Bank of Communications: Ministry of Finance maintains control post-acquisition

Cathay Haitong Securities Co., Ltd., the financial advisor, issued its continuous supervision opinion for the third quarter of 2025 (July 1 to September 30, 2025) regarding the acquisition of Bank of Communications Co., Ltd. by the Ministry of Finance. During this period, Bank of Communications disclosed its third-quarter report for 2025 on October 30, 2025. Post-acquisition, the Ministry of Finance now holds 30,942,772,271 A and H shares in Bank of Communications, representing 35.02% of the total share capital, making it the controlling shareholder.

The acquisition was exempt from a general offer in accordance with regulatory provisions. The Ministry of Finance has pledged not to transfer the newly subscribed shares of Bank of Communications for five years from the issuance completion date. As of the end of the supervision period, the acquirer and the listed company had fulfilled their information disclosure obligations regarding the acquisition, and related industrial and commercial change registration is pending.

The financial advisor confirms that throughout the continuous supervision period, the acquirer has legally performed its reporting and disclosure obligations. No instances were found where the acquirer requested the listed company to provide guarantees or loans that harmed the company's interests, nor were there any violations of public commitments or announced future plans. The acquirer has no current plans to adjust the listed company's main business, dispose of or acquire significant assets, adjust the board of directors or senior management, or modify the company's articles of association within the next 12 months.