IPO of The Security: On June 1, 2006, BOC (3988. HK) was listed on the Stock Exchange of Hong Kong. The initial public offering (IPO) had a total size of 29,403,878,000 shares with 2.95HKD per share. On July 5 2006, BOC welcomed the floatation of its stock (601988. SS) on the Shanghai Stock Exchange, the offering raised 6,493,506,000 shares with 3.08RMB per share. After the IPO, the bank’s total number of shares increased to 253,839,162,009 with an aggregate amount of 253,839,162,009 RMB.
Rights Issuance of The Security: With the approval of the CBRC and CSRC, the Bank offered A Rights Shares, on the basis of 1 A Rights Share for every 10 existing A Shares held and at the price of RMB2.36 per share, to all A-Share Holders whose names appeared on the register of members of the Bank, as maintained by China Securities Depository and Clearing Corporation Limited, Shanghai Branch, after the close of trading hours on SSE on the A Share Record Date, 2 November 2010.
A total of 17,705,975,596 A Shares were subscribed and issued and RMB41,639,158,379.81 was raised in the offering. With the approval of domestic and overseas regulatory authorities, the Bank offered H Rights Shares, on the basis of 1 H Rights Share for every 10 existing H Shares held and at the price of HKD2.74 per share, to H-Share Holders whose names appeared on the register of H-Share Holders and who have not Excluded Shareholders of the Bank after the close of office hours on the H Share Record Date, 12 November 2010. A total of 7,602,025,126 shares were issued and RMB17,659,653,976.86 was raised in the offering.
Disclosure of Shareholding (Latest)
| H Share | A Share | |
|---|---|---|
| Place of IPO： | HKEx | SSE |
| Time of IPO： | 1 June 2006 | 5 July 2006 |
| Stock Code： | 3988 | 601988 |
| Type of Stock： | Common Stock | Common Stock |
| Issued Shares： | 83,622,276,395 | 210,765,514,846 |
| Percentage of total shares | 28.41% | 71.59% |
| Par Value Per Share： | 1.00 | 1.00 |
| Price of Issuance： | 2.95/2.83 (Take into account of Rights issuance) | 3.08/2.98 (Take into account of Rights issuance) |
| Currency： | HKD | RMB |
| Unit： | 1000 Shares | 100 Shares |
Shareholder Information
As at 30 September 2019, the Bank had a total of 713,108 ordinary shareholders, comprising 527,541 A-Share Holders and 185,567 H-Share Holders.
Top ten ordinary shareholders as at 30 September 2019
Unit: share
| No. | Name of ordinary shareholder | Number of shares held as at the end of the reporting period | Percentage of total ordinary shares | Type of shareholder | Type of ordinary shares |
|---|---|---|---|---|---|
| 1 | Central Huijin Investment Ltd. | 188,461,533,607 | 64.02% | State | A |
| 2 | HKSCC Nominees Limited | 81,920,630,807 | 27.83% | Foreign legal person | H |
| 3 | China Securities Finance Co., Ltd. | 8,596,044,925 | 2.92% | State-owned legal person | A |
| 4 | Central Huijin Asset Management Ltd. | 1,810,024,500 | 0.61% | State-owned legal person | A |
| 5 | Buttonwood Investment Platform Ltd. | 1,060,059,360 | 0.36% | State-owned legal person | A |
| 6 | China Life Insurance Company Limited － dividend － personal dividend － 005L － FH002SH | 832,246,000 | 0.28% | Other | A |
| 7 | HKSCC Limited | 726,574,205 | 0.25% | Foreign legal person | A |
| 8 | MUFG Bank, Ltd. | 520,357,200 | 0.18% | Foreign legal person | H |
| 9 | China Life Insurance Company Limited － traditional － general insurance product － 005L － CT001SH | 491,724,746 | 0.17% | Other | A |
| 10 | China Pacific Life Insurance Co., Ltd. – China Pacific Life Insurance Dividend Equity Portfolio (Traditional) with management of Changjiang Pension Insurance Co., Ltd. | 382,238,605 | 0.13% | Other | A |
- Notes:
- 1. The number of shares held by H-Share Holders was recorded in the register of members kept at the H-Share Registrar of the Bank.
2. HKSCC Nominees Limited acted as the nominee for all the institutional and individual investors that maintain an account with it as at 30 September 2019. The aggregate number of the Bank’s H Shares held by HKSCC Nominees Limited included the number of shares held by National Council for Social Security Fund.
3. HKSCC Limited is the nominee holder who holds securities on behalf of others. The securities included the SSE securities acquired by Hong Kong and overseas investors through Shanghai-Hong Kong Stock Connect.
Dividend Policy
In 2009, the Bank amended the Articles of Association to state that the Bank should maintain the continuity and stability of its profit distribution policy.
In 2013, the Bank amended the Articles of Association related to the cash dividend. This amendment clarified the Bank’s profit distribution principles, policy and adjustment procedures, the consideration process of the profit distribution plan and other matters. The amendment stated that the Bank shall adopt cash dividend as the priority form of profit distribution. Except under special circumstances, the Bank shall adopt cash as the form of dividend distribution where there is profit in that year and the accumulated undistributed profit is positive, and that the cash distribution of the dividend shall not be less than 10% of the profit after tax attributable to the ordinary shareholders of the Bank. The amendment also stated that the Bank shall offer online voting to shareholders when considering amendments to profit distribution policy and profit distribution plan.
In 2014, the Bank formulated the Shareholder Return Plan for 2014 to 2016 to specify the basic principles, shareholder return plan and decision-making and supervisory mechanisms regarding the formulation, implementation and amendment of the shareholder return of the Bank.
The procedure to formulate the aforementioned dividend distribution policy was compliant, transparent and complete. The criterion and ratio of the dividend are explicit and clear. The independent directors fully expressed their opinions and the legitimate rights and interests of minority shareholders were fully respected and protected. The procedure was in line with the provisions of the Articles of Association and other rules and regulations.
Dividend Distribution Information
| Fiscal Year | Record Date | Payment Date | Amount (RMB, per share before tax) | Total Amount (billion RMB) |
|---|---|---|---|---|
| 2006 | 2007-7-9 (H Share) 2007-7-2 (A Share) | 2007-7-20 | 0.04 | 10.154 |
| 2007 | 2008-6-26 | 2008-7-8 | 0.10 | 25.384 |
| 2008 | 2009-6-25 | 2009-7-20 | 0.13 | 32.999 |
| 2009 | 2010-6-3 | 2010-6-22 | 0.14 | 35.537 |
| 2010 | 2011-6-9 | 2011-6-30 (A Share) | 0.146 | 40.756 |
| 2011-7-8 (H Share) | ||||
| 2011 | 2012-6-12 | 2012-7-6 | 0.155 | 43.268 |
| 2012 | 2013-6-17 | 2013-7-12 | 0.175 | 48.851 |
| 2013 | 2014-6-26 | 2014-6-27 (A Share) | 0.196 | 54.755 |
| 2014-7-23 (H Share) | ||||
| 2014 | 2015-7-2 | 2015-7-3 (A Share) | 0.19 | 55.934 |
| 2015-7-29 (H Share) | ||||
| 2015 | 2016-6-23 | 2016-6-24 (A Share) | 0.175 | 51.518 |
| 2016-7-20 (H Share) | ||||
| 2016 | 2017-7-13 | 2017-7-14 (A Share) | 0.168 | 49.457 |
| 2017-8-9（H share） | ||||
| 2017 | 2018-7-12 | 2018-7-13（A share） | 0.176 | 51.812 |
| 2018-8-8（H share） | ||||
| 2018 | 2019-5-31 | 2019-6-3（A share） | 0.184 | 54.167 |