China Minsheng Banking : Announcement on Purchase of Shares of the Company by Senior Management

(a joint stock limited company incorporated in the People's Republic of China)

Stock Code: 01988 USD Preference Share Stock Code: 04609

2020

Annual Report

IMPORTANT NOTICE

The Board, the Board of Supervisors, and the Directors, Supervisors and Senior Management of the Company warrant the truthfulness, accuracy and completeness of the contents of this Annual Report and there are no misstatements, misleading representations or material omissions in this Annual Report, and shall assume several and joint liability.

This Annual Report was considered and approved on 30 March 2021 at the 7th meeting of the eighth session of the Board of the Company. Of the 18 Directors who were entitled to attend the meeting, 10 Directors attended the meeting in person. 8 Directors, being the Vice Chairmen Zhang Hongwei, Lu Zhiqiang and Liu Yonghao, and Directors Shi Yuzhu, Wu Di, Xie Zhichun, Peng Xuefeng, and Liu Ningyu, participated in the meeting by teleconference or video conference. Of the 9 Supervisors who were entitled to attend the meeting as non-voting delegates, 9 Supervisors attended the meeting as non-voting delegates.

PricewaterhouseCoopers Zhong Tian LLP and PricewaterhouseCoopers, auditors of the Company, have audited the financial reports of 2020 prepared in accordance with the Chinese Accounting Standards ("CAS") and the International Financial Reporting Standards ("IFRSs"), respectively, and issued standard and unqualified auditors' reports, respectively.

Gao Yingxin (Chairman), Zheng Wanchun (President), Li Bin (Senior Management responsible for finance and accounting and acting person in charge of the accounting department), and Bai Dan (Chief Financial Officer) warrant the truthfulness, accuracy and completeness of the financial reports included in this Annual Report.

The profit distribution plan for 2020 was approved by the Board, pursuant to which, a cash dividend of RMB2.13 (tax inclusive) will be distributed to all shareholders of the Company for every 10 shares held on the record dates. The above profit distribution plan is subject to approval by the shareholders' general meeting of the Company.

The financial data and indicators contained in this Annual Report are prepared according to the rules of the IFRSs. Unless otherwise specified, all amounts are the consolidated data of the Group and denominated in RMB.

The forward-looking statements about matters like future plans in this Annual Report do not constitute substantive commitments of the Company to the investors, and the investors and related persons shall maintain sufficient risk awareness in this regard, and shall understand the difference among plans, forecasts and commitments.

Material Risk Warning: the Company has no foreseeable material risks. For potential risks, please refer to the section headed "XIV. Prospects and Measures - (III) Potential risks" under "Chapter 3 Discussion and Analysis on Business Operation" of this report.

Board of Directors

China Minsheng Banking Corp., Ltd.

CONTENTS

Important Notice
Definitions	2
Message from the Chairman	4
Message from the President	10
Development Vision and Reform and Transformation	14
Annual Awards	17
Bank Profile	18
Summary of Accounting Data and Financial Indicators	22
Discussion and Analysis on Business Operation	26
Changes in Share Capital and Information on
Shareholders	103
Directors, Supervisors, Senior Management,
Employees and Business Network	130
Corporate Governance	162
Report of the Board of Directors	214
Report of the Board of Supervisors	221
Major Events	227
Financial Reports	242
Organisation Structure	430
List of Entities	431
Statistics of Correspondent Banks	436

2 China Minsheng Banking Corp., Ltd.

DEFINITIONS

In this report, unless the context otherwise requires, the following terms shall have the meanings set out

below.
ACFIC	All-China Federation of Industry and Commerce (中華全國工商業聯
	合會)
Articles of Association	the Articles of Association of China Minsheng Banking Corp., Ltd.
Bank, Company, China Minsheng	China Minsheng Banking Corp., Ltd.
Bank, Minsheng Bank
Board	Board of Directors of the Company
Board of Supervisors	Board of Supervisors of the Company
CBIRC	China Banking and Insurance Regulatory Commission
CMBC International	CMBC International Holdings Limited
CPPCC National Committee	The National Committee of the Chinese People's Political
	Consultative Conference (中國人民政治協商會議全國委員會)
CSRC	China Securities Regulatory Commission
Director(s)	Director(s) of the Company
former CBRC	former China Banking Regulatory Commission
former CIRC	former China Insurance Regulatory Commission
Group	The Bank and its subsidiaries
Hong Kong Listing Rules	The Rules Governing the Listing of Securities on SEHK
Minsheng Financial Leasing	Minsheng Financial Leasing Co., Ltd.

Annual Report 2020

3

DEFINITIONS

Minsheng Royal	Minsheng Royal Asset Management Co., Ltd.
Asset Management
Minsheng Royal Fund	Minsheng Royal Fund Management Co., Ltd.
Model Code	Model Code for Securities Transactions by Directors of Listed
	Issuers as set out in Appendix 10 to the Hong Kong Listing Rules
Reporting Period	the period from 1 January 2020 to 31 December 2020
SEHK	The Stock Exchange of Hong Kong Limited
SFO	Securities and Futures Ordinance (Chapter 571 of the Laws of
	Hong Kong)
SSE	Shanghai Stock Exchange
SZSE	Shenzhen Stock Exchange
Supervisor(s)	Supervisor(s) of the Company