Summary by Moomoo AI
At the 31st meeting of the 12th Board of Directors, held on 25 March 2024, China Commerce Bank approved a motion to issue not more than RMB 1,500 billion in capital bonds. THE MOTION INCLUDES THE ISSUANCE OF NON-FIXED TERM CAPITAL BONDS AND TIER II CAPITAL BONDS DESIGNED TO SUPPLEMENT TIER I AND TIER II CAPITAL OF THE COMPANY. This issuance plan continues the practice mandated by the 2021 General Meeting and will be implemented upon approval by the General Meeting and relevant regulatory authorities. The Capital Notes will comply with relevant laws and regulations and may be issued domestically and externally. The Board of Directors has been authorized to decide on specific issuance plans for capital bonds on a scale of $1,500 billion, and to authorize senior management to decide directly on issues on a scale not exceeding $70 billion. The motion will be submitted for consideration at the 2023 General Meeting, subject to approval by more than two-thirds of the voting parties.