PSBC(601658) 中国经营报·2025-04-03 14:07Core Viewpoint - Postal Savings Bank of China (PSBC) is set to enhance its core Tier 1 capital adequacy ratio by 1.5 percentage points through a planned private placement, which will occur after the annual dividend distribution for 2024, ensuring no impact on current shareholders' dividends [1][5]. Group 1: Capital Increase and Shareholder Impact - The Ministry of Finance will lead a capital increase for four major state-owned banks, including PSBC, through a special bond issuance totaling 500 billion yuan, with PSBC receiving approximately 117.58 billion yuan [2][3]. - Major shareholders, including China Mobile and China Shipbuilding Group, have committed to significant cash subscriptions of 78.54 billion yuan and 45.66 billion yuan respectively, reflecting confidence in PSBC's investment value [4]. - The capital increase is part of a broader policy initiative aimed at strengthening the capital base of state-owned banks, enhancing their lending capacity to support the real economy [4]. Group 2: Pricing Mechanism and Market Confidence - PSBC will utilize a "locked price and premium issuance" mechanism for the private placement, which aligns with regulatory requirements and offers a premium over the average trading price of the previous 20 trading days [5]. - The issuance will not affect the 2024 dividend for existing shareholders, thereby maximizing benefits for both new and old shareholders and enhancing market confidence [5]. Group 3: Financial Projections and Growth Potential - Although the capital increase may lead to a short-term dilution effect estimated at around 6%, PSBC anticipates that the increase in capital and optimization of agency fees will create new growth opportunities [6]. - The bank plans to issue shares in the A-share market, taking advantage of the higher A-share price compared to H-share, which demonstrates a commitment to protecting the interests of shareholders across both markets [6]. - With the expected influx of funds, PSBC aims to improve its profitability and core competitiveness, ultimately enhancing its net asset value and asset scale [6].