Ping An Bank to redeem preference shares, issues new capital bonds

Ping An Bank Co., Ltd. plans to redeem its preference shares on March 9, 2026, which is the next dividend payment date. The preference shares, issued in March 2016 at a value of RMB 20 bn, received regulatory approval for redemption from the National Financial Regulatory Administration.

Concurrently, Ping An Bank successfully issued RMB 30 bn of its 2025 undated capital bonds (second tranche) via bond connect. The bonds, priced on November 19, 2025, and issued on November 21, 2025, have a coupon rate of 2.32% for the first five years. This issuance aims to supplement the bank's additional Tier 1 capital, with the bank holding a conditional redemption right after five years.