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Annual Report 2020 CHINA MINSHENG BANKING CORP., LTD. 2 020 INTERIM REPORT Add. : No. 2, Fuxingmennei Avenue, Xicheng District, Beijing, China Tel. : (+86-10) 58560666 Fax. : (+86-10) 58560720 Postal Code: 100031 Website: www.cmbc.com.cn 2020INTERIM REPORT (a joint stock limited company incorporated in the People’s Republic of China) This interim report is printed on environmental paper. Stock Code USD Preference Share Stock Code 04609 Important Notice The Board of Directors, 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 28 August 2020 at the twenty- second meeting of the seventh session of the Board of Directors of the Company. Of the 15 Directors who were entitled to attend the meeting, five Directors attended the meeting in person, namely the Chairman, Gao Yingxin, and the Directors, Zheng Wanchun, Peng Xuefeng, Liu Ningyu and Tian Suning, ten Directors, being the Vice Chairmen, Zhang Hongwei, Lu Zhiqiang and Liu Yonghao, and the Directors, Shi Yuzhu, Wu Di, Song Chunfeng, Weng Zhenjie, Li Hancheng, Liu Jipeng and Xie Zhichun, attended the meeting by teleconference. Of the nine Supervisors who were entitled to attend the meeting as non-voting delegates, nine Supervisors attended the meeting in person as non-voting delegates. No interim profit will be distributed and no capital reserve will be used for capitalisation for the interim period of 2020. 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 financial data and indicators contained in this Interim Report are prepared in accordance with the International Accounting Standards. Unless otherwise specified, all amounts are the consolidated data of the Group and are denominated in RMB. The interim financial reports of the Company were not audited. Board of Directors China Minsheng Banking Corp., Ltd. Gao Yingxin (Chairman), Zheng Wanchun (President), Bai Dan (Senior Management responsible for finance and accounting) and Li Wen (Person in charge of the accounting department) warrant the truthfulness, accuracy and completeness of the financial reports included in this Interim Report. Contents Important Notice Contents 1 Changes in Share Capital and Information on Shareholders 94 Definitions 2 Directors, Supervisors, Senior Strategic Positioning and Reform and Management, Employees and Transformation of the Company 3 Business Network 113 Bank Profile 6 Corporate Governance 120 Summary of Accounting Data and Report of the Board of Directors 128 Financial Indicators 8 Major Events 133 Discussion and Analysis on Business Operation 11 Financial Reports 140 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” “Group” the Company and its subsidiaries “Minsheng Financial Leasing” Minsheng Financial Leasing Co., Ltd. “Minsheng Royal Fund” Minsheng Royal Fund Management Co., Ltd. “CBRC” the former China Banking Regulatory Commission “CIRC” the former China Insurance Regulatory Commission “CBIRC” China Banking and Insurance Regulatory Commission “CSRC” China Securities Regulatory Commission “SSE” Shanghai Stock Exchange “SEHK” The Stock Exchange of Hong Kong Limited “Hong Kong Listing Rules” the Rules Governing the Listing of Securities on SEHK “SFO” Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “Model Code” Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix 10 to the Hong Kong Listing Rules “Senior Management” senior management of the Company “Minsheng Royal Asset Minsheng Royal Asset Management Co., Ltd. Management” “CMBC International” CMBC International Holdings Limited “Reporting Period” the period from 1 January 2020 to 30 June 2020 2 China Minsheng Banking Corp., Ltd. Strategic Positioning and Reform and Transformation of the Company I. Mission In view of the macro-economic situation with significant changes in economic development and economic structure as well as various challenges arising from the liberalisation of interest rate, emergence of fintech, accelerated financial disintermediation and increasingly stringent regulation, the Company comprehensively enhanced its capabilities to cope with external challenges and serve the real economy by continuously improving corporate governance, optimising management structure, pushing forward transformation and reform and innovating service models and methods. To actively respond to the new challenges brought by the COVID-19 epidemic and international situations, the Company further focused on development strategies, promoted business transformation and improved management, with an aim to achieve the expected goals of reform and transformation in the current stage. II. Strategic Positioning and Target (I) Strategic positioning The Company aims to become a bank for the NSOEs, a fintech-based bank and a bank of comprehensive services. (II) Strategic targets Adhering to the customer-centric philosophy and to realise the goals of high-quality development and profitability, the Company strives to transform itself into a digitalised and light- capital benchmark bank of comprehensive services, so as to further increase its corporate value. III. Reform and Transformation To cope with the changing macro-economic conditions and new development trend of the banking industry, and to transform from extensive development into customer-centric refined development, the Board of Directors of the Company discussed and approved the Scheme for Reform and Transformation and the Three-year Development Plan (the “Scheme”) (《改革轉型暨 三年發展規劃方案》) at the end of 2017. With an aim to maximise the market value, the Scheme promoted the implementation of the three strategic positionings of becoming “a bank for the NSOEs, a fintech-based bank and a bank of comprehensive services” with focus on business and management. Since 2018, the Company has carried out all tasks based on the three major strategic positionings and reform and transformation. Satisfactory results have been achieved with increased operation features and sharpened competitive edges. Interim Report 2020 3 Strategic Positioning and Reform and Transformation of the Company In 2020, to address the difficulties in the early stage of transformation and respond to the changes in domestic and international situations due to the epidemic prevention and control, the Company streamlined the six major tasks for reform and transformation and brought them up into detailed tasks and assessment indicators. Continuous transformation of business model and management mechanism was promoted to realise quality, efficient and effective development. During the Reporting Period, business transformation and management enhancement of the Company were under smooth progress. Firstly, the Company accelerated the implementation of NSOE strategy. The Company further expanded the service system for strategic NSOEs to cover 160 and 700 NSOEs at the Head Office and branch levels, respectively. The development of synergy mechanism between business operation and risk management was under solid progress and the building of account planning system was preliminarily completed. The Company made notable progress in developing businesses of niche NSOEs along the supply chain, and steadily pressed ahead the development of platform and service teams of new supply chain business. The number of newly launched projects such as Credit Financing E (信融e) as well as the number of new core enterprises increased significantly. Customer base of small and medium-sized NSOEs continued to expand through online customer acquisition. The synergy mechanism between small and medium-sized enterprises (SME) business and supply chain business was improved, and the investment eco-system of “Ying Huo Plan (螢火計 劃)” was further enlarged. Secondly, the Company expanded the IT-empowered “big retail banking (大零售)”. The Company intensified the coordinated management of “big retail banking”, sped up the development of innovative asset business, improved wealth management capability, integrated operation of all retail channels and the management mechanism of customer experience. By implementing the fintech development plan for retail business, the Company innovated online operation and service models to continuously enhance online service capability. The Company accelerated the exploration of scenario-based consumer finance and introduced featured products under Minsheng Easy Loan (民易貸) with enhanced capability of big data-based risk control modeling. To advance the transformation of Small Business version 3.0, the Company strengthened comprehensive services under the “one account one policy (一戶一策)”, provided differentiated services and product allocation and accelerated the upgrading of online service models, so as to foster good brand reputation. 4 China Minsheng Banking Corp., Ltd. Strategic Positioning and Reform and Transformation of the Company Thirdly, the Company promoted the implementation of fintech strategy
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