ICBC completes redemption and delisting of USD offshore preference shares

Industrial and Commercial Bank of China (ICBC) has completed the redemption of all its USD offshore preference shares on September 23, 2025. This action, approved by the NFRA, was announced on August 15, 2025. The redemption price for each share equaled its liquidation preference plus declared but unpaid dividends up to the redemption date.

Concurrently, the board of directors on August 29, 2025, approved the distribution of dividends for both its domestic preference shares and offshore USD preference shares. The domestic shares will distribute RMB2,114 million in dividends at a rate of 3.02% (pre-tax) on September 24, 2025. The offshore USD preference shares will distribute approximately $115.36 million (after-tax $103.82 million for shareholders and $11.54 million for withholding tax) at a rate of 3.58% on September 23, 2025.

Following the redemption and cancellation, no USD offshore preference shares are in issue in the offshore market. ICBC has applied to The Stock Exchange of Hong Kong Limited to delist these shares, with the delisting becoming effective after 16:00, September 24, 2025, Beijing time.