China Merchants Bank (03968) has completed the issuance of 20 billion yuan in perpetual capital bonds.

China Merchants Bank (03968) announced that, with approval from the China Banking and Insurance Regulatory Commission, China Merchants Bank Co., Ltd. (the Company) recently issued the "2026 China Merchants Bank Co., Ltd. Perpetual Capital Bonds (Second Tranche) (Bond Connect)" (this Tranche of Bonds) in the national interbank bond market. This Tranche of Bonds was book-built on June 11, 2026, and was issued on June 15, 2026. The issuance size of this Tranche of Bonds is RMB 20 billion, with a fixed rate of 1.99% for the first 5 years, adjustable every 5 years, and with a conditional redemption right for the issuer starting from the 5th year and subsequent interest payment dates. The funds raised from this Tranche of Bonds will be used to supplement the Company's Tier 1 capital in accordance with applicable laws and regulatory authorities.