Jiujie Financial News, China Industrial and Commercial Bank of China Co., Ltd. (Industrial and Commercial Bank of China Limited, referred to as "Industrial and Commercial Bank of China", 01398.HKMagne601398.SH)Moody's Corporation: A1 stable, S & P: a stable, Fitch: a stable) issue of Reg S, dollar-denominated, non-fixed-date Basel III AT1 capital bonds. (PRICED)

The terms are as follows:

Issuer: China Industrial and Commercial Bank of China Co., Ltd.

Issue: Basel III-compliant AT1 capital bonds with no fixed date

Issuer rating: Moody's Corporation: A1 stable, S & P: a stable, Fitch: a stable

Expected issue rating: Ba1 (Moody's Corporation)

Priority: subordinate to depositors, general creditors, T2 capital instrument holders and any other subordinated debt holders that take precedence over the bond; holders of superior equity; and any other AT1 capital instrument bondholders who have the same status as the bond.

Release rules: Reg S

Issue size: $6.16 billion

Term: PNC5

Initial guidance price: 3.650% area

Final guidance price: 3.20%

Coupon: 3.200%

Yield: 3.200%

Issue price: 100

Spread: + 236.8bps

First reset date: September 24, 2026

Delivery date: September 24, 2021

Interest rate: fixed interest rate for the first 5 years, paid semi-annually. If there is no redemption arrangement, reset the benchmark interest rate (the 5-year Treasury rate) plus the initial spread 236.8bps in the fifth year, and then every 5 years thereafter.

Cancellation event: the issuer may forcibly cancel the payment event; the bank may cancel it at its own option (subject to the approval of the shareholders' meeting); all cancellation events are on a non-cumulative basis.

Dividend braking: in the case of common shares of a bank, dividend braking must be observed.

Issuer's redemption option: with the approval of the China Banking Regulatory Commission and meeting certain redemption conditions, the bank may choose to redeem all or part of the bonds at par value on the first reset date or any subsequent interest payment date.

Cancellation of an unviable trigger event: in the event of an unviable trigger event (see below), the bank has the right to irrevocably write off (in whole or in part) the outstanding principal of the bond. Once cancelled, the relevant cancelled part will not be resumed or repaid under any circumstances, and any accrued but unpaid interest on the cancelled part shall cease to be paid.

Non-survival trigger event: (I) the China Banking Regulatory Commission has determined that the issuer will not survive if the issuer's capital is not cancelled or converted; or (ii) any relevant institution has determined that the issuer will not survive without public sector capital injection or other equivalent support.

Redemptions for regulatory reasons: may occur, subject to the satisfaction of any applicable regulatory requirements, redemption conditions (if applicable), and the prior consent of the China Banking Regulatory Commission

Changes for regulatory reasons: in accordance with any applicable regulatory requirements, banks can change the terms of the bonds to maintain or become qualified additional tier one capital instruments

Use of funds: according to relevant regulatory requirements, net income will be included in the bank's AT1 capital

Other provisions: Hong Kong Exchanges and Clearing listing; minimum denomination / increment of US $200000 / US $1000; English law (but secondary provisions are governed by the laws of the people's Republic of China)

Clearing house: European Bank for Clearing / Mingxun Bank

Exclusive financial adviser: ICBC (Asia)

Joint global coordinator, joint bookrunner and joint lead manager: ICBC (Asia), Citigroup Inc, HSBC, JPMorgan Chase & Co and Mizuho Securities

Joint bookrunner and co-lead manager: bank of China International, Commerzbank, Oriental Management, ICBC Standard, French Foreign Trade Bank and UBS Group

ISIN:XS2383421711