Two departments: The fund transfers related to the "full circulation" business of H shares should be conducted through the relevant accounts of China Securities Depository and Clearing Corporation Limited

The People's Bank of China and the State Administration of Foreign Exchange issued a notice regarding the management of funds for domestic enterprises listed overseas (Yin Fa [2025] No. 252). The notice states that the fund transfers related to H-share "full circulation" business should be conducted through the relevant accounts of China Securities Depository and Clearing Corporation Limited (hereinafter referred to as China Clearing). China Clearing should open a special foreign exchange account for H-share "full circulation" at domestic banks (account code 2417), and the Hong Kong subsidiary of China Clearing can open a special foreign exchange account overseas for fund transfers related to H-share "full circulation" business. Listed companies participating in H-share "full circulation" should distribute dividends to domestic shareholders directly in RMB through China Clearing