BANKCOMM issued a correction notice on the evening of March 30, amending its 2025 profit distribution plan announcement originally disclosed on March 27. The bank revised the dividend per share from "RMB 3.247 (including tax)" to "RMB 3.247 per 10 shares (including tax)," attributing the error to insufficient proofreading.
This seemingly minor mistake drew significant market attention. Based on BANKCOMM's total share capital of 88.364 billion shares, if the incorrect statement had been implemented, the total dividend payout would have surged from approximately RMB 28.7 billion to about RMB 287 billion—a discrepancy exceeding RMB 250 billion. This amount far surpasses the bank's full-year net profit attributable to shareholders of RMB 95.622 billion, making it clearly unfeasible.
In the correction notice, BANKCOMM stated that aside from the textual error, other contents related to the profit distribution remain unchanged. The bank apologized to investors for the incident.
As one of China's "Big Six State-Owned Banks," this event highlights apparent risk control weaknesses in BANKCOMM's information disclosure processes. In the highly sensitive financial market, even minor errors in listed company announcements can trigger stock price fluctuations and investor misjudgments.
The original announcement and its correction were separated by one trading day, potentially disrupting market expectations in the short term. This could particularly lead some short-term investors to misjudge the dividend yield, thereby affecting confidence in the quality of BANKCOMM's information disclosure and possibly diminishing its valuation premium.
Legally, according to Article 197 of China's Securities Law, entities responsible for information disclosure that make misleading statements may be ordered to make corrections, receive warnings, and face fines ranging from RMB 1 million to RMB 10 million. Although this error resulted from a proofreading oversight and was promptly corrected, it still constitutes a misleading statement.
Under the "Measures for the Administration of Information Disclosure by Listed Companies," the board secretary is the key person responsible for information disclosure. This role involves organizing and coordinating disclosure matters, compiling information that must be disclosed, reporting to the board of directors, and bearing primary responsibility for the truthfulness, accuracy, completeness, and timeliness of disclosures. Consequently, current Board Secretary He Zhaobin holds undeniable responsibility for this dividend misstatement in the financial report.
Public records show that He Zhaobin, born in 1969, is 57 years old and holds a master's degree. He is a certified public accountant and a senior economist. He officially assumed the position of BOARDCOMM's board secretary on June 6, 2023, also serving as the company secretary and authorized representative, marking just over two years in the role.
Prior to his current position, He Zhaobin had extensive experience in regulatory and financial sectors. He previously held positions including Deputy Director of the National Agricultural Comprehensive Development Office, Deputy Director of the State Council's Rural Comprehensive Reform Working Group Office, and Deputy Director of the Supervision and Inspection Bureau of the Ministry of Finance. From August 2017 to January 2021, he served as a non-executive director of BANKCOMM, suggesting he should be well-versed in banking regulatory requirements and information disclosure standards.
Currently, He Zhaobin holds 96,700 shares in BANKCOMM and received a compensation of RMB 1.377 million in 2024. His performance is closely tied to his personal interests and the bank's brand image. During a previous earnings conference, He Zhaobin responded to market concerns by stating that BANKCOMM's dividend payout ratio has remained above 30% for 14 consecutive years. He noted that the 2025 dividend will be distributed in mid-2024, fulfilling the bank's commitment to investors through tangible returns.
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