CCB(601939) 中金在线·2024-04-19 01:14Core Viewpoint - China Construction Bank (CCB) has faced significant scrutiny for omitting details of substantial penalties in its 2023 annual report, despite having received three fines totaling over 90 million yuan from regulatory authorities during the year [1][5][10] Group 1: Penalties and Regulatory Issues - CCB's 2023 annual report claims no criminal investigations or major administrative penalties were imposed, which contradicts the reality of three fines issued by the National Financial Regulatory Administration totaling approximately 90 million yuan [2][5] - The first penalty, issued on February 17, 2023, amounted to 73.42 million yuan for 38 violations, including issues related to corporate governance and internal controls [2][5] - The second penalty, issued on November 22, 2023, totaled approximately 20.42 million yuan for 18 violations, including inadequate monitoring of fund usage and internal control failures [3][5] - The third penalty, issued on December 27, 2023, was for 1.7 million yuan due to deficiencies in internal auditing and management of overseas institutions [5][6] Group 2: Real Estate Loan Issues - CCB has been actively pursuing liquidation of several real estate companies due to high non-performing loans in its real estate portfolio, with significant amounts involved, such as 1.46 billion yuan from Shimao Group and 2.53 billion yuan from Dexin China [8][10] - As of the end of 2023, CCB's non-performing loans in the real estate sector reached 48.16 billion yuan, a year-on-year increase of 14.55 billion yuan, representing a 43.3% rise [10] - The non-performing loan ratio for real estate loans stood at 5.64%, the highest among the six major banks, indicating a growing risk in this sector [10] Group 3: Information Disclosure and Accountability - CCB's annual report emphasizes the responsibility of its board and management for the accuracy and completeness of the report, raising questions about the omission of significant penalty information [6][7] - The report highlights awards received by CCB while neglecting to mention the penalties, suggesting a potential double standard in information disclosure practices [7][8]