Core Viewpoint - Shengjing Bank, once a model city commercial bank in Northeast China, announced its delisting from the Hong Kong Stock Exchange, effective November 20, 2025, following the acceptance of its buyout offer [2][3]. Group 1: Delisting Announcement - Shengjing Bank submitted a delisting application to the Hong Kong Stock Exchange, which has been approved, contingent upon the buyout offer becoming unconditional [3]. - As of October 21, 2025, 2.241 billion H-shares have accepted the buyout offer, representing approximately 99.69% of independent H-share holders, 95.74% of issued H-shares, and 25.48% of total issued shares [3][4]. - The last trading day for H-shares is expected to be November 13, 2025, with the delisting effective on November 20, 2025 [3]. Group 2: Buyout Offer Details - Shengjing Jin控 proposed an initial buyout offer of HKD 1.32 per H-share and HKD 1.20 per domestic share, totaling approximately HKD 6.652 billion [4]. - The buyout offer was later increased to HKD 1.60 per H-share (a premium of 40.35%) and HKD 1.45 per domestic share, raising the total offer to approximately HKD 8.344 billion [4]. - The rationale for the price increase was to provide greater financial incentives for shareholder acceptance and enhance the likelihood of a successful buyout [4]. Group 3: Reasons for Delisting - The bank cited two main reasons for the delisting: providing shareholders with better investment realization opportunities and optimizing resource allocation [5]. - Despite a 30.05% increase in the Hang Seng Index and a 28.39% increase in the Hang Seng Mainland Bank Index, Shengjing Bank's stock price declined by 4.20% during the same period [4][5]. - The average daily trading volume of Shengjing Bank's H-shares was extremely low, at approximately 0.0025%, 0.0345%, and 0.0196% over the last 90, 180, and 360 trading days, respectively, limiting its ability to effectively raise capital [5]. Group 4: Financial Performance - Shengjing Bank's revenue decreased from a peak of 21.002 billion in 2019 to 8.577 billion in 2024, while net profit fell from a peak of 7.580 billion in 2017 to 0.621 billion in 2024, with significant declines in 2020 and 2021 [5]. - In the first half of 2025, the bank reported revenue of 4.326 billion, a year-on-year decline of 5.1%, and a net profit of 0.494 billion, down 14.4% year-on-year [5]. Group 5: Shareholding Structure - As of August 26, 2025, the top five shareholders of Shengjing Bank's domestic shares include Shengjing Jin控 (20.79%), Shenyang Hengxin (5.46%), and others, indicating a concentrated ownership structure [6].
港股上市9年多后，“万亿级”盛京银行拟退市