Core Viewpoint - Hong Kong Liyue Group has significantly increased its stake in Minsheng Bank, reaching a total holding of 4.945%, just shy of the 5% threshold for mandatory disclosure, indicating a strategic move to gain influence in the bank's governance [1][4][9]. Group 1: Investment Activity - As of June 30, Hong Kong Liyue purchased approximately 199 million H-shares of Minsheng Bank at an average price of about HKD 2.624 per share, totaling around HKD 523 million [4]. - Over the past 18 months, Liyue Group has consistently increased its holdings in Minsheng Bank, moving from a 3.37% stake in Q3 2023 to 4.49% in Q1 2024, and now to 4.945% [4][8]. - Despite the significant rise in Minsheng Bank's stock price from HKD 2.43 to nearly HKD 5, Liyue Group has not sold any shares, demonstrating a long-term investment strategy [4][8]. Group 2: Market Context - The decline of former major shareholders, such as the "Pan Ocean" and "Oriental" factions, has created an opportunity for new investors like Liyue Group to reshape the shareholder landscape of Minsheng Bank [2][8]. - Minsheng Bank's current market valuation is notably low, with a price-to-book ratio of only 0.355, significantly below the industry average, making it an attractive investment target [8][9]. - The top three shareholders of Minsheng Bank currently hold over 35% of the shares, with Liyue Group's increasing stake being interpreted as a move to gain greater influence [9]. Group 3: Financial Position and Risks - Liyue Group's aggressive expansion strategy is facing potential financial strain, as a significant portion of its shares in Minsheng Bank (approximately 60%) are under pledge [10][11]. - The group has also been involved in acquiring stakes in other companies, such as a recent purchase of shares in China International Marine Containers, which adds to its financial commitments [11]. - The high leverage model is evident in Liyue Group's operations, with substantial share pledges in its controlled entity, Hualin Securities, indicating a reliance on borrowed capital for expansion [11].
距举牌仅一步之遥!资本大鳄持续增持→
第一财经·2025-07-07 01:23