On June 3, 2024, Postal Savings Bank of China announced that it had signed a trust beneficiary rights and asset management plan benefit transfer agreement with China Post Capital. The transaction involves Postal Savings Bank of China transferring multiple trust beneficiary rights and asset management plan benefits to China Post Capital for a total price of RMB 51,576,209.5. The transfer will take effect after meeting conditions such as approval by the shareholder meeting, decision-making by China Post Capital's superior units, approval by state-owned asset supervision and management institutions, and record-filing by the Ministry of Finance. Postal Savings Bank of China stated that the asset transfer will be used to serve the real economy, increase key areas of credit allocation...Show More

On June 3, 2024, Postal Savings Bank of China announced that it had signed a trust beneficiary rights and asset management plan benefit transfer agreement with China Post Capital. The transaction involves Postal Savings Bank of China transferring multiple trust beneficiary rights and asset management plan benefits to China Post Capital for a total price of RMB 51,576,209.5. The transfer will take effect after meeting conditions such as approval by the shareholder meeting, decision-making by China Post Capital's superior units, approval by state-owned asset supervision and management institutions, and record-filing by the Ministry of Finance. Postal Savings Bank of China stated that the asset transfer will be used to serve the real economy, increase key areas of credit allocation, and enhance support for credit in key areas such as "agriculture, rural areas and farmers", consumption, small and micro enterprises. In addition, Postal Savings Bank of China will review and approve the transfer at the 2023 annual shareholder meeting, and China Post Group and its affiliates will waive their voting rights. China Post Group is the controlling shareholder of Postal Savings Bank of China, holding about 62.78% of its total issued shares, and China Post Capital is its fully-owned subsidiary.