上市8年，吉林金控收购后退市 九台农商行是首家从港交所退市的农商行。11月21日晚间，九台农商行表示，已向香港联交所申请且香 港联交所已根据上市规则批准退市。H股于香港联交所的最后交易日为11月18日，H股香港于联交所的 上市地位于11月24日下午四时撤回。而早在今年3月12日，该行H股已经停止买卖，一直停牌至今，该 行股价也定格在了彼时收盘价0.41港元/股。 原标题：这家银行，正式退市！ 东北地区首家上市农商行，正式从港交所退市！ 11月24日，吉林九台农商银行发布退市公告，向市场参与者提示该行H股的上市地位于11月24日办公时 间结束后撤回，也就是说，当日港交所下午4时收盘后九台农商行正式退市。 就在今年7月初，该行曾披露了吉林省金融控股集团股份有限公司及其一致行动人（下称"吉林金控"） 将收购该行全部已发行H股和内资股股份的溢价收购方案。最新公告显示，截至11月21日下午4时，已 通过要约收购获得约9.207亿股H股、约37.827亿股内资股，分别占比已发行H股95.26%和已发行内资股 92.09%。即吉林金控的收购动作已经进入尾声。 券商中国记者就上述公告以客户身份向九台农商行致电，该行电话客服人 ...

Core Viewpoint - Yangjie Technology announced a cash acquisition of 100% equity in Dongguan Better Electronics Technology Co., Ltd. for RMB 2.218 billion, with the transaction subject to shareholder approval and involving performance commitments [2][4][5]. Group 1: Transaction Details - The acquisition will make Better Electronics a wholly-owned subsidiary of Yangjie Technology, and it is classified as a related party transaction but not a major asset restructuring [4]. - The performance commitment requires Better Electronics to achieve a net profit of no less than RMB 555 million from 2025 to 2027, excluding non-recurring gains and losses [5]. - If the net profit exceeds the commitment, 30% of the excess will be used to reward the management team of Better Electronics [6]. Group 2: Valuation and Financial Performance - The valuation of Better Electronics shows a significant increase, with an assessed value of RMB 2.22 billion compared to a book value of RMB 599 million, resulting in an increase of RMB 1.621 billion and a growth rate of 270.46% [8]. - In 2024 and Q1 2025, Better Electronics reported revenues of RMB 837 million and RMB 218 million, with net profits of RMB 148 million and RMB 41.13 million, respectively [9]. Group 3: Strategic Rationale - Better Electronics specializes in power electronic protection components and has over 20 years of industry experience, holding various honors such as "Little Giant" enterprises and provincial manufacturing champions [10]. - The acquisition is expected to enhance Yangjie Technology's product and technology portfolio, strengthen its market position in the power electronics sector, and create synergies in product categories, technology development, and customer relationships [10][11]. - The collaboration is anticipated to improve the overall competitiveness of Yangjie Technology's main business by leveraging shared R&D outcomes and expanding its product matrix [11].

Core Viewpoint - The capital drama of state-owned asset loss and private enterprise premium acquisition is unfolding at Zhongsheng High-Tech, with a significant change in control and ownership structure [2][5]. Group 1: Ownership Change - On July 22, Zhongsheng High-Tech announced a change in control, with its major shareholder, Suzhou Wuzhong Financial Holdings Group Co., Ltd. (Wuzhong Jinkong), transferring 22.35% of its shares to Fuzhou Qianjing Investment Co., Ltd. for a total price of 559 million yuan, at a price of 20.04 yuan per share [2][4]. - Following this transaction, the controlling shareholder will shift from Wuzhong Jinkong to Fuzhou Qianjing, with the actual controllers being Weng Shengjin and He Cong [2][3]. Group 2: Financial Performance - Zhongsheng High-Tech has been struggling with continuous losses, reporting net profits of -35.39 million yuan in 2022, -155 million yuan in 2023, and an estimated -170 million yuan in 2024 [5]. - The company's asset-liability ratio was reported at 71.5% at the end of 2024, indicating high debt levels and potential liquidity risks [5][6]. - As of December 31, 2024, the company had accounts receivable of 540 million yuan, with a bad debt provision of 121 million yuan, resulting in a bad debt provision ratio of 22.41% [6]. Group 3: Historical Context - The previous ownership change occurred in January 2020, when Xu Hanxiang transferred 7.064% of shares to Wuzhong Jinkong at a price of 31.42 yuan per share, totaling 198 million yuan [7]. - Wuzhong Jinkong and its affiliate Tian Kai Huida acquired a total of 22.3509% of shares for 626 million yuan, and are now selling these shares for 559 million yuan, indicating a significant loss [8]. Group 4: Related Transactions - In July 2020, Zhongsheng High-Tech acquired 70% of Suzhou Zhongsheng Environmental Restoration Co., Ltd. for 631 million yuan, with a valuation increase of 386.03%, but this asset has since reported losses [9]. - The company has a history of complex capital operations, including premium acquisitions and asset disposals, raising questions about potential hidden agreements [12].

Core Viewpoint - Jilin Jiutai Rural Commercial Bank announced a proposal for delisting after a four-month suspension, with Jilin Financial Holding Group planning to acquire all issued H shares and domestic shares, aiming for complete state-owned control of the bank [1][11]. Group 1: Acquisition Details - Jilin Financial Holding Group intends to invest approximately 3.2 billion RMB for the acquisition [2]. - The offer price for H shares is set at 0.70 HKD per share, while the domestic shares are priced at 0.63 RMB per share [3]. - The offer represents a premium over the last trading price and average prices over various periods, with premiums of approximately 70.73%, 60.86%, 42.93%, and 8.82% compared to the last trading day and preceding averages [5][4]. Group 2: Financial Implications - If the offer is fully accepted, the total cash consideration for the H shares will be about 677 million HKD (approximately 618 million RMB), and for domestic shares, it will be around 2.588 billion RMB, totaling approximately 3.206 billion RMB for the entire acquisition [6]. - As of September 2024, Jiutai Rural Commercial Bank's total assets were 262.078 billion RMB, with issued share capital of 5.074 billion shares, including about 967 million H shares [1]. Group 3: Delisting Rationale - The bank stated that the delisting would help save compliance costs and allow for business adjustments, reallocating resources to operational needs [11]. - Post-delisting, the bank plans to focus on localized operations and maintain its existing business structure [12][13]. Group 4: Financial Performance - Jiutai Rural Commercial Bank issued a profit warning, expecting a net loss between 1.7 billion and 1.9 billion RMB for 2024, primarily due to measures taken to support the real economy and external economic pressures [14]. - The bank aims to leverage opportunities from the macroeconomic recovery to improve its operational efficiency and quality [15].

Core Viewpoint - Jilin Jiutai Rural Commercial Bank plans to delist from the Hong Kong Stock Exchange following a takeover offer from Jilin Financial Holding Group, which aims to acquire all issued H-shares and domestic shares of the bank, transitioning it to a fully state-controlled entity [1][2][6]. Summary by Sections Acquisition Details - Jilin Financial Holding Group intends to make a voluntary conditional cash offer for all issued H-shares at HKD 0.70 per share and for domestic shares at RMB 0.63 per share [2]. - The offer price for H-shares represents a premium of approximately 70.73% over the last trading price of HKD 0.41 per share [3]. - If the offer is fully accepted, the total cash consideration for the acquisition will be approximately RMB 32.06 billion, including about RMB 6.18 billion for H-shares and RMB 25.88 billion for domestic shares [3]. Financial Performance and Market Position - As of September 2024, Jiutai Rural Commercial Bank has total assets of RMB 262.08 billion and an issued share capital of 5.074 billion shares, with H-shares accounting for approximately 967 million shares [1]. - The bank is currently facing financial challenges, with a projected net loss of between RMB 1.7 billion and RMB 1.9 billion for 2024, attributed to reduced interest income and increased provisions for credit risk [7][8]. Strategic Rationale for Delisting - The bank's management believes that delisting will reduce compliance costs and allow for strategic adjustments in operations, focusing on local market needs [6][7]. - Post-acquisition, Jilin Financial Holding Group has no plans to list the bank's shares on other markets, emphasizing a commitment to regional operations and maintaining existing business structures [7]. Shareholder Approval Process - A shareholder meeting will be convened to approve the delisting proposal, with a requirement that if more than 10% of H-share shareholders oppose the offer, it will not proceed [4].