Industrial Bank convertible bond conversions continue, $41bn remains outstanding

As of September 30, 2025, Industrial Bank's convertible bonds have seen a cumulative RMB 8,647,930,000 converted into the company's A-share ordinary stock. This conversion has resulted in a total of 388,661,196 new shares, representing 1.87088% of the company's total ordinary shares issued before the conversion.

During the third quarter of 2025, from July 1 to September 30, an additional RMB 336,000 of convertible bonds were converted, adding 15,830 new A-share ordinary shares. Following these conversions, the bank's total share capital has increased to 21,162,851,947 shares.

Despite these conversions, a substantial RMB 41,352,070,000 in convertible bonds remains outstanding as of September 30, 2025, accounting for 82.70414% of the total issued amount. The convertible bonds, issued in December 2021, began converting into A-share ordinary shares on June 30, 2022, at a current conversion price of RMB 21.19 per share.