Core Insights - The CFO99 closed-door seminar titled "'Unicorns' in Beijing's Paradigm" was held in Beijing, focusing on the unique model and future development direction for nurturing unicorn companies in the region [1] - China's Chief Economist at China Minsheng Bank, Wen Bin, noted that the economic growth in the first half of the year exceeded market expectations due to effective macro policies, but cautioned about a slowdown in global economic and trade growth in the second half [1] - Zhang Kehui, Secretary-General of the CFO99 Forum, emphasized the need for unicorn companies to balance rapid growth with compliance, optimize capital structure, focus on core assets, and establish risk hedging mechanisms to transition from "valuation leadership" to "sustainable value" [1] Financial Services Initiatives - The Deputy General Manager of China Minsheng Bank's Beijing branch, Jie Qi, introduced the "Kunpeng Plan," a comprehensive service initiative for sci-tech enterprises aimed at supporting the full-cycle growth of unicorn companies through customized financial services [1] - The "Kunpeng Plan" targets Beijing's core industries and aims to create an inclusive access system for tech companies that are either yet to collaborate or have existing but underdeveloped partnerships, facilitating project innovation and technology transformation [1] - The initiative includes tailored strategies for each enterprise, leveraging collaboration with government platforms, industry leaders, and professional service organizations to provide comprehensive support in areas such as industry matching, equity matchmaking, brand promotion, and resource integration [1]

Core Viewpoint - The article discusses the significant changes in the shareholder structure of Minsheng Bank, highlighting the exit of Pan Ocean Group and the increasing stake of Liyue Group, along with the entry of various asset management companies and funds, indicating a diversification of shareholders [1][5][7]. Shareholder Structure Changes - Liyue Group has increased its stake in Minsheng Bank to 4.945%, just below the 5% threshold for mandatory disclosure, after purchasing 199 million H-shares at an average price of HKD 2.624 per share [3][4]. - Pan Ocean Group has completely exited its position in Minsheng Bank, having previously held 4.12% of shares [5][6]. New Shareholders - The diversification of Minsheng Bank's shareholder base includes new entrants such as China Great Wall Asset Management, which has been nominated to appoint a non-executive director [9][10]. - New Hope Group, a founding shareholder, has shown interest in increasing its stake, indicating confidence in the bank's long-term prospects [8]. Asset Management and Financial Strategy - Minsheng Bank has focused on disposing of non-performing assets, with a total of CNY 344.6 billion disposed of from 2021 to 2024, achieving a cash recovery rate of 27.7% [12][14]. - The bank has adopted a "cash recovery first" strategy, enhancing cash recovery efficiency through litigation and asset disposal [12][14]. Risk Management and Business Transformation - The bank has been actively managing risks associated with historical non-performing loans, particularly from Pan Ocean and Oriental Group, with significant reductions in outstanding loans [13][14]. - Minsheng Bank is transitioning towards core business operations, reducing high-risk activities, and focusing on customer engagement and foundational business growth [14].

Core Viewpoint - The restructuring of Minsheng Bank's shareholder base is marked by the exit of Pan Ocean Group and the entry of new investors like Liyue Group, indicating a diversification of ownership and a shift towards asset management and financial institutions [2][5][7]. Shareholder Structure Changes - Liyue Group has increased its stake in Minsheng Bank to 4.945%, nearing the 5% threshold for mandatory disclosure, after purchasing 199 million H-shares at an average price of HKD 2.624 per share [3][5]. - Pan Ocean Group has completely exited its position in Minsheng Bank, having previously held 4.12% of shares, and is no longer considered a major shareholder [5][6]. - The shareholder base is becoming more diverse, with the entry of asset management companies, funds, and new private enterprises [5][7]. Asset Management and Financial Strategy - Minsheng Bank has focused on disposing of non-performing assets, having disposed of a total of CNY 344.6 billion from 2021 to 2024, achieving a cash recovery rate of 27.7% [8][10]. - The bank has adopted a "cash recovery first" strategy, utilizing litigation and asset disposal to enhance cash recovery efficiency [8][9]. - The bank's management has indicated that the pressure from non-performing loans is primarily concentrated in the real estate sector, with a significant portion of loans backed by sufficient collateral [9][10]. Operational Transformation - Minsheng Bank is undergoing a transformation towards core business operations, moving away from high-risk, high-yield activities to focus on foundational business and customer engagement [10]. - The bank has maintained a low non-performing loan generation rate of 0.43% for new clients over the past three years, indicating effective risk management [10].

智通财经记者 | 安震 民生银行再次引发市场关注。 近日，香港立业集团有限公司（以下简称"香港立业"）买入民生银行约1.99亿股H股，占总股本0.455%。香港立业是民生银行前十大股东之一深圳市立业集 团有限公司（以下简称"立业集团"）旗下企业。此次增持后，立业集团及其一致行动人对民生银行的持股比例达4.945%，即将触发5%举牌线。 此外，泛海系已经退出民生银行股东之列，加上新进入前十大股东的长城资产，民生银行股东又迎来新一轮调整。 立业集团即将触达"举牌线" 香港交易所数据显示，6月30日，香港立业通过场外交易以每股2.62港元的均价购入民生银行H股1.99亿股，对民生银行H股的持股比例升至2.4%。 | | | | 前10名普通股股东持股情况 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 股东性 | | 报告期末持股数量 | 持有有限售 | | 质押/标记/冻结 | | 股东名称 | 质 | 持股比例(%) | (股) | 条件股份数 量(股) | 股份状 | 数 | | | | | | | Ká | | | 香港中央结算(代理人) | ...

Core Viewpoint - The recent significant shareholding increase by Hong Kong Liyue Group in Minsheng Bank indicates a potential shift in the bank's shareholder power dynamics, as traditional shareholders like "Fan Hai" and "Dong Fang" are losing influence [1][5]. Shareholding Changes - Hong Kong Liyue Group increased its stake in Minsheng Bank to 4.945% as of June 30, 2024, after purchasing approximately 199 million H-shares at an average price of 2.624 HKD per share, totaling around 523 million HKD [2]. - Over the past 18 months, Liyue Group has consistently increased its holdings, moving from 3.37% in Q3 2023 to 4.49% in Q1 2024, now ranking as the fourth-largest shareholder [2][5]. - The group's total holdings in Minsheng Bank A+H shares now amount to 2.166 billion shares, nearing the 5% threshold for mandatory disclosure [2]. Shareholder Landscape - The original shareholders of Minsheng Bank, particularly "Fan Hai" and "Dong Fang," are diminishing in influence, with "Dong Fang" holding only 2.92% and "Fan Hai" reportedly holding just one share [5][6]. - The current major shareholders include Hong Kong Central Clearing and Dajia Life Insurance, which together hold over 35% of the bank [6]. Valuation Appeal - Minsheng Bank's current price-to-book ratio is only 0.355, significantly lower than the industry average, making it an attractive investment opportunity [7]. - In contrast, other banks like China Merchants Bank have a price-to-book ratio of 1.13, highlighting the undervaluation of Minsheng Bank [7]. Financial Performance - For the year 2024, Minsheng Bank reported a revenue of 136.29 billion CNY, a decrease of 3.21% year-on-year, and a net profit of 32.30 billion CNY, down 9.85% from the previous year [7]. Funding Challenges - Liyue Group's aggressive expansion strategy may face financial constraints, as a significant portion of its shares in Minsheng Bank is under pledge, with 12.29 billion shares pledged, accounting for about 60% of its holdings [8]. - The group has also been involved in acquiring stakes in other companies, which adds to its financial pressure [8].

Market Overview - The Shanghai Composite Index rose by 0.32% on July 4, with 13 out of 28 sectors experiencing gains, led by the banking and media sectors, which increased by 1.84% and 0.91% respectively [1] - The banking sector topped the gainers list for the day [1] Fund Flow Analysis - The net outflow of capital from the two markets was 21.926 billion yuan, with 8 sectors seeing net inflows [1] - The computer sector had the largest net inflow of 2.811 billion yuan, despite a slight decline of 0.05% [1] - The banking sector also saw a net inflow of 758 million yuan, with a daily increase of 1.84% [1] Banking Sector Performance - The banking sector increased by 1.84% with a total net inflow of 758 million yuan, and all 42 stocks in this sector rose [2] - Among the stocks, 24 experienced net inflows, with 6 stocks receiving over 100 million yuan in net inflows, led by Shanghai Pudong Development Bank with 164 million yuan [2] - Major banks with significant net inflows included Ping An Bank and Minsheng Bank, with net inflows of 159 million yuan and 136 million yuan respectively [2] Individual Bank Stock Performance - The top-performing bank stocks included: - Shanghai Pudong Development Bank: +2.82%, 163.69 million yuan net inflow [2] - Ping An Bank: +2.02%, 158.73 million yuan net inflow [2] - Minsheng Bank: +2.83%, 135.90 million yuan net inflow [2] - Conversely, banks with significant net outflows included: - Everbright Bank: -3.06%, 628.79 million yuan net outflow [3] - China Construction Bank: -1.24%, 519.97 million yuan net outflow [3] - Guiyang Bank: -1.87%, 510.52 million yuan net outflow [3]

Core Viewpoint - Hong Kong Liyue Group has increased its stake in Minsheng Bank, becoming the fourth largest shareholder, with a total holding of 4.945% of the bank's shares, just shy of the 5% threshold for mandatory disclosure [2][4]. Shareholding Changes - Hong Kong Liyue purchased approximately 199 million H-shares of Minsheng Bank at an average price of about 2.624 HKD per share, totaling around 523 million HKD (approximately 477 million RMB), which represents 0.455% of the bank's total share capital [3]. - Following this purchase, Liyue Group's total holdings in Minsheng Bank reached 2.4% of H-shares and 4.945% of total shares, making it the fourth largest shareholder [4]. - New Hope Group has also increased its stake in Minsheng Bank to 5.27%, becoming the second largest shareholder [6]. Strategic Developments - Minsheng Bank has undergone significant changes in its shareholder structure, with some major shareholders exiting and new investors entering [6]. - The bank's management has indicated that several institutional investors and private enterprises have recently become shareholders, reflecting a shift in the bank's ownership landscape [6]. - The bank has been actively managing its non-performing assets, with a total of 3,446 billion RMB in non-performing assets disposed of from 2021 to 2024, achieving cash recoveries of 953 billion RMB [8]. Risk Management and Business Strategy - Minsheng Bank has adjusted its business structure to focus on sustainable and lower-risk operations, moving away from high-risk, high-yield businesses [8]. - The bank's first-quarter performance in 2024 exceeded expectations, attributed to the successful implementation of its strategic transformation [8].

Group 1 - Bank stocks showed strong performance on July 4, 2025, with several banks like Everbright Bank, CITIC Bank, and Shanghai Pudong Development Bank rising over 2%, reaching historical highs [1] - The banking sector continued its steady upward trend in the first half of 2025, benefiting from market preferences and improved expectations for bank fundamentals [1] - The average dividend yield for the banking sector reached 4.01%, making it attractive for long-term funds like insurance capital [2] Group 2 - The Huafu Xinhua Zhongxin Dividend Value Index has returned 1.06% since its inception in May, with an annualized return of 6.99%, indicating strong performance of its constituent stocks [1] - The index employs a selection strategy based on "one high and four lows" (high dividend, low volatility, low valuation, low beta, low turnover), aiming to balance high dividends with low volatility [1] - Recent policies have emphasized investor returns, leading to a more stable and continuous dividend system, which enhances the value of high-dividend assets [2]

Core Viewpoint - Minsheng Bank has seen significant changes in its shareholder structure, with Hong Kong Liyue Group increasing its stake, positioning itself as the fourth largest shareholder, just below the 5% threshold for mandatory disclosure [2][4]. Shareholder Changes - On June 30, Hong Kong Liyue Group purchased approximately 199 million H-shares of Minsheng Bank at an average price of about HKD 2.624 per share, totaling around HKD 523 million (approximately RMB 477 million), which represents 0.455% of the bank's total share capital [4]. - Following this acquisition, Liyue Group and its concerted parties now hold a total of 2.4% of Minsheng Bank's H-shares and 4.945% of the total share capital, making it the fourth largest shareholder [4]. - Liyue Group, a subsidiary of Shenzhen Liyue Group, was first listed among Minsheng Bank's major shareholders in September 2023, holding 3.15% of shares, and has since increased its stake to 4.49% by March 2024 [4]. Company Background - Liyue Group, founded in 1995 and controlled by Lin Li, the former richest person in Shenzhen, has diversified interests across various sectors, including new energy, chemicals, biomedicine, and comprehensive finance [5]. - The group also holds significant stakes in financial institutions, including a controlling interest in Huayin Securities and a 20% stake in WeBank, China's first internet bank [5]. Strategic Developments - Minsheng Bank's board has seen new appointments, including Lin Li as a non-executive director, pending regulatory approval [4]. - The bank has undergone a strategic transformation, focusing on reducing high-risk, unsustainable business lines and enhancing its core operations [8]. - As of the end of 2024, Minsheng Bank has disposed of non-performing assets totaling RMB 344.6 billion, with cash recoveries of RMB 95.3 billion, indicating a proactive approach to risk management [8].

证券代码：600016 证券简称：民生银行 优先股简称：民生优 1 优先股代码：360037 编号：2025-026 中国民生银行股份有限公司 2024年年度权益分派实施公告 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 本次利润分配方案经中国民生银行股份有限公司（以下简称"本行"）2025 年 6 月 26 日的2024年年度股东会会议审议通过。股东会会议决议公告于 2025 年 6 月 27 日分别刊登在上海证券交易所（www.sse.com.cn）、本行网站（www.cmbc.com.cn） 和《中国证券报》《上海证券报》《证券时报》。 二、 分配方案 1. 发放年度：2024年年度 1 2. 分派对象： A 股每股现金红利0.062元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/11 | － | 2025/7/14 | 2025/7/14 ...