Core Viewpoint - China Merchants Bank (CMB) plans to fully redeem its preferred shares "Zhaoyin You1" issued in December 2017, amounting to 27.5 billion yuan, on April 15, 2026, as part of its strategy to optimize capital structure and reduce costs in a declining interest rate environment [1][2][3]. Group 1: Preferred Share Redemption - CMB's redemption scale of 27.5 billion yuan ranks second among domestic banks, following Everbright Bank's redemption of 35 billion yuan [2]. - The core logic behind the redemption is to lower financial costs and optimize capital structure, as the preferred share's coupon rate of 4.81% is significantly higher than the average rate of 2.43% for perpetual bonds [3][4]. - By redeeming these preferred shares, CMB is expected to save approximately 1.323 billion yuan annually in fixed dividend payments, enhancing net profit and shareholder returns [3][4]. Group 2: Financial Performance - In 2025, CMB reported total operating income of 337.532 billion yuan, a slight increase of 0.01% year-on-year, and a net profit attributable to shareholders of 150.181 billion yuan, marking a 1.21% increase [1][6]. - The bank's total assets surpassed 13 trillion yuan, reaching 13.07 trillion yuan, with a year-on-year increase of 7.56%, marking six consecutive years of asset growth [8]. - CMB maintained a non-performing loan (NPL) ratio of 0.94%, remaining below 1% for five consecutive years, indicating strong asset quality [9]. Group 3: Market Context - The trend of redeeming high-interest preferred shares is becoming common among banks, with nine banks redeeming a total of 111.8 billion yuan in 2025, a record high [5]. - CMB's return on equity (ROE) for 2025 was 13.33%, down 1.05 percentage points year-on-year, reflecting a focus on maintaining high returns for shareholders [3][4].

Core Viewpoint - The company plans to fully redeem its preferred shares, totaling 275 million RMB, on April 15, 2026, following the necessary approvals and authorizations [2][4]. Group 1: Redemption Details - The company issued 275 million RMB worth of preferred shares in December 2017, totaling 275 million shares at a par value of 100 RMB each [2][4]. - The redemption price will include the par value of the preferred shares plus accrued dividends calculated from December 18, 2025, to April 15, 2026 [6]. - The company has received a no-objection response from the National Financial Regulatory Administration regarding the redemption [2][4]. Group 2: Authorization and Procedures - The board of directors has been authorized to handle all matters related to the declaration and payment of dividends and the redemption of the preferred shares [2][4][6]. - The decision to redeem the preferred shares has been signed by the company's executive director and non-executive director [2][4].

Core Viewpoint - China Merchants Bank announced the full redemption of its domestic preferred shares "Zhaoyin You1" on April 15, 2026, after receiving approval from the National Financial Regulatory Administration [1][3] Group 1: Issuance and Approval - In December 2017, China Merchants Bank issued 275 million domestic preferred shares, raising a total of RMB 27.5 billion [1][3] - The issuance was approved at the 2016 annual general meeting and subsequent shareholder meetings in 2017 and 2021 [1][3] Group 2: Redemption Process - The bank's board of directors has been authorized to handle all matters related to the declaration and payment of preferred share dividends and the redemption process [1][3] - Executives Wang Liang and Zhu Liwei signed the decision for the full redemption of the preferred shares and the corresponding dividend distribution [1][3] Group 3: Regulatory Response - China Merchants Bank has received a non-objection response from the National Financial Regulatory Administration regarding the redemption of the preferred shares [1][3]

Core Viewpoint - China Merchants Bank announced the non-public issuance of 275 billion RMB worth of preferred shares in December 2017, with plans to fully redeem these shares by April 15, 2026 [1] Group 1 - The company issued 275 million shares of domestic preferred stock, referred to as "Zhaoyin Preferred 1," with the stock code 360028 [1] - The total amount raised from this issuance was 275 billion RMB [1] - The company has received no objections from the National Financial Regulatory Administration regarding the redemption of these preferred shares [1]

Core Viewpoint - China Merchants Bank (招商银行) announced the full redemption of its domestic preferred shares "Zhaoyin You1" with a total fundraising amount of RMB 27.5 billion, following the approval from the National Financial Regulatory Administration [1] Group 1: Issuance and Approval - The company issued 275 million domestic preferred shares in December 2017, raising a total of RMB 27.5 billion [1] - The issuance was approved by the company's 2016 annual general meeting and subsequent shareholder meetings in 2017 [1] - The 2021 annual general meeting authorized the board of directors to manage the payment of dividends and redemption of the preferred shares [1] Group 2: Redemption Details - The company's executive director and president, Wang Liang, along with non-executive director Zhu Liwei, signed a decision for the full redemption of the preferred shares and the distribution of corresponding dividends [1] - The company has received a no-objection response from the National Financial Regulatory Administration regarding the redemption [1] - The planned full redemption date for the preferred shares is set for April 15, 2026 [1]

Core Viewpoint - China Merchants Bank announced the full redemption of its domestic preferred shares "Zhaoyin You1" and the distribution of corresponding dividends, following approval from the National Financial Regulatory Administration [1] Group 1: Issuance and Approval - The bank issued 275 million domestic preferred shares in December 2017, raising a total of RMB 27.5 billion [1] - The issuance was approved by the bank's 2016 annual general meeting and subsequent shareholder meetings in 2017 and 2021 [1] Group 2: Redemption Details - The bank's executive director and president, Wang Liang, along with non-executive director Zhu Liwei, signed a decision to fully redeem the preferred shares and distribute dividends [1] - The bank has received a non-objection response from the National Financial Regulatory Administration regarding the redemption [1] - The planned full redemption date for the preferred shares is set for April 15, 2026 [1]

Core Viewpoint - China Merchants Bank (600036.SH) announced the non-public issuance of 275 million RMB in preferred shares in December 2017, with plans to fully redeem these shares by April 15, 2026 [1] Group 1 - The company issued 275 million RMB worth of domestic preferred shares, referred to as "Zhaoyin Preferred 1," with the stock code 360028 [1] - The total amount raised from the issuance of these preferred shares was 27.5 billion RMB [1] - The company has received a no-objection response from the National Financial Regulatory Administration regarding the redemption of these preferred shares [1]

Core Viewpoint - China Merchants Bank plans to redeem 275 million shares of its domestic preferred stock "Zhaoyin Preferred 1" on April 15, 2026, totaling 27.5 billion yuan [1] Group 1 - The redemption price will be the face value plus accrued dividends during the holding period from December 18, 2025, to April 14, 2026 [1] - The redemption has been authorized by the company's relevant meetings and has received no objection from the National Financial Regulatory Administration [1]

Core Viewpoint - China Merchants Bank announced the full distribution of dividends for its domestic preferred shares "Zhaoyin You 1" for the eighth interest period, with a cash dividend of RMB 3.62 per share, totaling RMB 995.5 million, to be paid on December 18, 2025 [1][3][5]. Group 1: Dividend Distribution Details - The board of directors, including Wang Liang and Zhu Liwei, signed the decision for the dividend distribution on December 1, 2025 [1][3]. - The cash dividend is calculated based on a coupon rate of 3.62% for each preferred share [1][5]. - The total dividend payout amounts to RMB 995.5 million (including tax) [1][5]. Group 2: Important Dates - The last trading day for the preferred shares is December 16, 2025 [5]. - The equity registration date is December 17, 2025 [5]. - The ex-dividend date is also December 17, 2025 [5]. - The dividend payment date is December 18, 2025 [1][5].