万亿级城商行宣布私有化退市！国资股东溢价15.79%收购

Core Viewpoint - Shenyang Shengjing Bank has announced a voluntary conditional cash offer from its largest shareholder, Shenyang Shengjing Jin控 Investment Group, to acquire all remaining issued H-shares and domestic shares, initiating a privatization process to delist from the Hong Kong Stock Exchange [1][4]. Group 1: Delisting Announcement - Shengjing Bank, the largest city commercial bank in Northeast China, announced its plan to delist from the Hong Kong Stock Exchange on August 26, with shares resuming trading on August 27 at an opening price of HKD 1.31, a 14.9% increase from the last trading day before suspension [2]. - The offer price for domestic shares is set at RMB 1.20 per share, while the H-share offer price is HKD 1.32, representing a 15.79% premium over the last trading price but an 86.49% discount to the net asset value per share as of December 31, 2024 [4]. Group 2: Reasons for Delisting - The bank cited the need to provide shareholders with an opportunity to liquidate their investments and to optimize resource allocation as reasons for the delisting [5]. - Shengjing Bank's stock price and trading volume have been weak, with a significant drop in share price since September 2023, and a market valuation that is considered too low, impacting its ability to raise capital [6][9]. Group 3: Financial Performance - Shengjing Bank's total assets reached RMB 1.12 trillion by the end of 2024, a 4% year-on-year increase, but its operating income and net profit have declined for three consecutive years, with 2024 showing declines of 14.57% and 15.21%, respectively [8]. - The bank's net interest margin has contracted for five years, dropping to 0.80% by the end of 2024, attributed to a decrease in market interest rates [9]. Group 4: Future Plans Post-Delisting - After the completion of the offer, the acquirer has no intention to list the shares on other markets, focusing instead on regional advantages and specialized operations [9]. - The bank plans to redirect resources saved from maintaining its listing status back into its business operations to promote high-quality development [9].