On September 21, ABC rose 3.02% in regular trading, trading at HKD 6.485/share, with turnover of HKD 416 million.

On the news front, ABC is set to convene an extraordinary general meeting on September 29 to vote on a landmark private placement of up to RMB 160 billion in A-shares. Under the plan, the Ministry of Finance will subscribe for RMB 130 billion, while China National Tobacco and its subsidiaries will subscribe for the remaining RMB 30 billion. Proceeds will be used entirely to replenish core Tier 1 capital. The placement requires independent shareholder approval with no less than 75% votes in favor for the whitewash waiver.

The move also follows strong H1 results reported on August 28, with operating revenue reaching RMB 411.1 billion, up 11.2% year-over-year, and net profit climbing 5.8% to RMB 148.1 billion. Net interest margin improved by 2 basis points, while the dividend payout ratio was lifted by 1 percentage point to 31%. CITIC Securities noted the banking sector is poised for revaluation from a high-dividend defensive asset toward a high-certainty equity asset, with ROE stabilizing in the 8%-9% range.

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