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“万亿级”盛京银行拟退市, 上市“光环”背后的泡沫碎了?

Core Viewpoint - Shengjing Bank has announced plans to delist from the Hong Kong Stock Exchange, following the trend of other regional banks, indicating a significant shift in the banking landscape in Northeast China [2][7]. Group 1: Delisting Plans - Shengjing Bank plans to initiate a full cash offer to acquire all circulating H-shares for approximately HKD 29.67 billion and domestic shares for about CNY 39.29 billion, totaling around HKD 68.96 billion [3][4]. - The delisting requires approval from independent H-share shareholders, with at least 75% voting in favor and no more than 10% opposing [4]. - The bank's current listing status is deemed ineffective for financing, with trading volumes significantly low, leading to a decision to optimize resource allocation by delisting [5][6]. Group 2: Financial Performance - Shengjing Bank's total assets reached CNY 1.12 trillion by the end of 2024, reflecting a 4% year-on-year growth [5]. - The bank's revenue has declined from a peak of CNY 21.002 billion in 2019 to CNY 8.577 billion in 2024, while net profit dropped from CNY 7.580 billion in 2017 to CNY 0.621 billion in 2024, a decrease of 15.21% year-on-year [6]. - The non-performing loan ratio stood at 2.68% at the end of 2024, with a provision coverage ratio of 157%, indicating a weakening ability to absorb risks [6]. Group 3: Industry Context - Shengjing Bank is the third bank in Northeast China to pursue delisting, following Jinzhou Bank and Jiutai Rural Commercial Bank, highlighting a trend of regional banks facing operational challenges [7][8]. - The overall performance of small and medium-sized banks listed in Hong Kong shows a stark contrast, with some banks experiencing significant stock price increases, while others, like Shengjing Bank, struggle with low stock prices and trading volumes [8][9]. - Analysts suggest that the "state-owned acquisition + Hong Kong delisting" model may become a pathway for other struggling regional banks to address historical issues and push for reforms, potentially accelerating industry consolidation [7][10].