Core Viewpoint - Jilin Jiutai Rural Commercial Bank (Jiutai Bank) is expected to report a net loss of approximately 898 million yuan for the first half of 2025, raising concerns in the industry about its financial health and leading to its application for delisting from the Hong Kong Stock Exchange [4][5][6]. Financial Performance - Jiutai Bank's asset impairment losses for the first half of 2025 increased by approximately 312.42% compared to the same period in 2024 [6]. - The bank's revenue increased by about 27.83% in the first half of 2025, primarily due to growth in net interest income and net gains from investment securities [6]. - The bank has delayed the publication of its 2024 annual report and 2025 interim report, citing the need for more time to provide necessary information to auditors [6][7]. Losses and Impairments - The bank's anticipated net loss for the year ending December 31, 2024, is projected to be between 1.7 billion yuan and 1.9 billion yuan [7][21]. - The reasons for the losses include a reduction in interest income due to cost-cutting measures to support the real economy and increased asset impairment losses driven by a challenging external economic environment [9][21]. Asset Quality and Risk - Jiutai Bank's non-performing loan (NPL) ratio has been on the rise, reaching 2.34% in 2023, up from 1.63% in 2020 [22][24]. - The bank's non-performing loan balance has consistently increased since its listing, with the latest figures showing a non-performing loan balance of 4.42 billion yuan as of mid-2023 [25]. Market Position and Delisting - Jiutai Bank, once a leader among rural commercial banks in Northeast China, has seen its stock trading suspended since March 2023 and is now seeking to delist due to declining performance and low trading volumes [5][10][29]. - The bank's stock price has significantly decreased since its listing, falling below 1 HKD per share, with a low of 0.33 HKD per share [27][28]. Future Outlook - Following its delisting, Jiutai Bank plans to focus on localized operations and seek alternative financing channels to support its business adjustments [29].

Group 1 - Shenyang Bank announced plans to exit the capital market through a cash offer to acquire all remaining H-shares and domestic shares, aiming for delisting from the Hong Kong Stock Exchange [1] - The acquisition is expected to cost approximately 6.652 billion RMB, with 2.967 billion HKD allocated for H-shares and 3.929 billion RMB for domestic shares [1] - The offer price for H-shares is set at 1.32 HKD per share, representing a premium of about 15.79% over the last trading day's closing price, but an 86.49% discount compared to the estimated net asset value per share by the end of 2024 [1][2] Group 2 - Shenyang Bank provided two main reasons for the delisting: to offer shareholders better investment exit opportunities due to poor stock performance and to optimize resource allocation by reducing costs associated with maintaining a listing [2] - The bank's financial performance has been declining, with 2024 revenue at 8.577 billion RMB, down 14.57% year-on-year, and net profit at 621 million RMB, down 15.21% year-on-year [2] - The trend of delisting among Northeast China's banks is notable, with only Harbin Bank remaining listed, while Jinzhou Bank and JiuTai Rural Commercial Bank have already completed their delisting processes [2][4] Group 3 - Jinzhou Bank's delisting was completed in April 2024 after being acquired by Liaoning Financial Holdings Group, while JiuTai Rural Commercial Bank followed suit with a cash offer from Jilin Financial Holdings [4] - The delisting of Shenyang Bank marks a significant shift in the landscape of listed banks in Northeast China, with Harbin Bank's future performance and strategic choices now under scrutiny [4] - The competitive and regulatory environment in the banking sector is intensifying, raising questions about Harbin Bank's ability to maintain its listing status [4]

Core Viewpoint - Shengjing Bank announced its plan to delist from the Hong Kong Stock Exchange, citing the loss of meaningful status as a listed entity due to low trading volume and long-term stock price decline [1][2]. Group 1: Delisting Announcement - Shengjing Bank plans to delist from the Hong Kong Stock Exchange, with a total cash offer of approximately HKD 29.67 billion for H-shares and CNY 39.29 billion for domestic shares, totaling around CNY 66.52 billion [1]. - The cash offer represents a 15.79% premium over the last trading price of HKD 1.14 per H-share on August 14 [1]. Group 2: Reasons for Delisting - The bank's trading volume has nearly dried up, with an average daily trading volume of only 0.0025% of issued shares over the past 90 days, leading to a loss of equity financing capability [2]. - Shengjing Bank's stock price has declined by 4.20% from early 2025 to the suspension date, diverging from the 30.05% increase in the Hang Seng Index and 28.39% increase in the mainland bank index during the same period [2]. Group 3: Ownership and Asset Management - The major shareholder of Shengjing Bank has shifted from the Evergrande Group to the Shenyang state-owned capital system [3]. - In 2023, Shengjing Bank reached an asset disposal arrangement worth CNY 176 billion with Liaoning Assets, aimed at reducing non-performing loans and improving asset quality [3]. Group 4: Industry Context - Other banks in Northeast China, such as Jinzhou Bank and Jiutai Rural Commercial Bank, have also initiated or completed delisting processes, indicating significant challenges for regional banks listed in Hong Kong [4][5][7]. - Jinzhou Bank became the first mainland bank to delist from the Hong Kong Stock Exchange in April 2024, while Jiutai Rural Commercial Bank is expected to report a net loss of CNY 1.7 to 1.9 billion in 2024 [5][6].

停牌4个月后，东北地区首家上市农商行公布其拟退市方案！ 日前，在港交所上市的吉林九台农商银行公告宣布，要约人吉林省金融控股集团股份有限公司（下称"吉林金控"）及其一致行动人将收购该行全部已发行H股 和内资股股份，待H股类别股东大会通过批准退市决议案之后，将H股从联交所退市。 证券时报·券商中国记者就上述公告以客户身份向九台农商行致电，该行电话客服人员回应称：九台农商行拟退市是吉林金控向该行全体股东发出的公开邀约 收购，若成功收购之后，九台农商行将成为完全国有控股的银行，资金实力和服务能力将得到增强。该客服人员强调，本次收购及退市不影响该行正常运 营，对客户的存款、贷款等业务均不会产生影响。 官网资料显示，九台农商银行前身是九台市农村信用合作联社。2008年12月，正式改制为东北首家农商银行。2017年1月，该行在香港联合交易所主板成功 上市，成为继重庆农商银行后在香港上市的全国第二家农商行。截至2024年9月末，该行资产总额为2620.78亿元，已发行股本为50.74亿股，其中H股股份约 为9.67亿股。 吉林金控拟出资32亿元溢价收购 根据九台农商行发布的公告，中金公司将代表要约人就收购所有已发行H股作出自 ...

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].

Core Viewpoint - Jilin Financial Holding Group Co., Ltd. (Jilin Jin Kong) and Jiutai Rural Commercial Bank announced a voluntary conditional cash offer for all issued H shares at HKD 0.70 per share, representing a premium of approximately 70.73% over the last trading price of HKD 0.41 per share [1] Group 1: Offer Details - The total cash consideration for the H share offer is approximately HKD 677 million, while for the domestic shares, it amounts to RMB 2.588 billion [1] - The offer will be unconditional upon approval from shareholders at a special general meeting and independent H shareholders at a class meeting [1] Group 2: Reasons for the Offer - Jiutai Rural Commercial Bank's H shares have been trading between HKD 0.33 and HKD 0.50 for the 46 trading days prior to the suspension, while the Hang Seng Index rose by 21.19% and the Hang Seng Mainland Banks Index increased by 14.59% during the same period [2] - The bank's stock price has declined by 6.82% during the same timeframe, with an average daily trading volume of only 0.13% of the total issued H shares, indicating a loss of investor confidence [2] - The low trading volume of H shares, averaging about 0.08%, 0.04%, and 0.02% over the last 90, 180, and 360 days respectively, limits the bank's ability to raise capital effectively [2] Group 3: Future Operations - After the offer, Jilin Jin Kong has no intention to list the shares on other markets, focusing instead on local operations as a regional rural commercial bank [3] - The bank anticipates a net loss of RMB 1.7 billion to RMB 1.9 billion for the year ending December 31, 2024, primarily due to policy-driven fee reductions and external economic pressures [3] - The bank is implementing stricter asset risk classifications and increasing provisions to enhance risk resistance capabilities [3]