The Industrial Bank Co., Ltd (the“Company”) and all members of the Board of Directors hereby warrant that the information contained in this announcement is true, accurate and complete, and assume joint and several liabilities for any false representation, misleading statement or material omission.
The 2007 Profit Distribution Plan of Industrial Bank Co., Ltd. was deliberated and passed at the 2007 annual general shareholders' meeting held on April 28, 2008. The announcement on the general shareholders' meeting resolutions was published on the website of Shanghai Stock Exchange (SSE) ( www.sse.com.cn ) and in China Securities Journal, Shanghai Securities News, Securities Times and Securities Daily. The detailed implementation items are hereby announced as follows:
I. 2007 Profit Distribution Plan
Upon audit, the net profit of the Company in 2007 was RMB8,585,766,746.36. In addition to the undistributed profit of RMB2,922,286,909.85 from the beginning of the year, the distributable profit of this year is RMB11,508,053,656.21 Yuan. The 2007 Profit Distribution Plan is as follows: drawing 10% of the net profit of the year, i.e. RMB858,576,674.64 for the statutory surplus reserve; drawing RMB1,147,002,820.08 for general reserves; distributing cash bonus of RMB3.2 Yuan (including tax) for every 10 shares; and the undistributed profit balance of RMB7,902,474,161.49 will be carried forward to the following year.
II. Equity Registration Date, EX-dividend Date, Cash Bonus Distribution Date
Equity Registration Date: May 26, 2008
Ex-dividend date: May 27, 2008
Cash Bonus Distribution Date: May 30, 2008
III. Shaerholders Entitled to Receive Bonus & Dividend Distribution
As of the close of Shanghai Stock Exchange on the afternoon of May 26, 2008, all shareholders of the Company registered in Shanghai Branch of China Securities Depository and Clearing Corporation Limited.
IV. Implementation Methods of Distribution
1. Under the provisions of the Notice of the Ministry of Finance and the State Administration of Taxation Concerning Individual Income Tax Policy on Dividends and Bonus Shares (Cai Shui [2005] No.102 ): “individual investors that receive dividends and bonus income from listed companies may exclude 50 percent from their taxes, and the individual income tax thereon will be levied in accordance with the effective Tax Law”, the Company will withhold individual income tax at a tax rate of 10% for individual shareholders holding the Company's shares, as a result, the actual cash bonus to be distributed is RMB0.288 per share; corporate shareholders and other institutional investors will pay income tax by themselves, and the actual cash bonus to be distributed will be RMB0.32 per share.
2. The cash bonus for the shares held by the Finance Bureau of Fujian Province, Hang Seng Bank Limited, Tetrad Ventures Pet., Ltd., International Finance Corporation (IFC), Fujian Xingyin Property Management Co., Ltd., etc. will be released by the Company directly.
3. Other than the shareholders listed above, the release of cash bonus for the shares held by other shareholders will be entrusted to Shanghai Branch of China Securities Depository and Clearing Corporation Limited, which will, through its capital clearing system, release the cash bonus to shareholders that are registered on the equity registration date and that have conducted the designated transactions with member units in Shanghai Stock Exchange. Shareholders that have conducted the designated transactions in full may collect their cash bonus at the designated securities business department on the cash bonus distribution date. The bonuses for shareholders who have failed to conduct the designated transactions will transitionally be kept by Shanghai Branch of China Securities Depository and Clearing Corporation Limited, and will be distributed upon completion of the designated transactions.
V. Information on Consultation
Consultative Body: Office of the Board of Directors of Industrial Bank
VI. Documents for Reference
Resolutions of the Annual General Shareholders' Meeting of Industrial Bank 2007 and the Announcement thereof
Board of Directors of Industrial Bank Co., Ltd.
May 19, 2008