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2018 INTERIM REPORT Important Notice

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2018 INTERIM REPORT Important Notice CHINA MINSHENG BANKING CORP., LTD. 2 018 INTERIM REPORT INTERIM (a joint stock limited company incorporated in the People’s Republic of China) Add. : No. 2, Fuxingmennei Avenue, Xicheng District, Beijing, China Stock Code USD Preference Shares Stock Code 04609 Tel. : (+86-10) 58560666 Fax. : (+86-10) 58560720 Zip Code: 100031 This interim report is printed on Website: www.cmbc.com.cn environmental paper. 2018 INTERIM REPORT Important Notice The Board, the Board of Supervisors, the Directors, Supervisors and Senior Management of the Company warrant that there are no misstatements, misleading representations or material omissions in this report, and shall assume several and joint liability for the truthfulness, accuracy and completeness of its contents. This Interim Report was considered and approved on 30 August 2018 at the eleventh meeting of the seventh session of the Board of the Company. Of the 16 Directors who were entitled to attend the meeting, eight Directors attended the meeting in person, eight Directors, being the Chairman Hong Qi, the Vice Chairman Zhang Hongwei, as well as the Directors Shi Yuzhu, Wu Di, Liu Jipeng, Li Hancheng, Xie Zhichun and Tian Suning, attended the meeting by teleconference. Of the eight Supervisors who were entitled to attend the meeting, eight Supervisors attended the meeting as non-voting delegates. No interim profi t will be distributed and no capital reserve will be used for capitalisation for the interim period of 2018. For the purpose of this Interim Report, China Minsheng Banking Corp., Ltd. shall be referred to as the “Company”, the “Bank”, “China Minsheng Bank” or “Minsheng Bank”, whereas China Minsheng Banking Corp., Ltd. and its subsidiaries together shall be referred to as the “Group”. The fi nancial data and indicators contained in this Interim Report are prepared in accordance with the rules of the International Financial Reporting Standards (“IFRS”). Unless otherwise specifi ed, all amounts are the consolidated data of the Group and are denominated in RMB. The interim fi nancial report of the Company was not audited. Board of Directors China Minsheng Banking Corp., Ltd. Hong Qi (Chairman), Zheng Wanchun (President), Bai Dan (Senior Management responsible for fi nance and accounting) and Li Wen (Person in charge of the accounting department) warrant the truthfulness, accuracy and completeness of the fi nancial statements included in this Interim Report. Contents Important Notice Defi nitions 2 Strategic Positioning, Reform and Transformation of the Company 4 Bank Profi le 6 Summary of Accounting Data and Financial Indicators 8 Discussion and Analysis on Business Operation 11 Changes in Share Capital and Information on Shareholders 84 Directors, Supervisors, Senior Management and Employees 100 Corporate Governance 106 Report of the Board of Directors 112 Major Events 117 Financial Reports 122 Definitions In this report, unless the context otherwise requires, the following terms shall have the meanings set out below. “Bank” or “Company” or China Minsheng Banking Corp., Ltd. “China Minsheng Bank” or “Minsheng Bank” “CBIRC” China Banking and Insurance Regulatory Commission “CBRC” the former China Banking Regulatory Commission “CIRC” the former China Insurance Regulatory Commission “CMBC International” CMBC International Holdings Limited “CSRC” China Securities Regulatory Commission “Group” the Company and its subsidiaries “Hong Kong Listing Rules” the Rules Governing the Listing of Securities on SEHK “Minsheng Financial Leasing” Minsheng Financial Leasing Co., Ltd. “Minsheng Royal Asset Minsheng Royal Asset Management Co., Ltd. Management” “Minsheng Royal Fund” Minsheng Royal Fund Management Co., Ltd. “Model Code” Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix 10 to the Hong Kong Listing Rules “NPL” non-performing loan “Phoenix Project” (鳳凰計劃) a comprehensive customer-oriented project for transformation for growth model and reform of corporate governance of the Company in response to the liberalisation of interest rate and other changes in the external environment 2 China Minsheng Banking Corp., Ltd. Definitions “Reporting Period” the period from 1 January 2018 to 30 June 2018 “SEHK” The Stock Exchange of Hong Kong Limited “Senior Management” senior management of the Company “SFO” Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SSE” Shanghai Stock Exchange Interim Report 20182018 3 Strategic Positioning, Reform and Transformation of the Company I. Mission In view of the macro economic situation with signifi cant changes in economic development and economic structure and in response to multiple challenges arising from the liberalisation of interest rates, emergence of fi ntech, acceleration of fi nancial disintermediation and comprehensively strengthening regulation, the Company optimised its management structure by further improving its corporate governance. The Company put efforts in accelerating transformation and renovation and providing innovative services modes and channels. The Company also comprehensively enhanced its capability and strength to cope with external challenges and better serve the real economy. At the same time, the Company strengthened business adjustment and transformation and further focused on its development strategies, with an aim to become a bank for the non-state-owned enterprises (NSOEs), a fi ntech-based bank and a bank of comprehensive services, and to take its sound and sustainable development to a new level. II. Strategic Positioning and Targets (I) Strategic positioning The Company aims to become a bank for the NSOEs, a fi ntech-based bank and a bank of comprehensive services. (II) Strategic targets As a customer-oriented bank, the Company targets to improve its development quality and effi ciency and transform itself into a digitalised, light-weighted and integrated benchmark bank, so as to further raise its corporate value. III. Reform and Transformation In view of the signifi cant changes in the internal and external environment, the banking industry in China is facing imminent and unavoidable needs for major reform. Firm reform and transformation to completely switch the development model have become the only way out. Based on the preliminary and core achievements of the Phoenix Project and the Three-Year Development Plan, the Board of the Company considered and approved the Overall Implementation Scheme for Reform and Transformation and the Three-year Development Plan of China Minsheng Bank (《中國民生銀行改革轉型暨三年發展規劃整體實施方案》) (the “Implementation Plans”) on 27 April 2018, targeting to develop the Company into a benchmark bank with distinctive features, increasing values and continuous innovation and to maximise its market value through reform and transformation in three years to improve the development quality and effi ciency under the customer- centred principle as well as the three major strategic orientations, namely to become a bank for the NSOEs, a fi ntech-based bank and a bank of comprehensive services. During the Reporting Period, under the leadership of the Board and the operation management, the Implementation Plans were carried out orderly and preliminary results of transformation were gradually achieved. 4 China Minsheng Banking Corp., Ltd. Strategic Positioning, Reform and Transformation of the Company Firstly, the Company has developed distinctive services for NSOEs. Sharing a common heritage with NSOEs, serving the NSOEs is the inherent mission of the Company. Leveraging on the advantage as a fi rst mover, positioning itself as a bank for the NSOEs has been a necessary strategy of the Company. Through reform and transformation, the Company provides customised services to different types of NSOEs based on their needs with high effi ciency and quality. For corporate banking, the Company has identifi ed a strategic white list consisting of NSOE customers with core competitiveness and sustainability. By assigning professional service teams with prioritised resources allocation and customised and comprehensive solutions, the Company has established long-term and intensive cooperation with its customers to realise mutual growth. In addition, the Company provides advanced supply chain fi nancing services for niche NSOEs, offers “scientifi c innovation loan (科創貸)” to customers with growth potential and further consolidates the customer base of NSOEs through the “Small and Medium Minsheng Project (中小民生工程)”. For retail banking, focusing on the market of NSOEs, the Company has developed three characteristic and core customer bases, being the small business customers, personal customers, and private banking customers. Data-driven marketing management and control system is adopted to improve the services for target customers, which has further increased the customer values. For the fi nancial markets business, the Company focuses to serve the NSOE customers under the corporate and retail banking segments. Based on customers’ demands, the Company has developed new agency products and promoted the reform of asset management in order to expand the coverage capability of its light-capital products among target customers. Secondly, the Company has fostered its fi ntech development. Scientifi c technology is a critical engine of the Company’s future development. Dually driven by “data + technology”, the Company carries out its reform and transformation and promotes the construction of digitalised and smart bank. The Company has been persisting in building its digitisation capability, developing a large-
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