Bank of Communications plans A-share issuance, seeks waiver

Bank of Communications Co., Ltd. announced plans for a special authorization to issue A-shares, seeking related waivers. The proposed issuance aims to adjust the bank's shareholding structure, and is pending shareholder approval. The plan involves approvals from independent shareholders at an extraordinary general meeting, requiring at least 75% approval for the waiver and over 50% for the subscription. Post-issuance, assuming the Ministry of Finance, China Tobacco and Shuangwei subscribe to their respective allotments of 12,907,010,332 A shares, 525,825,487 A shares, and 344,431,687 A shares, respectively, the Ministry of Finance's total stake will increase to 30,639,434,777 shares, representing approximately 34.80% of the enlarged issued share capital. The announcement also provides an updated overview of the bank's shareholding information.