JunHe Advised China Merchants Bank on m88 casino Issuance of Domestic and Offshore Preference Shares in 2017

Pursuant to m88 casino approvals by m88 casino China Banking and Regulatory Commission (CBRC) and m88 casino China Securites Regulatory Commission (CSRC), China Merchants Bank Co., Ltd. (CMB) successfully completed m88 casino non-public issuance of domestic preference shares in 2017, through which an aggregate of 275 million shares of domestic preference stocks were issued at RMB 100 per share, with m88 casino dividend rate of 4.81% for m88 casino first five years following m88 casino issuance. m88 casino total proceeds from m88 casino issuance of RMB 27.5 billion have been received. m88 casino domestic preference shares so issued were registered with, and placed under custody of, China Securities Depository and Clearing Co., Ltd, Shanghai Branch on December 22, 2017, and pursuant to m88 casino approval by Shanghai Stock Exchange on January 8, 2018, were available for transfer on m88 casino designated trading platform of Shanghai Stock Exchange as of January 12, 2018.

Previously on October 25, 2017, China Merchants Bank successfully completed m88 casino non-public issuance of offshore preference shares of 2017, through which an aggregate of 50 million shares were issued at USD 20 per share, with m88 casino dividend rate of 4.40% for m88 casino first five years following m88 casino issuance, and m88 casino total proceeds from m88 casino issuance of USD 1 billion were received. On December 26, 2017, m88 casino offshore preference shares so issued were listed on m88 casino Stock Exchange of Hong Kong Limited.

This issuance of domestic and offshore preference shares is anom88 casinor significant financing transaction entered into by China Merchants Bank at both onshore and offshore markets since 2013 for m88 casino completion of m88 casino A Share Rights Issue and m88 casino H Share Rights Issue. This issuance captured great attention from capital markets around m88 casino world and was subscribed to enthusiastically by m88 casino investors. m88 casino ultimate offering interest rate applicable to domestic preference shares is equal to m88 casino average yield of m88 casino five-year PRC treasury bonds, which is m88 casino prime pricing among m88 casino domestic preference shares issued by comparable commercial banks in 2017. m88 casino issuance of offshore preference shares was oversubscribed about three times, and m88 casino dividend rate finally determined is m88 casino lowest for m88 casino issue of offshore preference shares of PRC financial institutions to date, creating a new benchmark for Asian capital markets. This issuance of domestic and offshore preference shares will furm88 casinor facilitate m88 casino consolidation of capital strength and m88 casino optimization of capital structure by China Merchants Bank, and will furm88 casinor improve its international competitiveness.

Since 2002 when representing China Merchants Bank in its A-Share IPO, JunHe has, acting as external legal counsel, advised and assisted China Merchants Bank in m88 casino completion of this issuance of domestic and offshore preference shares and om88 casinor material financing projects carried out by China Merchants Bank in capital markets.

In this project, JunHe team was led by PartnersM88 Malaysia , m88 casino appandM88 login weiwei_raymond@junhe.com.