Industrial Bank adjusts preferred stock dividend rate

Industrial Bank (SSE: 601166) announced an adjustment to the dividend rate of its preferred stock, "Industrial Preferred 1" (code: 360005). The adjustment, effective December 8, 2024, marks the start of the third five-year interest accrual period for these shares. The new dividend rate is set at 4.23%, payable annually. This rate is calculated based on the average yield of five-year Chinese government bonds (1.68%) over the 20 trading days preceding December 8th, plus a fixed spread of 2.55%. This adjustment is in line with the terms outlined in the original prospectus for the preferred shares, which stipulates a rate reset every five years.