PICC Group (The People’s Insurance Company (Group) of China Limited, 01339) has called a second extraordinary general meeting (EGM) for 29 September 2026 in Beijing to seek shareholder approval for multiple capital and governance actions.
Key Agenda 1. Capital Raising: • Special resolutions will authorise a general mandate to issue up to 10% of existing A- and H-share capital. • The Company proposes an A-share private placement of up to RMB15.00 billion to a single specific investor—the Ministry of Finance (MOF). • Pricing floor: not lower than the 20-trading-day average A-share price before the pricing benchmark date; final pricing to be set with the lead underwriter after regulatory clearance. • Indicative issuance size: approximately 2.02 billion new A Shares, equivalent to 4.58% of current share capital and 4.38% of enlarged capital. • All proceeds will be used to strengthen core capital; MOF’s new shares will be locked up for five years. • MOF will remain controlling shareholder, and public float of H Shares is expected to stay above 18.87%.
2. Dividend Proposal: An interim cash dividend of RMB0.11 per share (tax inclusive) is proposed, totalling RMB4.87 billion, to shareholders on the register as of 14 October 2026. Payment is scheduled around 6 November 2026. Dividend will be funded from the parent-company interim net profit of RMB7.76 billion, leaving RMB3.62 billion undistributed. Solvency ratios are expected to remain at adequate levels post-distribution.
3. Governance Changes: • Election of Ms. Yang Dongning, former vice-president of the Export-Import Bank of China, as an executive director of the fifth board, subject to regulatory approval. • Shareholders will also vote on a three-year shareholder return plan (2026-2028) and a mandate allowing the board to adjust issuance parameters and execute the share sale.
4. Regulatory Roadmap: The placement is contingent on shareholder approval, Shanghai Stock Exchange review, and China Securities Regulatory Commission registration.
Shareholders can vote in person or by proxy; A-share investors may also vote online. The MOF, as the transaction counterparty, will abstain from voting on resolutions related to the share issuance.