China Merchants Bank : FIRST QUARTERLY REPORT OF 2022

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.

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CHINA MERCHANTS BANK CO., LTD.

(H Share Stock Code: 03968)

(Preference Share Stock Code: 04614)

FIRST QUARTERLY REPORT OF 2022

The financial information set out in this quarterly report is unaudited and prepared in accordance with the International Financial Reporting Standards.

This announcement is made by the Company pursuant to Rule 13.09 and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong).

1 Important Notice

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.

Miao Jianmin, Chairman of the Board of Directors of the Company, Wang Liang, First Executive Vice President (in charge of the works of China Merchants Bank), Chief Financial Officer and Secretary of the Board of Directors, 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 information in this report.

The 39th meeting of the Eleventh Session of the Board of Directors and the 29th meeting of the Eleventh Session of the Board of Supervisors of the Company had reviewed and approved the first quarterly report of 2022 of the Company, respectively.

All financial statements set out in this report are prepared in accordance with the International Financial Reporting Standards and are unaudited. The unaudited quarterly report prepared by the Company in accordance with the PRC Accounting Standards has been published on the website of Shanghai Stock Exchange. Unless otherwise stated, all monetary sums stated in this report are expressed in RMB. In the event of any discrepancies in interpretation between the English and Chinese versions, the Chinese version shall prevail.

"China Merchants Bank", "the Company" and "the Bank" mentioned in this report refer to China Merchants Bank Co., Ltd.; "the Group" refers to China Merchants Bank and its subsidiaries; "CMB Wing Lung Bank" refers to CMB Wing Lung Bank Limited; "CMB Financial Leasing" or "CMBFL" refer to CMB Financial Leasing Co., Ltd.; "CMB International Capital" or "CMBIC" refer to CMB International Capital Holdings Corporation Limited; "CMB Wealth Management" refers to CMB Wealth Management Company Limited; "China Merchants Fund" or "CMFM" refer to China Merchants Fund Management Co., Ltd.; and "CIGNA & CMAM" refers to CIGNA & CMB Asset Management Company Limited.

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 the Group believes that the expectations reflected in these forward-looking statements are reasonable, the Group gives 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.

2 Major Financial Data

2.1 Major accounting data and financial indicators of the Group

(in millions of RMB, unless otherwise stated)

Total assets

Equity attributable to shareholders of the Bank

Net assets per share attributable to ordinary shareholders of the Bank (in RMB Yuan) (1)

At the end of last year 31 December 2021

Increase/ decrease at the end of the reporting period as compared to the end of last year (%)

9,249,021 1.80

858,745 4.05

29.01 4.76

Increase/

decrease as

compared to the

corresponding

(in millions of RMB, unless otherwise stated)

January to March 2022

January to March 2021

period of last year (%)

Net operating income

Net profit attributable to shareholders of the Bank Basic earnings per share attributable to ordinary shareholders of the Bank (in RMB Yuan) (1)

Diluted earnings per share attributable to ordinary shareholders of the Bank (in RMB Yuan) (1)

Annualised weighted average return on net assets attributable to ordinary shareholders of the Bank (%) (1)

Net cash generated from operating activities (2)

32,015 12.52

1.27 12.60

1.27 12.60

Decrease of 0.30 19.54 percentage point

N/A

Notes:

• (1) Such indicators are calculated in accordance with the Rules for the Compilation and Submission of Information Disclosure by Companies Offering Securities to the Public No. 9--Calculation and Disclosure of Return on Net Assets and Earnings per Share. The Company issued non-cumulative preference shares in 2017 and perpetual bonds in 2020 and 2021, both of which are classified as other equity instruments. The Company did not distribute dividends on preferred shares and perpetual bonds in the first quarter of 2022.Therefore, when calculating basic and diluted earnings per share attributable to ordinary shareholders of the Bank, return on average equity, net assets per share and other indicators, no dividend on preference shares or interest on perpetual bonds were involved to be deducted from "net profit attributable to shareholders of the Bank", while preference shares and perpetual bonds were deducted from both the "average equity" and the "net assets".

• (2) The increase in the net cash generated from operating activities was mainly due to the net increase in deposits from customers.

2.2 Explanation on the differences between the financial statements prepared in accordance with the PRC Accounting Standards and the International Financial Reporting Standards

In the financial statements prepared by the Group in accordance with the PRC Accounting Standards and the International Financial Reporting Standards, there has been no difference in the net profit attributable to shareholders of the Bank for the reporting period ended 31 March 2022 and the equity attributable to shareholders of the Bank as at the end of the reporting period.

3 Information on Shareholders

3.1 Information on the shareholders of ordinary shares

As at the end of the reporting period, the holders of ordinary shares of the Company are in a total of 497,144, including 467,333 holders of A Shares and 29,811 holders of H Shares, whose shareholdings are all not subject to restrictions on sales. As at the end of the reporting period, the top 10 ordinary shareholders and the top 10 ordinary shareholders whose shareholdings are not subject to restrictions on sales of the Company were as follows.

No.

Name of shareholder

• 1 HKSCC Nominees Ltd.

• 2 China Merchants Steam

  Navigation Co., Ltd.

• 3 Hong Kong Securities Clearing

  Company Limited

• 4 China Ocean Shipping

  Company Limited

• 5 Shenzhen Yan Qing Investment and Development Company Ltd.

• 6 China Merchants Finance

  Investment Holdings Co., Ltd.

• 7 Hexie Health Insurance Co., Ltd.

  - Traditional - Ordinary insurance products

• 8 Shenzhen Chu Yuan Investment and Development Company Ltd.

• 9 Dajia Life Insurance Co., Ltd. -

  Universal products

• 10 COSCO Shipping (Guangzhou)

Co., Ltd.

Offshore legal person State-owned legal person Offshore legal person State-owned legal person State-owned legal person State-owned legal person Domestic legal personState-owned legal person Domestic legal person State-owned legal person

Type of shareholder

Shares held at the end of the period (share)

4,552,885,976

3,289,470,337

1,704,361,213

1,574,729,111

1,258,542,349

1,147,377,415

1,130,991,537

944,013,171

815,030,635

696,450,214

Percentage of total share capital

Type of shares

(%)

• 18.05 H Shares not subject to restrictions on sales

• 13.04 A Shares not subject to restrictions on sales

• 6.76 A Shares not subject to restrictions on sales

• 6.24 A Shares not subject to restrictions on sales

• 4.99 A Shares not subject to restrictions on sales

• 4.55 A Shares not subject to restrictions on sales

• 4.48 A Shares not subject to restrictions on sales

• 3.74 A Shares not subject to restrictions on sales

• 3.23 A Shares not subject to restrictions on sales

• 2.76 A Shares not subject to restrictions on sales

Changes as compared to the end of last year (share)Shares subject to restrictions on sales (share)Shares pledged, marked or frozen

479,661

-

(share) Unknown

-

-

-

186,905,434

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Notes:

• (1) Shares held by HKSCC Nominees Ltd. are the total shares in the accounts of holders of H Shares of the Company trading on the transaction platform of HKSCC Nominees Ltd.. Hong Kong Securities Clearing Company Ltd. is an institution designated by others to hold shares on behalf of them as a nominal holder, and the shares held by it are the A shares of China Merchants Bank acquired by investors through Shanghai-Hong Kong Stock Connect.

• (2) As at the end of the reporting period, of the aforesaid top 10 shareholders, HKSCC Nominees Ltd. is a wholly-owned subsidiary of Hong Kong Securities Clearing Company Ltd.; China Merchants Steam Navigation Co., Ltd., Shenzhen Yan Qing Investment and Development Company Ltd., China Merchants Finance Investment Holdings Co. Ltd. and Shenzhen Chu Yuan Investment and Development Company Ltd. are all subsidiaries of China Merchants Group Ltd.; China Ocean Shipping Company Limited and COSCO Shipping (Guangzhou) Co., Ltd. are both subsidiaries of China COSCO Shipping Corporation Limited. The Company is not aware of any affiliated relationships or action in concert among other shareholders.

• (3) The above shareholders of A shares did not hold the shares of the Company through credit securities accounts, neither were there cases of proxy, trustee nor waiver of voting rights.

3.2 Information on the shareholders of preference shares

As at the end of the reporting period, the Company had a total of 16 holders of preference shares (or their nominees), including 1 holder of offshore preference shares (or its nominee) and 15 holders of domestic preference shares. During the period from January to March 2022, the Company did not restore any voting right of the preference shares. As at the end of the reporting period, the Company had no holder of preference shares with voting right restored.

As at the end of the reporting period, the shareholdings of the top 10 holders of offshore preference shares (or their nominees) of the Company were as follows.

No. Name of shareholder

Type of shareholderType of sharesShares held at the end of the period

Percentage of shareholding

(share)

(%)

Changes as compared to the end of last year (share)Shares subject to restrictions on sales (share)Shares pledged, marked or frozen (share)

1

The Bank of New York Depository (Nominees) Limited

Offshore legal personOffshore preference shares

50,000,000

100

-

-

Unknown

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