Core Viewpoint - Industrial Bank has completed the redemption and delisting of its three phases of preferred shares, totaling 57.171 billion yuan, marking a significant step in its capital management plan [2][4]. Group 1: Redemption Details - The three phases of preferred shares, namely "Xingye Preferred 1," "Xingye Preferred 2," and "Xingye Preferred 3," were issued on December 3, 2014, June 17, 2015, and April 3, 2019, with total fundraising of 56 billion yuan [4]. - The bank has paid the full face value and dividends for the period from January 1, 2025, to June 30, 2025, amounting to 57.171 billion yuan to the preferred shareholders [4]. - The redemption was executed following the terms of the preferred share issuance and was approved unanimously by the bank's board on March 27 [4]. Group 2: Industry Context - In recent years, financial institutions have been actively redeeming preferred shares, driven by a low-interest-rate environment [6]. - For instance, Minmetals Capital announced the redemption of 50 million shares of "Wuzi Preferred 3," totaling 5 billion yuan, while Bank of China redeemed all its overseas preferred shares issued in 2020 [6]. - The redemption of preferred shares allows banks to optimize their capital structure, reduce interest expenses, and enhance the returns and dividend capabilities for common shareholders [6].

Summary of Key Points Core Viewpoint - The company plans to redeem all three series of preferred shares on July 1, 2025, following approval from the board and regulatory authorities [1][3]. Redemption Scale - The company intends to redeem a total of 300 million yuan worth of preferred shares, which includes: - 130 million shares of "Xingye Preferred 1" with a par value of 100 yuan each - 130 million shares of "Xingye Preferred 2" with a par value of 100 yuan each - 300 million shares of "Xingye Preferred 3" with a par value of 100 yuan each [1][2]. Redemption Price - The redemption price will be the par value of the preferred shares plus accrued dividends calculated from the announcement date to the redemption date, using the formula: IA = B × i × t / 365 [2]. Redemption Timing - The payment for the redemption will occur on July 1, 2025, covering the par value and dividends accrued from January 1, 2025, to June 30, 2025 [2]. Redemption Procedure - The board has been authorized to handle all matters related to the redemption, following the framework approved in previous shareholder meetings and regulatory requirements [2][3].