曾连续62个交易日无成交 威海银行H股定增何以吸引津联集团溢价约18%参与？

Core Viewpoint - Weihai Bank has announced a plan to issue up to 150 million H-shares to Tianlian Group at a subscription price of RMB 3.29 per share, representing a premium of approximately 17.97% over the market price on the announcement date [1][7]. Group 1: Subscription Details - The total cash consideration for the subscription will not exceed RMB 493.5 million [1]. - The subscription price is at a discount of about 19.76% compared to the estimated net asset value of RMB 4.10 per share as of June 30, 2025 [8]. - The issuance is part of a broader capital replenishment plan, with a total fundraising target of up to RMB 3 billion [11]. Group 2: Market Context and Analysis - The premium on the subscription price is considered unusual in previous bank share issuances, raising questions about shareholder acceptance [8]. - Analysts suggest that the premium reflects liquidity and execution certainty costs, as the secondary market has limited trading volume [11]. - Weihai Bank's average daily trading volume was only HKD 0.75 million in 2024, indicating low market activity [11]. Group 3: Shareholder Dynamics - Tianlian Group, a state-owned enterprise, aims to consolidate its position in Weihai Bank by participating in this capital increase [10]. - The transaction is viewed as a strategic move rather than purely transactional, focusing on long-term value and regional cooperation [10]. - The participation of existing shareholders like Tianlian Group is seen as a way to prevent excessive dilution of their ownership [10]. Group 4: Financial Health and Capital Adequacy - As of the end of 2024, Weihai Bank's total assets exceeded RMB 400 billion, reaching RMB 441.464 billion, a year-on-year increase of 12.65% [13]. - The bank's core Tier 1 capital adequacy ratio has decreased to 8.02%, approaching the regulatory minimum of 7.50% [13]. - The net proceeds from this fundraising will be used entirely to bolster the bank's core Tier 1 capital [13].