九台农商行征战港股8年终“谢幕”，吉林金控要约收购

Core Viewpoint - Jilin Jiutai Rural Commercial Bank (Jiutai Bank) is expected to report a net loss of approximately 898 million yuan for the first half of 2025, raising concerns in the industry about its financial health and leading to its application for delisting from the Hong Kong Stock Exchange [4][5][6]. Financial Performance - Jiutai Bank's asset impairment losses for the first half of 2025 increased by approximately 312.42% compared to the same period in 2024 [6]. - The bank's revenue increased by about 27.83% in the first half of 2025, primarily due to growth in net interest income and net gains from investment securities [6]. - The bank has delayed the publication of its 2024 annual report and 2025 interim report, citing the need for more time to provide necessary information to auditors [6][7]. Losses and Impairments - The bank's anticipated net loss for the year ending December 31, 2024, is projected to be between 1.7 billion yuan and 1.9 billion yuan [7][21]. - The reasons for the losses include a reduction in interest income due to cost-cutting measures to support the real economy and increased asset impairment losses driven by a challenging external economic environment [9][21]. Asset Quality and Risk - Jiutai Bank's non-performing loan (NPL) ratio has been on the rise, reaching 2.34% in 2023, up from 1.63% in 2020 [22][24]. - The bank's non-performing loan balance has consistently increased since its listing, with the latest figures showing a non-performing loan balance of 4.42 billion yuan as of mid-2023 [25]. Market Position and Delisting - Jiutai Bank, once a leader among rural commercial banks in Northeast China, has seen its stock trading suspended since March 2023 and is now seeking to delist due to declining performance and low trading volumes [5][10][29]. - The bank's stock price has significantly decreased since its listing, falling below 1 HKD per share, with a low of 0.33 HKD per share [27][28]. Future Outlook - Following its delisting, Jiutai Bank plans to focus on localized operations and seek alternative financing channels to support its business adjustments [29].