FORM 2 - Corporate Substantial Shareholder Notice
 
Form Serial Number: CS20260714E00669 
1. Date of relevant event: 09/07/2026
(dd/mm/yyyy)
2. Date when the substantial shareholder becomes aware of the relevant event / interest in the shares (if later): 13/07/2026
(dd/mm/yyyy)
3. Stock code: 03968
4. Name of listed corporation: China Merchants Bank Co., Ltd. - H Shares 
5. Class of shares: H Shares 
6. Number of issued shares in class: 4,590,901,172
7. Name of substantial shareholder: JPMorgan Chase & Co. 
8. Registered office: 270 Park Avenue, New York, New York, NY, 10017, United States
9. Principal place of business in Hong Kong: N/A 
15. Exchange on which listed: New York Stock Exchange
16. Name of listed parent and exchange on which parent is listed: N/A 
17. Details of relevant event:
  Brief description of relevant event Capacity in which shares were/are held Number of shares bought/sold or involved Currency of transaction On Exchange Off Exchange
Before relevant event After relevant event Highest price (per share) Average price (per share) Average consideration (per share) Nature of consideration
Long position
1013You first acquire a notifiable interest because:
any other event (you must briefly describe the relevant event in the Supplementary Information box)
2201Interest of corporation controlled by you
2201Interest of corporation controlled by you
 717,972 HKD 45.5600 45.1119 44.9886
3101Cash
Short position 
1403You came to have a short position of 1% or more in the shares, or the percentage level of your short position in such shares increased because:
any other event (you must briefly describe the relevant event in the Supplementary Information box)
 
2201Interest of corporation controlled by you
 
2201Interest of corporation controlled by you
 		 179,035           
18. Total shares immediately before the relevant event:
 Total number of sharesPercentage figure (%)
Long position229,151,1824.99
Short position59,333,7761.29
Lending Pool92,934,0512.02
19. Total shares immediately after the relevant event:
 Total number of sharesPercentage figure (%)
Long position229,869,1545.00
Short position59,154,7411.28
Lending Pool93,310,0002.03
20. Capacity in which interests disclosed in Box 19 are held:
Capacity codeNumber of shares
2101Beneficial owner
Long position57,973,072
Short position59,003,741
2102Investment manager
Long position78,238,462
Short position151,000
2106Person having a security interest in shares
Long position333,090
Short position0
2301Trustee
Long position14,530
Short position0
2502Approved lending agent
Long position93,310,000
Short position0

21. Further information in respect of derivative interests:
Derivatives codeNumber of shares
4101Listed derivatives - Physically settled
Long position3,690,500
Short position2,704,500
4102Listed derivatives - Cash settled
Long position0
Short position36,100
4105Unlisted derivatives - Physically settled
Long position7,232,127
Short position15,215,625
4106Unlisted derivatives - Cash settled
Long position28,138,883
Short position9,462,020
22. Further information in relation to interests of corporations controlled by substantial shareholder:
Name of controlled corporationAddress and place of incorporationName of controlling person% controlDirect interest (Y/N)Number of shares
JPMorgan Asset Management (China) Company Limited42F&43F 479 Lujiazui Ring Road China (Shanghai) Pilot Free Trade Zone Shanghai 200120 ChinaJPMorgan Asset Management Holdings Inc.100.00Y
Long position192,055
Short position0
JPMorgan Asset Management (Taiwan) Limited20F & 21, No.1 Song Zhi Rd, Xin Yi District, Taipei City, Taiwan. Taipei 110 Taiwan (Province of China)JPMorgan Asset Management (Asia) Inc.100.00Y
Long position797,600
Short position0
55I, LLCOne Liberty Square Suite 200 Boston MA 02109 United States55 Institutional Partners, LLC100.00Y
Long position445
Short position0
J.P. Morgan SETaunusTurm Taunustor 1 Frankfurt am Main Frankfurt 60310 GermanyJ.P. Morgan International Finance Limited100.00Y
Long position2,538
Short position0
J.P. MORGAN MARKETS LIMITED25 Bank Street Canary Wharf London E14 5JP EnglandJ.P. MORGAN FINANCIAL INVESTMENTS LIMITED100.00Y
Long position400,000
Short position0
J.P. Morgan Securities LLC270 Park Avenue New York NY 10017 United StatesJ.P. Morgan Broker-Dealer Holdings Inc.100.00Y
Long position513,101
Short position182,011
JPMORGAN ASSET MANAGEMENT (UK) LIMITED60 Victoria Embankment London EC4Y0JP EnglandJPMORGAN ASSET MANAGEMENT INTERNATIONAL LIMITED100.00Y
Long position10,339,668
Short position0
Almea 2 Segregated Portfolio Company270 Park Avenue New York NY 10017 United StatesJ.P. MORGAN MARKETS LIMITED100.00Y
Long position5,985
Short position0
J.P. Morgan Investment Management Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Asset Management Holdings Inc.100.00Y
Long position19,746,885
Short position0
J.P. Morgan Prime Inc.270 Park Avenue New York NY 10017 United StatesJ.P. Morgan Securities LLC100.00Y
Long position4,500
Short position4,500
J.P. Morgan Trust Company of Delaware500 Stanton Christiana Road Newark DE 19713-2107 United StatesJPMorgan Chase Holdings LLC100.00Y
Long position14,160
Short position0
J.P. Morgan Chase Bank BerhadLevel 18 Integra Tower The Intermark 348 Jalan Tun Razak, Wilayah Persekutuan Kuala Lumpur 50400 MalaysiaJ.P. Morgan International Finance Limited100.00Y
Long position0
Short position1,000,000
JPMorgan Chase Bank, National Association1111 Polaris Parkway Columbus OH 43240 United StatesJPMorgan Chase & Co.100.00Y
Long position97,076,179
Short position0
J.P. Morgan Alternative Asset Management, Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Asset Management Holdings Inc.100.00Y
Long position30,000
Short position151,000
JPMorgan Asset Management (Asia Pacific) Limited19 & 20/F, Chater House 8 Connaught Road Central Hong Kong Hong KongJPMorgan Asset Management (Asia) Inc.100.00Y
Long position43,366,000
Short position0
J.P. MORGAN SECURITIES PLC25 Bank Street Canary Wharf London E14 5JP EnglandJ.P. MORGAN CAPITAL HOLDINGS LIMITED100.00Y
Long position57,380,038
Short position57,817,230
JPMorgan Asset Management Holdings Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Chase Holdings LLC100.00N
Long position74,472,653
Short position151,000
JPMorgan Chase Holdings LLC270 Park Avenue New York NY 10017 United StatesJPMorgan Chase & Co.100.00N
Long position75,410,399
Short position337,511
JPMorgan Asset Management (Asia) Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Asset Management Holdings Inc.100.00N
Long position44,163,600
Short position0
55 Institutional Partners, LLCOne Liberty Square Suite 200 Boston MA 02109 United StatesJPMorgan Asset Management Holdings Inc.100.00N
Long position445
Short position0
J.P. Morgan International Finance Limited270 Park Avenue New York NY 10017 United StatesJPMorgan Chase Bank, National Association100.00N
Long position57,382,576
Short position58,817,230
JPMorgan Chase Bank, National Association1111 Polaris Parkway Columbus OH 43240 United StatesJPMorgan Chase & Co.100.00N
Long position57,382,576
Short position58,817,230
J.P. MORGAN FINANCIAL INVESTMENTS LIMITED25 Bank Street Canary Wharf London E14 5JP EnglandJPMorgan Chase Holdings LLC100.00N
Long position405,985
Short position0
J.P. Morgan Broker-Dealer Holdings Inc.4 Chase Metrotech Center 4th Floor Brooklyn NY 11245 United StatesJPMorgan Chase Holdings LLC100.00N
Long position517,601
Short position186,511
JPMORGAN ASSET MANAGEMENT INTERNATIONAL LIMITED60 Victoria Embankment London EC4Y0JP EnglandJPMorgan Asset Management Holdings Inc.100.00N
Long position10,339,668
Short position0
J.P. MORGAN MARKETS LIMITED25 Bank Street Canary Wharf London E14 5JP EnglandJ.P. MORGAN FINANCIAL INVESTMENTS LIMITED100.00N
Long position5,985
Short position0
J.P. Morgan Securities LLC270 Park Avenue New York NY 10017 United StatesJ.P. Morgan Broker-Dealer Holdings Inc.100.00N
Long position4,500
Short position4,500
J.P. MORGAN CAPITAL HOLDINGS LIMITED25 Bank Street Canary Wharf London E14 5JP EnglandJ.P. Morgan International Finance Limited100.00N
Long position57,380,038
Short position57,817,230

23. Further information in relation to interests held by substantial shareholder jointly with another person:
Name of joint shareholderAddressNumber of shares
 
24. Further information from a trustee, a beneficiary of a trust, or a person who set up a discretionary trust:
Names of trustAddressStatus codeNumber of shares
N/AAddresses of individuals are not displayed.
5101Trustee of a trust
Long position14,530
Short position0
25. Further information from a party to an agreement under Section 317 (Please see Notes for further information required):
Names of other partiesAddressNumber of shares
 
Total number of shares in which a substantial shareholder is interested under sections 317 and 318
26. Details of person(s) in accordance with whose directions the substantial shareholder or its directors are accustomed to act:
NamesAddressRelationship CodePercentage (%)
  
 
27. Supplementary information: JP Morgan Chase & Co. acquire a notifiable interest because the percentage level of our interest in the shares held in our lending pool is taken to have increased.JP Morgan Chase & Co. came to have a short position of 1% or more in the shares, or the percentage level of your short position in such shares increased.
28. Log/Serial Number of the previous form:
29. Number of concert party document(s) under section 317 attached/uploaded:
Date of filing this Form 2: 14/07/2026
(dd/mm/yyyy)