Changsha Bank to redeem preference shares worth 6 bn yuan

Changsha Bank Co., Ltd. has announced its intention to fully redeem its 60 million preference shares, issued on December 20, 2019, at a total value of 6 billion yuan. The redemption price will include the par value of 100 yuan per share plus any declared but unpaid dividends. This move follows the Bank's board approval and a no-objection response from the Hunan Regulatory Bureau of the National Financial Regulatory Administration.

The redemption is scheduled for December 25, 2025, which also marks the preferred share dividend payment date for the current year. On this date, the Bank will pay preference shareholders the par value of their shares along with dividends accrued from December 25, 2024, to December 24, 2025.

This redemption aligns with a resolution passed at the Bank's first extraordinary general meeting in 2019, which authorized the board to handle all matters related to the non-public issuance of preference shares and their subsequent redemption.