Xin Lang Cai Jing·2026-03-10 10:59Core Viewpoint - BlackRock has reduced its stake in Minsheng Bank, indicating a potential shift in investor sentiment towards the bank amid recent stock performance issues and index exclusion [1][5][12]. Group 1: Shareholding Changes - On March 3, BlackRock sold 10.308193 million shares of Minsheng Bank at a price of HKD 4.0415 per share, totaling approximately HKD 41.66 million, reducing its holding to about 497 million shares, or 5.97% [1][12]. - Prior to the reduction, on February 13, BlackRock had increased its stake by purchasing 1.814 million shares at an average price of HKD 4.1662 per share, raising its holding from 5.98% to 6.00% [2][13]. - The rapid succession of buying and selling within a month suggests a strategy of adjusting positions and possibly mitigating losses [4][5]. Group 2: Stock Performance and Market Reaction - Following the announcement of being removed from the FTSE China 50 Index, Minsheng Bank's stock experienced significant declines, with A-shares dropping 2.04% and H-shares falling 3.01% on March 4 [5][6]. - The removal from the index typically indicates a change in market performance or fundamentals, leading to a cautious outlook from investors [6]. Group 3: Financial Performance - For the first three quarters of 2025, Minsheng Bank reported operating revenue of CNY 108.509 billion, a year-on-year increase of 6.74%, but net profit attributable to shareholders decreased by 6.38% to CNY 28.542 billion, indicating revenue growth without profit growth [8][14]. - As of September 30, 2025, the bank's total assets were CNY 7.87 trillion, reflecting a modest growth of 0.74% compared to the end of 2024 [8][14]. - The bank's loan and advance balances were CNY 4.44 trillion, down 0.31% year-on-year, with corporate loans increasing by 1.58% to CNY 2.72 trillion, while personal loans decreased by 3.17% to CNY 1.71 trillion [8][14]. Group 4: Asset Quality Concerns - As of September 30, 2025, Minsheng Bank's non-performing loans totaled CNY 65.857 billion, an increase of 0.38% from the end of the previous year, with a non-performing loan ratio of 1.48%, up 0.01 percentage points [9][15]. - The bank's non-performing loans are primarily concentrated in the real estate, manufacturing, and leasing and business services sectors [10][16].