Summary by Futu AI
The Postal Savings Bank of China (Postal Bank) announced on 30 May 2024 that its Board of Directors has passed a motion to transfer certain trust and asset management plan benefits to China Post Capital Management Limited. The total cost of the transfer is RMB5,157,620.95 million. The Bank and China Post Capital have not yet signed a formal transfer agreement and the final terms of the transaction will be subject to a written agreement. The transfer is aimed at further scaling up the stock assets, enhancing the Bank's credit-support capacity in key areas such as “Sanno”, consumer and micro enterprises, and helping the Bank to achieve high-quality development. China Post Capital is a wholly owned subsidiary of the Postal Group and the Post Group is the controlling shareholder of the Postal Bank. Therefore, the transaction constitutes a connected transaction under the Hong Kong Listing Rules. The Bank will publish further announcements after the signing of the Transfer Agreement.