SPD Bank adjusts preferred share dividend rate

Shanghai Pudong Development Bank (SPD Bank) has adjusted the dividend rate for its second phase of preferred shares, known as "SPD Preferred 2" (SSE:360008), effective March 11, 2025. The new dividend rate will be 3.80%, a decrease from the previous rate of 4.81%. This adjustment follows the terms outlined in the bank's prospectus for the non-public issuance of preferred shares. The new rate is based on the benchmark interest rate plus a fixed premium determined at the initial pricing. The benchmark rate is calculated as the average yield of 5-year Chinese treasury bonds for the 20 trading days before the repricing date. The bank will pay dividends annually.