PSBC(601658) 证券之星·2025-03-30 09:13Core Viewpoint - China Postal Savings Bank plans to issue A-shares to specific investors, raising RMB 130 billion to strengthen its core Tier 1 capital and support future business development, while addressing the dilution of immediate returns for shareholders [1][3][5]. Impact Analysis of the Issuance - The total amount raised from the issuance is RMB 130 billion, which will be used entirely to enhance the bank's core Tier 1 capital, thereby improving its capital strength and risk resilience [1][3]. - The issuance will increase the total number of ordinary shares from 99,161 million to 119,731 million, leading to a dilution effect on earnings per share (EPS) [1][2]. - Under different profit growth scenarios (0%, 2.5%, and 5%), the diluted EPS will be affected, with specific projections for net profit after non-recurring items [2][3]. Necessity of the Issuance - The issuance is part of a national strategy to enhance the capital base of state-owned banks, which is crucial for maintaining financial stability and supporting economic growth [3][4]. - It aims to improve the bank's capital adequacy ratio and facilitate high-quality development, ensuring continued service to the real economy [4][5]. Measures to Mitigate Dilution of Immediate Returns - The bank will implement effective measures to manage the raised funds, enhance operational efficiency, and minimize the impact on immediate shareholder returns [7][8]. - A commitment to strengthen internal controls and risk management will be established to ensure sustainable development and protect shareholder interests [8][9]. Commitment to Shareholder Returns - The bank's board and senior management have made commitments to ensure that measures to compensate for the dilution of immediate returns will be effectively implemented [9][10]. - The controlling shareholder, China Post Group, has also pledged to adhere to regulatory requirements regarding the fulfillment of these commitments [10].