ICBC redeems $29bn offshore preference shares, seeks HKEX delisting

Industrial and Commercial Bank of China (ICBC) announced the redemption of its $29 billion offshore preference shares on September 23, 2025. This action follows approval from the National Financial Regulatory Administration, which had no objection. These preference shares, initially issued on September 23, 2020, will be redeemed at their per-share liquidation preference amount plus declared but unpaid dividends up to the redemption date.

Following the redemption and cancellation of these shares, ICBC will no longer have any offshore USD preference shares outstanding. Consequently, the bank has applied to the Hong Kong Stock Exchange for delisting, effective 16:00 Beijing time on September 24, 2025. This move aligns with the bank's capital management strategy, which includes optimizing capital structure and controlling capital costs, as detailed in its interim report for 2025, approved by the board on August 29, 2025.