YIBIN CITY COMMERCIAL BANK CO., LTD., from Yibin, Sichuan on March 28, 2024. (“Yibin Commercial Bank” for short) submitted a prospectus to the Hong Kong Stock Exchange to be listed on the Hong Kong Main Board. This is another application after its submission expired on June 30, 2023.
On January 18, 2024, Yibin Commercial Bank received the China Securities Regulatory Commission's Overseas Issuance Listing Filing Notice (State Cooperation Letter (2024) No. 137) to issue no more than 1,495 billion shares of overseas listed common shares.
Link to the prospectus of Yibin Commercial Bank:
Main business
Yibin Commercial Bank, incorporated in 2006, formerly known as Yibin City Credit Cooperative, established in 2000. The bank's main business and service network is located in Yibin City, Sichuan Province. As of March 19, 2024, the branch network of Yibin Commercial Bank includes 39 facilities (including 38 branches and 1 head office), all over Bubin and Neijiang.
According to data from the Yibin Regulatory Bureau of the State Financial Supervision and Administration, as of December 31, 2023, Yibin Commercial Bank is the largest bank in Yibin City in terms of total assets, and is also the largest urban commercial bank in Yibin City and the second largest in Sichuan Province in terms of registered capital (according to data from the Sichuan Supervisory Authority of the State Financial Supervisory Administration).
As of December 31, 2023, total customer deposits (excluding accrued interest) and total customer loans and advances of Yibin Commercial Bank were RMB69.791.7 billion and $51,391.5 billion respectively.
As of December 31, 2023, the non-performing loan ratio and provision coverage rate of Yibin Commercial Bank were 1.76% and 262.02%, respectively.
Shareholder structure
According to the prospectus, in the pre-listing shareholder structure of Yibin Commercial Bank,
Wuliangye Group holds 19.99% of the shares;
Yibin Finance Bureau holds 19.987% of the shares;
The Finance Bureau of Cuiping District, Yibin City holds 19.98% of the shares;
The Finance Bureau of Nanxi District, Yibin City holds 16.94% of the shares;
As of the last practical date, other shareholders included 34 non-individual shareholders and 392 individual shareholders. The maximum shareholding ratio of each shareholder did not exceed 5.00%, and the total shareholding ratio was 23.103%;
Among them, Mr. Yang Xingwang, Executive Director and President, held approximately 0.002%.
The company was unable to verify the identity and shares held by the 8 non-individual shareholders holding about 3.98% of the share capital and the 10 natural person shareholders holding 0.01% of the share capital, respectively. Both the company and its Chinese legal advisors believe that the unconfirmed share ratio is relatively small and does not constitute a major ownership dispute, dispute, or potential dispute over the company's shares.
Directors and Executives
The board of directors of Yibin Commercial Bank consists of 13 directors, including 3 executive directors (Mr. Xue Feng (Chairman), Mr. Yang Xingwang (President), Mr. Xu Yong), 5 non-executive directors (Ms. Jiang Lin, Mr. Zhao Gen, Ms. Liu Rong, Ms. Tian Tian), and 5 independent non-executive directors (Mr. Wang Qing, Mr. Yao Liming, Mr. Xing Huayu, Ms. Yu Xiaoran, Mr. Li Siliang).
The board of supervisors has 11 members, including 4 employee supervisors (Mr. Kang Yong, Mr. Liu Wanli, Ms. Jia Yan, and Ms. Mao Fangqiong), 3 shareholder supervisors (Mr. Jia Heng, Ms. Li Shuang, Mr. Wang Shuai), and 4 external supervisors (Ms. Zhang Jufang, Ms. Chen Qian, Mr. Xu Jiagen, and Mr. Shan Chengge).
Executives (8)
Executives include President Yang Xingwang; Vice President; Mr. Gong Yuchi; Vice President; Mr. Zhu Bo; Vice President; Ms. Tang Lin; Chief Information Officer; Mr. Tang Xudong; Chief Information Officer; Mr. Yu Kui; Head of the Internal Audit Department; and Mr. Pu Bin, Head of the Planning and Finance Department.
Company performance
According to the prospectus, in the past 2021, 2022 and 2023, Yibin Commercial Bank's revenue was RMB 1,621 million, RMB 1,867 million and RMB 2.170 billion respectively, while net profit for the corresponding period was RMB 328 million, 433 million and 477 million yuan respectively.
Intermediary team
Yibin Commercial Bank's intermediary team for this IPO mainly consists of CCB International and ICBC International as co-sponsors; PricewaterhouseCoopers as its auditors; Global and Gao Weishen are the company's Chinese lawyers and the company's Hong Kong lawyers, respectively; Commerce and King & Wood, respectively, are China's lawyers for the brokerage firm and Hong Kong lawyers for the brokerage firm.