2 1 Shi Ji Jing Ji Bao Dao·2025-07-08 03:41Core 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].