China Merchants Bank (03968) plans to fully redeem "CMB Wealth 1" on April 15th.

China Merchants Bank (03968) announced that China Merchants Bank Limited (the Company) privately issued 275 million shares of domestic preferred stock (the Preferred Stock) in December 2017, raising a total of RMB 27.5 billion. The preferred stock is abbreviated as "CMB1" and has the code 360028. The Company's 2016 Annual General Meeting, 2017 First A-Share Category Shareholders' Meeting, and 2017 First H-Share Category Shareholders' Meeting approved the proposal on the non-public offering of domestic preferred stock by the Company. The Company's 2021 Annual General Meeting approved the proposal on adjusting the authorization of the Board of Directors of China Merchants Bank for domestic preferred stock, authorizing the Board of Directors to handle the declaration and payment of all preferred stock dividends, redemption of preferred stock, and other related matters within the framework and principles approved by the shareholders' meeting. The Company's Executive Director and President Wang Liang and Non-Executive Director Zhu Liwei have signed a decision on the full redemption of the Company's "CMB1" domestic preferred stock and distribution of corresponding dividends, agreeing to redeem all the Preferred Stock at the redemption price specified in the offering memorandum once approved by the China Banking and Insurance Regulatory Commission. The Company has received a favorable reply from the China Banking and Insurance Regulatory Commission regarding the redemption of the Preferred Stock. The Company plans to fully redeem the Preferred Stock on April 15, 2026.