HK Stock Market Move | Bank of China (03988) falls more than 3%, evasion of nearly 2.4 billion yuan in tax payments reported by the Audit Office.

Bank Of China (03988) fell more than 3%, dropping by 3.61% to 5.08 Hong Kong dollars, with a trading volume of 6.98 billion Hong Kong dollars as at the time of writing. On the news front, on June 23, the Audit Office website released the "Report on the Audit of the Implementation of the Central Budget and Other Financial Revenues and Expenditures by the State Council for the Year 2025." The report pointed out that from April 2023 to August 2025, Bank Of China arranged for two subsidiary financial institutions to serve as business channels, using a large number of its own employees to contribute 1 to 100 yuan in a "headcount" manner to package 11 private equity funds as public fund products, accumulating tax evasion of 2.367 billion yuan by taking advantage of the tax exemption policy for public funds. According to media reports, Bank Of China responded by sincerely accepting audit supervision, attaching high importance to the issues pointed out in the audit, analyzing the reasons profoundly, adhering to immediate rectification, detailing specific measures, and solidly promoting rectification.