These seven listed banks announced on the same day that they will no longer have a board of supervisors.

On April 29th, Industrial and Commercial Bank, Agricultural Bank, Bank of China, Construction Bank, Bank of Communications, China Merchants Bank, and Huaxia Bank announced their board of directors' resolutions, approving the proposal to no longer establish a board of supervisors. This decision to no longer have a board of supervisors is an important reform in response to the development of the financial industry. The revised "Company Law of the People's Republic of China" in July 2024 allows joint stock limited companies to establish an audit committee composed of directors in accordance with the company's articles of association, to exercise the powers of the supervisory board as defined by this law, without having a supervisory board or supervisor.