Citic Bank shareholding diluted by convertible bond conversion

China CITIC Bank Corp (SSE:601998) announced that the conversion of its convertible bonds has resulted in a passive dilution of the shareholding of its controlling shareholder, China CITIC Financial Holdings Co., Ltd., and its concerted parties. The combined shareholding decreased from 66.96% to 65.97% as of February 25, 2025, after 6,562,087,208 A-shares were issued through bond conversions. The bank's total share capital increased from 54,677,062,343 to 55,496,883,781 shares. While triggering a disclosure requirement, the dilution does not trigger a mandatory offer or change the bank's controlling shareholder or ultimate controller. The convertible bonds, with a face value of 40 billion yuan, have been convertible into A-shares since September 11, 2019, at an adjusted conversion price of 5.59 yuan per share since December 11, 2024.