Bank of Communications greenlights equity offering with strategic investor involvement

Bank of Communications (SSE:601328) has announced the successful passage of resolutions at its Second Extraordinary General Meeting and Class Shareholder Meetings, paving the way for a targeted equity offering. Key approvals include the equity offering plan, strategic investor introductions—China Tobacco and China Shuangwei Investment—and related agreements. The offering aims to strengthen the bank's capital base and support its long-term strategic objectives. Approvals include a waiver for the largest shareholder from adhering to certain takeover rules, subject to requisite approvals, allowing the strategic investments to proceed. China Tobacco, China Shuangwei, and other designated enterprises have been excused from certain rules tied to this offering. The legal opinion confirmed that the meeting's procedures and resolutions adhered to relevant laws, regulations, and the bank's articles of association.