Industrial and Commercial Bank of China (01398) plans to issue A-shares to raise no more than 100 billion yuan from the Ministry of Finance and China Tobacco, among others.

Industrial and Commercial Bank of China (01398) announced that at the board meeting held on September 6, 2026, the board reviewed and approved the proposal (including) regarding general authorization and the current issuance. On the same day, in accordance with the A-share issuance plan, the bank entered into a share subscription agreement for the subscription matters. The subscribers for this issuance include the Ministry of Finance, China Tobacco, Shanghai Tobacco, Yunnan Zhongyan, Hunan Zhongyan, and Hunan Tobacco. The intended subscription amount by the Ministry of Finance is RMB 70 billion, China Tobacco intends to subscribe for RMB 10 billion, Shanghai Tobacco intends to subscribe for RMB 5 billion, Yunnan Zhongyan intends to subscribe for RMB 5 billion, Hunan Zhongyan intends to subscribe for RMB 5 billion, and Hunan Tobacco intends to subscribe for RMB 5 billion. The subscription amounts will be determined according to the fundraising scale approved by the regulatory authorities. The subscribers have signed share subscription agreements with the bank and plan to subscribe to the A-shares issued in cash. The number of A-shares to be issued will be determined by dividing the total amount of raised funds by the issuance price, not exceeding 10% of the bank's total share capital before the issuance. The scale of the fundraising for this issuance will not exceed RMB 100 billion (including this amount) (equivalent to approximately HKD 115.66 billion), and all proceeds, after deducting related issuance costs, will be used to replenish the bank's core Tier 1 capital.