Zheng Quan Zhi Xing·2025-06-25 20:05Summary of Key Points Core Viewpoint - China Construction Bank has successfully completed the issuance of A-shares to a specific target, raising approximately RMB 105 billion, which will enhance its capital base and support future business development. Group 1: Issuance Overview - The type of shares issued is RMB ordinary shares (A-shares) [1] - A total of 11,589,403,973 shares were issued at a price of RMB 9.06 per share [1] - The expected listing date for the new shares is June 24, 2025, after completing registration and custody procedures [1][2] - The entire issuance was subscribed in cash, with no asset transfer involved [1][3] Group 2: Regulatory Approval and Compliance - The issuance has been approved by the National Financial Supervision Administration and the China Securities Regulatory Commission [2][4] - The issuance process complied with all relevant laws and regulations, including necessary internal and external approvals [4][5] Group 3: Fundraising and Financial Impact - The total funds raised amounted to RMB 105 billion, with a net amount of RMB 104,968,973,850.49 after expenses [2] - The funds will be used to supplement the bank's core tier one capital, supporting future business growth [9] Group 4: Shareholder Structure Changes - The Ministry of Finance subscribed for all the newly issued shares, with a lock-up period of five years [6][8] - The top ten shareholders' structure will change post-issuance, with the Ministry of Finance becoming a significant shareholder [8] - The controlling shareholder remains unchanged, ensuring no alteration in control [8][9] Group 5: Corporate Governance and Future Outlook - The issuance will not affect the bank's governance structure or operational independence [9] - Long-term, the issuance is expected to enhance the bank's sustainable development capabilities and improve financial metrics over time [9]