, and market demand for successful digital transformation in finance [32]

Core Viewpoint - Postal Savings Bank of China Beijing Branch is establishing itself as a leader in green finance, aligning with national goals for sustainable development and carbon neutrality, while actively innovating and implementing green financial practices [1][4][8]. Group 1: Green Financial Initiatives - The bank is transforming its branch in Tongzhou District into a "green specialty branch," focusing on carbon reduction and green finance, in response to the national development plan [2]. - The bank's carbon footprint assessment and carbon rating reports are pivotal for its "carbon reduction loan" business, with an expected increase of 150 carbon accounting clients by 2025 [3]. - The bank has implemented a paperless office policy and is promoting green procurement, with e-commerce platform orders reaching 944.02 million yuan in Q1 2025 [3]. Group 2: Green Loan Projects - In May 2025, the bank approved a fixed asset loan of 2.25 billion yuan for a data security project, demonstrating its commitment to supporting the digital economy [4]. - Earlier in March 2025, the bank provided a 100 million yuan working capital loan to a solar energy company, contributing to clean energy development and carbon emission reduction [4]. Group 3: Recognition and Collaboration - The bank was awarded the "A-level Climate-Friendly Financial Institution" certification in 2025, enhancing its reputation in green finance [5]. - Since 2025, the bank has engaged with various district governments in Beijing to promote regional cooperation in green finance [7]. Group 4: Strategic Framework - The bank has elevated green finance to a strategic priority, aiming to become a "green inclusive bank, climate-friendly bank, and eco-friendly bank," with a green loan balance of 81.62 billion yuan as of May 2025 [8]. - The bank's green financing scale reached 97.17 billion yuan, accounting for 39.09% of its total financing, reflecting its significant role in supporting the capital's green economy [8]. Group 5: Implementation and Future Outlook - The bank has established a rigorous monitoring mechanism to ensure the effective execution of its green finance goals, with a focus on both macro strategies and micro operations [9]. - With the ongoing implementation of carbon neutrality policies and innovative products like online "carbon reduction loans," the bank is poised to further enhance its role in green finance [9].

Core Viewpoint - The development of the cherry industry in Yunshan Town is significantly supported by the Postal Savings Bank of China, which has introduced tailored financial products to address the funding challenges faced by local farmers [1][2][3] Group 1: Industry Development - The "Yunshan Big Cherry" has been recognized as a national geographical indication product, with a total planting area of 51,000 mu and an annual output value of 1.5 billion yuan from greenhouse cherries [1] - The cherry market in Yunshan Town sees daily trading volumes of 75 million yuan during the harvest season, indicating a robust market demand [1] - The integration of cherry picking and rural tourism has attracted over 300,000 visitors annually, creating a positive cycle of economic growth in the region [3] Group 2: Financial Support and Products - The Postal Savings Bank has launched the "Cherry Red Loan" to facilitate financing for farmers, simplifying the loan approval process for those with land transfer contracts and planting experience [2] - The bank has processed over 40 million yuan in loans this year, covering 41 villages in the main production area, demonstrating a comprehensive approach to rural financial services [2] - The bank's agricultural team has established a "Cherry Industry Financial Archive" to monitor planting areas and crop structures, achieving a proactive credit coverage rate of 65% [2] Group 3: Technological Advancements - Farmers have adopted advanced agricultural technologies, such as intelligent temperature-controlled greenhouses and drip irrigation systems, leading to higher market prices for greenhouse cherries, which can reach 30 yuan per jin, three times that of open-field varieties [2] - The bank's support has enabled some cold storage facilities to extend their storage periods, allowing for staggered sales and increased profitability [2]

Group 1 - Postal Savings Bank of China (PSBC) has announced a capital increase exceeding 100 billion yuan, marking its first large-scale state injection, with the Ministry of Finance becoming the third-largest shareholder [1] - The raised funds will be used entirely to supplement core Tier 1 capital, supporting future business development [1] - In the context of the government's plan to issue 500 billion yuan in special bonds to support state-owned commercial banks' capital replenishment, four major banks, including PSBC, collectively announced a fundraising plan of 520 billion yuan [1] Group 2 - The strategic significance of this capital reinforcement is not only for short-term capital supplementation but also for deeper financial supply-side reforms and mitigating debt risks [2] - Research indicates that banks with higher capital adequacy ratios can increase credit growth by 15% to 20% after capital replenishment [2] - The capital increase is expected to enhance the stability of long-term dividends, despite a slight short-term decline in dividend yield [2]

Group 1: Stock Performance - Postal Savings Bank of China saw a stock price increase of 1.09% on June 20, reaching 5.58 CNY per share with a trading volume of 652 million CNY and a turnover rate of 0.18%, resulting in a total market capitalization of 553.32 billion CNY [1] - Year-to-date, the stock price has risen by 3.10%, with a 5-day increase of 5.08%, a 20-day increase of 3.53%, and a 60-day increase of 6.96% [1] Group 2: Financial Overview - As of March 31, the number of shareholders increased to 182,900, up by 18.57%, while the average circulating shares per person decreased by 15.87% to 371,749 shares [3] - For the first quarter of 2025, the bank reported zero operating income and a net profit attributable to shareholders of 25.25 billion CNY, a year-on-year decrease of 2.62% [3] Group 3: Business Segmentation - The main business segments of Postal Savings Bank include personal banking (69.57% of revenue), corporate banking (19.70%), and funding operations (10.65%), with other businesses contributing 0.07% [2] Group 4: Dividend and Shareholding - Since its A-share listing, Postal Savings Bank has distributed a total of 137.80 billion CNY in dividends, with 100.25 billion CNY distributed over the past three years [4] - As of March 31, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 882 million shares, and various ETFs, all of which have seen a decrease in holdings compared to the previous period [4]

Core Viewpoint - Postal Savings Bank of China (PSBC) has successfully completed a significant capital increase through a private placement, marking the first large-scale state investment in the bank, with the Ministry of Finance becoming its third-largest shareholder [3][4][5]. Group 1: Capital Increase Details - PSBC raised 130 billion yuan through a private placement, with the Ministry of Finance contributing 117.58 billion yuan, China Mobile Group 7.854 billion yuan, and China Shipbuilding Group 4.566 billion yuan [3][4]. - The capital raised will be used to enhance the bank's core tier one capital, expected to increase the capital adequacy ratio by 1.5 percentage points [5]. - The final issuance price was set at 6.21 yuan per share, representing a premium of approximately 14.36% over the closing price prior to the announcement [5][6]. Group 2: Broader Banking Sector Context - The issuance of perpetual bonds (二永债) has accelerated in the banking sector, with total issuance nearing 800 billion yuan this year, close to last year's figures [8][9]. - Major banks are expected to face a contraction in the supply of perpetual bonds due to the completion of capital injections and the issuance of TLAC bonds, while smaller banks will continue to experience pressure to issue [9][10]. - The average dividend yield for PSBC is approximately 4.74%, which is higher than that of other major banks, indicating a relatively strong return for investors [6][10].

Group 1 - Postal Savings Bank of China (PSBC) has completed a targeted issuance of 130 billion yuan, marking its first large-scale state capital injection, with the Ministry of Finance becoming the third-largest shareholder at 15.77% [2][3] - The issuance involved approximately 20.93 billion shares, with the Ministry of Finance contributing 117.58 billion yuan, China Mobile Group 7.85 billion yuan, and China Shipbuilding Group 4.57 billion yuan [2] - The capital raised will be used to supplement core Tier 1 capital, expected to increase PSBC's capital adequacy ratio by 1.5 percentage points, enhancing its capital strength and risk resistance [3][4] Group 2 - The issuance of perpetual bonds (二永债) has accelerated, with banks issuing nearly 800 billion yuan this year, approaching last year's total of 785.6 billion yuan [5][6] - Agricultural Bank of China issued 60 billion yuan in perpetual bonds, with a 10-year fixed rate bond at 1.93% and a 15-year bond at 2.10% [5] - The overall issuance of perpetual bonds in the banking sector is expected to be driven by smaller banks, as larger banks' capital pressures ease following state capital injections [6][7] Group 3 - The Ministry of Finance's recent issuance of special government bonds totaling 500 billion yuan aims to support state-owned commercial banks in capital replenishment [3][4] - The average dividend yield for PSBC is approximately 4.74%, higher than the median yield of 4.2% for 42 listed banks [4] - The trend of early redemption of perpetual bonds is expected to continue, driven by lower issuance costs and the need for banks to maintain refinancing capabilities [7]