Stock: Agricultural Bank of China (601288)News: Past 4 yearsAnnouncementsPress Releases 2023 Dec 07, 2023: Moody's cuts outlook for eight China banks on potential credit quality decline; downgrades Hong Kong too Key Points Moody's Investors Service cut its outlook for eight Chinese banks to negative from stable. This comes a day after it downgrades China's credit ratings. The ratings agency also lowered Hong Kong's outlook from stable to negative, citing its linkages with mainland China. Moody's also slashed its outlook for 22 Chinese local government financing vehicles. Moody's Investors Service cut its outlook for eight Chinese banks to negative from stable on Wednesday, following an identical downgrade to China's government credit ratings a day earlier. The ratings agency also lowered Hong Kong's outlook from stable to negative, citing tight political, institutional, economic and financial linkages between Hong Kong and mainland China. The lenders that were downgraded included the the big four Chinese lenders, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank Corporation. "The change in outlook to negative from stable on these banks is directly driven by a potential decline in the rating or credit quality of the central government, given the change in the sovereign rating outlook," Moody's said. Moody's had cut its outlook for China's government credit ratings to negative from stable on Tuesday, as it expects Beijing's support and possible bailouts for distressed local governments and state-owned enterprises would diminish China's fiscal, economic and institutional strength. The other banks on the list were China Development Bank, Agricultural Development Bank of China, the Export-Import Bank of China, and Postal Savings Bank of China Co. The downgrades highlight worries over China's rising debt level and its effect on GDP growth in the world's second-largest economy. Moody's also slashed its outlook for 22 Chinese local government financing vehicles to negative from stable. LGFVs are companies set up by local governments to invest in infrastructure and social-welfare projects. The ratings agency said the LGFV downgrades were primarily a result of the change in outlook to negative from stable for China's government credit ratings. They were driven by increased risks over lower medium-term economic growth and strains from the ongoing property sector crisis. "These trends underscore the increasing risks related to policy effectiveness, including the challenge to design and implement policies that support economic rebalancing while preventing moral hazard and containing the impact on the sovereign's balance sheet," Moody's said in a statement. Moody's attributed the Hong Kong downgrade to its close-knit relationship with mainland China: "Given the close relationship inherent in the 'One Country, Two Systems' policy; in the economy, given the very strong trade links between the two; and in the financial system, given Hong Kong's banking system's involvement in the mainland and role as a conduit for finance flows into the regional and global financial systems." Not a 'fair' downgrade "I don't think it is a fair downgrade of our economic outlook. In fact, in terms of our financial system, resilience, our economic resilience, we have very strong buffer. and the economic growth this year is about 3.2%," Paul Chan, financial secretary of Hong Kong told CNBC's "Capital Connection" on Thursday. Chan remained optimistic about Hong Kong's economic resilience and noted three drivers of growth: export of services, capital investments, and consumption or registering positive growth. He flagged that externally things were still challenging, so the exports would continue to fall a little bit into the future. Source: CNBC 2020 Nov 12, 2020: Agricultural Bank of China: Announcement on Major Financial Indicators in 1st Three Quarters of 2020 Basic earning per share (yuan) 0.45 Annual weighted average return on net assets (%) 11.81 Source: Shanghai Stock Exchange Oct 16, 2020: Agricultural Bank of China announces EGM Agricultural Bank of China has announced its Extra Ordinary General Meeting will take place on Friday, November 27. Dividends 2023 Jul 16, 2023: Agricultural Bank of China announces dividend Agricultural Bank of China today announced a cash dividend of 22.22 fen per share. The ex-dividend date is Tuesday, July 18, 2023 and the record date is Monday, July 17, 2023 and it is payable on Tuesday, July 18. 2022 Jul 10, 2022: Agricultural Bank of China announces dividend Agricultural Bank of China today announced a cash dividend of 20.68 fen per share. The ex-dividend date is Friday, July 15, 2022 and the record date is Thursday, July 14, 2022 and it is payable on Friday, July 15. 2021 Jun 09, 2021: Agricultural Bank of China announces dividend Agricultural Bank of China today announced a cash dividend of 18.51 fen per share. The ex-dividend date is Thursday, June 17, 2021 and the record date is Wednesday, June 16, 2021 and it is payable on Thursday, June 17. 2020 Jul 09, 2020: Agricultural Bank of China: Announcement on Implementation of Dividend Distribution of A Shares for 2019 The Company implements its dividend distribution scheme for A shares for 2019 as follows a cash dividend of RMB0.1819 (taxes included) per A share. Record date: July 9, 2020 Ex-dividend date: July 10, 2020 Cash dividend payable date: July 10, 2020 Source: Shanghai Stock Exchange Jul 08, 2020: Agricultural Bank of China announces dividend Agricultural Bank of China today announced a cash dividend of 18.19 fen per share. The ex-dividend date is Friday, July 10, 2020 and the record date is Thursday, July 09, 2020 and it is payable on Friday, July 10. Meetings Oct 17, 2020: Agricultural Bank of China: Notice of Convening 2nd Special Shareholders' Meeting of 2020 The Company's directorate decided to hold the 2nd special Shareholders' Meeting of 2020 at 14:45 on November 27, 2020 to discuss issues including the scheme of remuneration standard of directors in 2019, the proposal of remuneration standard of supervisors in 2019 and the proposal of electing Zhou Ji as non-executive director. Voting way: by way of combination of on-the-spot and online voting; Online voting system: the online voting system of the Shanghai Stock Exchange; Time for trading system voting: 09:15 to 09:25, 09:30 to 11:30 and 13:00 to 15:00 on November 27, 2020; Time for Internet voting platform: 09:15 to 15:00 on November 27, 2020. Source: Shanghai Stock Exchange Oct 02, 2020: Agricultural Bank of China: Announcement on Resolutions of Directorate Meeting The Company held the directorate meeting on September 28, 2020, which discussed and approved issues including the scheme of remuneration standard of directors in 2019, the scheme of remuneration standard of senior management members in 2019 and the engagement of Han Guoqiang as Secretary to Directorate. Source: Shanghai Stock Exchange Jul 09, 2020: Agricultural Bank of China: Announcement on Resolutions of Directorate Meeting The Company held the directorate meeting on July 3, 2020, which discussed and approved the adjustment to chair and members of some special committees of directorate, the engagement of Xu Han vice president and the dividend distribution of phase I preferred shares from 2019 and 2020. Source: Shanghai Stock Exchange Jul 03, 2020: Agricultural Bank of China: Announcement on Resolutions of Annual General Meeting of 2019 The Company held the Annual General Meeting of 2019 on June 29, 2020, which discussed and approved issues including the scheme of final financial accounts in 2019, the scheme of profit distribution of 2019 and the engagement of accounting firm of 2020. Source: Shanghai Stock Exchange Jun 17, 2020: Agricultural Bank of China: Announcement on Postponement of Annual General Meeting of 2019 Due to meeting preparation, the Company's directorate decided to postpone the Annual General Meeting of 2019 to June 29, 2020. The postponed time for on-the-spot meeting: 14:45 on June 29, 2020; The postponed time for online voting: from June 29, 2020 to June 29, 2020. Source: Shanghai Stock Exchange Jun 05, 2020: Agricultural Bank of China: Announcement on Resolutions of Directorate Meeting The Company held the directorate meeting on May 29, 2020, which discussed and approved the proposal of nominating Zhang Xuguang as candidate for executive director. Source: Shanghai Stock Exchange May 18, 2020: Agricultural Bank of China: Notice of Convening Annual General Meeting of 2019 The Company's directorate decided to hold the Annual General Meeting of 2019 at 14:45 on June 22, 2020 to discuss issues including the scheme of final financial accounts in 2019, the scheme of profit distribution for 2019 and the engagement of accounting firm in 2020. Voting way: by way of combination of on-the-spot and online voting; Online voting system: the online voting system of the Shanghai Stock Exchange; Time for trading system voting: 09:15 to 09:25, 09:30 to 11:30 and 13:00 to 15:00 on June 22, 2020; Time for Internet voting platform: 09:15 to 15:00 on June 22, 2020. Source: Shanghai Stock Exchange May 18, 2020: Agricultural Bank of China announces AGM Agricultural Bank of China has announced its Annual General Meeting will take place on Monday, June 22. |