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China Merchants Bank Co., Ltd Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 招商銀行股份有限公司 CHINA MERCHANTS BANK CO., LTD. (A joint stock company incorporated in the People’s Republic of China with limited liability) (H Share Stock Code: 03968) (Preference Share Stock Code: 04614) 2020 INTERIM RESULTS ANNOUNCEMENT The Board of Directors (the “Board”) of China Merchants Bank Co., Ltd. (the “Company”) hereby announces the unaudited results of the Company and its subsidiaries for the six months ended 30 June 2020. This announcement, containing the full text of the 2020 Interim Report of the Company, complies with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited in relation to information to accompany preliminary announcements of interim results. Printed version of the Company’s 2020 Interim Report will in due course be delivered to the H-Share Holders of the Company and available for viewing on the websites of The Stock Exchange of Hong Kong Limited (www.hkex.com.hk) and the Company (www.cmbchina.com). Publication of Results Announcement Both the Chinese and English versions of this results announcement are available on the websites of the Company (www.cmbchina.com) and The Stock Exchange of Hong Kong Limited (www.hkex.com.hk). In the event of any discrepancies in interpretations between the English version and the Chinese version, the Chinese version shall prevail. The Company also prepared the Interim Report in Chinese in accordance with the PRC Generally Accepted Accounting Principles, which is available on the websites of the Company (www.cmbchina.com) and Shanghai Stock Exchange (www.sse.com.cn). By Order of the Board China Merchants Bank Co., Ltd. Li Jianhong Chairman 28 August 2020 As at the date of this announcement, the executive directors of the Company are Tian Huiyu, Liu Jianjun and Wang Liang; the non-executive directors of the Company are Li Jianhong, Fu Gangfeng, Zhou Song, Hong Xiaoyuan, Zhang Jian, Su Min, Wang Daxiong and Luo Sheng; and the independent non-executive directors of the Company are Leung Kam Chung, Antony, Zhao Jun, Wong See Hong, Li Menggang, Liu Qiao and Tian Hongqi. China Merchants Bank Contents 1 Interim Report 2020 Contents 2 Important Notice 3 Definitions 3 Significant Risk Warning 4 I Company Information 6 II Summary of Accounting Data and Financial Indicators 8 III Report of the Board of Directors 8 3.1 Analysis of Overall Operation 8 3.2 Analysis of Income Statement 15 3.3 Analysis of Balance Sheet 19 3.4 Analysis of Loan Quality 25 3.5 Analysis of Capital Adequacy Ratio 31 3.6 Results of Operating Segments 31 3.7 Other Financial Disclosures under the Regulatory Requirements 32 3.8 Implementation of Business Development Strategies 36 3.9 Changes in External Environment and Corresponding Measures 48 3.10 Business Operation 69 3.11 Risk Management 76 3.12 Profit Appropriation 77 IV Important Events 82 V Changes in Shares and Information on Shareholders 93 VI Directors, Supervisors, Senior Management, Employees, and Organisational Structure 99 VII Corporate Governance 101 VIII Financial Statements 2 China Merchants Bank Important Notice Interim Report 2020 Important Notice 1. The Board of Directors, the Board of Supervisors, Directors, Supervisors and senior management of the Company confirm that the contents in this report are true, accurate, and complete and have no false representations, misleading statements or material omissions, and they will individually and collectively accept legal responsibility for such contents. 2. The 15th meeting of the Eleventh Session of the Board of Directors of the Company was held by way of voting by correspondence on 28 August 2020. 17 out of 17 eligible Directors attended the meeting in person. The convening of the meeting complied with the relevant provisions of the Company Law of the People’s Republic of China and the Articles of Association of China Merchants Bank Co., Ltd.. 3. The Company will not implement the profit appropriation nor will it transfer any capital reserve into share capital for the first half of 2020. 4. The Company’s 2020 interim financial report is unaudited. 5. Unless otherwise stated, all monetary sums stated in this report are expressed in RMB. 6. Li Jianhong, Chairman of the Company, Tian Huiyu, President and Chief Executive Officer, Wang Liang, Executive Vice President and Chief Financial Officer, and Li Li, the person in charge of the Finance and Accounting Department, hereby make representations in respect of the truthfulness, accuracy and completeness of the financial statements in this report. 7. We have included in this report certain forward-looking statements with respect to the financial position, operating results and business development of the Group. We use words such as “will”, “may”, “expect”, “try”, “strive”, “plan”, “anticipate”, “aim at”, and similar expressions to indicate forward-looking statements. These statements are based on current plans, estimates and projections. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we give no assurance that these expectations will turn into reality or prove to be correct. Therefore they should not be deemed as the Group’s commitments. Investors should not place undue reliance on such statements and should pay attention to investment risks. You are cautioned that such forward-looking statements are related to future events or future financial position, business, or other performances of the Group, and are subject to a number of uncertainties which may cause substantial differences from those in the actual results. China Merchants Bank Definitions / Significant Risk Warning 3 Interim Report 2020 Definitions The Company, the Bank, CMB or China Merchants CMB Wealth Management: Bank: CMB Wealth Management Company Limited China Merchants Bank Co., Ltd. China Merchants Fund or CMFM: The Group: China Merchants Fund Management Co., Ltd. China Merchants Bank and its subsidiaries CIGNA & CMB Life Insurance: CBIRC: CIGNA & CMB Life Insurance Co., Ltd. China Banking and Insurance Regulatory Commission MUCFC: CSRC: Merchants Union Consumer Finance Company Limited China Securities Regulatory Commission CM Securities: Hong Kong Stock Exchange or SEHK: China Merchants Securities Co., Ltd. The Stock Exchange of Hong Kong Limited MBCloud: Hong Kong Listing Rules: MBCloud Information Tech Co.,Ltd. with 100% equity The Rules Governing the Listing of Securities on the SEHK interest held by the Company indirectly CMB Wing Lung Bank: CMB Network Technology: CMB Wing Lung Bank Limited China Merchants Bank Network Technology (Shenzhen) Co., Ltd. with 100% equity interest held by the Company indirectly CMB Wing Lung Group: CMB Wing Lung Bank and its subsidiaries Deloitte Touche Tohmatsu Certified Public Accountants LLP: CMB Financial Leasing or CMBFL: Deloitte Touche Tohmatsu Certified Public Accountants CMB Financial Leasing Co., Ltd. LLP (Special General Partnership) CMB International Capital or CMBIC: SFO: CMB International Capital Holdings Corporation Limited Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) Model Code: Model Code for Securities Transactions by Directors of Listed Issuers of Hong Kong Stock Exchange Significant Risk Warning The Company has disclosed herein the major risks involved in its operations and the proposed risk management measures. Please refer to Chapter III for the details in relation to risk management. 4 China Merchants Bank Chapter I Company Information Interim Report 2020 Company Information 1.1 Company Profile 1.1.1 Registered company name in Chinese: 招商銀行股份有限公司 (Abbreviated Name in Chinese: 招商銀行) Registered company name in English: China Merchants Bank Co., Ltd. 1.1.2 Legal representative: Li Jianhong Authorised representatives: Tian Huiyu, Liu Jianjun Secretary of the board of directors: Liu Jianjun Joint company secretaries: Liu Jianjun, Ho Wing Tsz Wendy Securities representative: Huo Jianjun 1.1.3 Registered and office address: 7088 Shennan Boulevard, Futian District, Shenzhen, Guangdong Province, China 1.1.4 Mailing address: 7088 Shennan Boulevard, Futian District, Shenzhen, Guangdong Province, China Postcode: 518040 Tel: +86 755 8319 8888 Fax: +86 755 8319 5109 E-mail: [email protected] Website: www.cmbchina.com Hotline for complaints on customer service: 95555-7 Hotline for consumer rights protection: +86 755 8307 7333 1.1.5 Principal place of business in Hong Kong: 31/F, Three Exchange Square, 8 Connaught Place, Central, Hong Kong 1.1.6 Share listing: A Shares: Shanghai Stock Exchange Abbreviated Name of A Shares: CMB Stock Code: 600036 H Shares: SEHK Abbreviated Name of H Shares: CM BANK Stock Code: 03968 Domestic preference shares: Shanghai Stock Exchange Abbreviated Name of Shares: Zhao Yin You 1 (招銀優1) Stock Code: 360028 Offshore preference shares: SEHK Abbreviated Name of Shares: CMB 17USDPREF Stock Code: 04614 1.1.7 Domestic auditor: Deloitte Touche Tohmatsu Certified Public Accountants LLP Office Address: 30th Floor, Bund Center, 222 Yan’an Road East, Shanghai, China International auditor: Deloitte Touche Tohmatsu Office Address: 35th Floor, One Pacific Place, 88 Queensway, Hong Kong China Merchants Bank Chapter I Company
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