Industrial Bank: Fujian Province increases stake via convertible bonds

Industrial Bank (SSE:601166) announced that Fujian Provincial Department of Finance and its co-actor, Fujian Financial Investment Limited, have increased their combined holdings in the bank's common shares to 4,353,660,826 shares, representing 20.57% of the total common stock. The increase stems from the conversion of CNY 50 billion in convertible bonds ("Industrial Convertible Bonds," code 113052) into shares, specifically 52,750,000 bonds converted on May 14, 2025, and 33,686,760 bonds converted on May 27, 2025, at a conversion price of CNY 22.25 per share. The transaction does not trigger a change in control of the bank; Industrial Bank has no controlling shareholder nor actual controller. Prior to this, Fujian Province and Fujian Financial Investment Limited held 19.09% of the bank's common stock.