China Merchants Bank Details 2026 Auditor Appointment, 2026-2030 Capital Targets and Up to RMB150 Billion Bond Issuance Plans

China Merchants Bank (CM BANK) has released its AGM circular, outlining multiple resolutions to be tabled at the 25 June 2026 shareholders’ meeting in Shenzhen.

Key proposals

1. Auditor engagement for 2026 • Ernst & Young Hua Ming LLP (domestic) and Ernst & Young (international) are proposed as auditors for 2026. • Group-wide audit fees are capped at RMB32.46 million, including RMB1.04 million for the internal-control review.

2. Capital Management Plan 2026-2030 • Target capital thresholds: Core Tier 1 ≥10.00%, Tier 1 ≥11.00%, Total CAR ≥13.00%. • Capital replenishment will rely on profit retention, a dividend payout ratio “not lower than 30%,” and diversified external instruments such as ordinary shares, preference shares, perpetual bonds, Tier 2 bonds and TLAC-eligible debt.

3. Director nominations • Non-executive directors: Li Yungui (chief accountant, COSCO Shipping) and Huo Da (Secretary of the Party Committee, China Merchants Financial Holdings). • Executive director: Wang Xiaoqing (party secretary, CM BANK). • Independent non-executive director: Zhang Yong (Shanghai University of Finance and Economics).

4. Funding mandates • Financial bonds & certificates of deposit: new general mandate allows outstanding balances up to 10% of total liabilities through 30 June 2029. • Capital bonds: authority to issue undated Additional Tier 1 or Tier 2 bonds of up to RMB150.00 billion once the remaining RMB43.00 billion quota from the 2024 mandate is fully utilised (RMB107.00 billion already issued). Valid for 24 months after regulatory approval.

5. 2025 profit distribution • Full-year cash dividend proposed at RMB2.016 per share (tax inclusive); after deducting the interim dividend already paid, RMB1.003 per share will be distributed. • The payout equals at least 30% of 2025 net profit attributable to ordinary shareholders (RMB143.87 billion).

Key meeting dates

• AGM: 25 June 2026. H-share register closes 17–25 June 2026. • Final-dividend entitlement: H-share register closes 4–9 July 2026.

If approved, the measures will support CM BANK’s capital planning as it enters China’s 15th Five-Year Plan period, while maintaining regulatory compliance and shareholder returns.