Zheng Quan Zhi Xing·2025-06-20 10:49Core 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].