① On April 13, Zijin Bank issued an announcement stating that the supervisory authorities have agreed that Jiangsu Soho Investment Group Co., Ltd. will transfer shares held by Jiangsu Huihong International Group Zhongjin Holdings Co., Ltd. and Jiangsu Huihong International Group Zhongding Holdings Co., Ltd. ② Since the beginning of the year, two listed banks, including Bank of Changsha and Industrial Bank, have transferred shares between shareholders of state-owned enterprises. The reason behind this is that the majority shareholders have collected shares.
Financial Services Association, April 14 (Reporter Peng Kefeng) Many times, too scattered equity is not a good thing for banks. On April 13, Jiangsu Zijin Rural Commercial Bank Co., Ltd. (hereinafter referred to as Zijin Bank) issued an announcement stating that the supervisory authorities have agreed that Jiangsu Soho Investment Group Co., Ltd. will transfer shares held by Jiangsu Huihong International Group Zhongjin Holdings Co., Ltd. and Jiangsu Huihong International Group Zhongding Holdings Co., Ltd. After the transaction, Jiangsu Soho Investment Group Co., Ltd. held 6.36% of the shares.
left hand inverted right hand? Shareholders of state-owned enterprises took over shares held by subsidiary companies of brother companies
Zijin Bank stated in the announcement that the Bank received the “Approval of Jiangsu Zijin Rural Commercial Bank Co., Ltd. from the State Financial Supervisory Authority on the Change of Shares in Jiangsu Zijin Rural Commercial Bank Co., Ltd.” (Su Jinfu [2024] No. 109), approved the shareholder status of Jiangsu Soho Investment Group Co., Ltd. and agreed to transfer Jiangsu Huihong International Group Zhongjin Holdings Co., Ltd. to hold 28201608 shares of the Bank.
According to reports, after this transfer, Jiangsu Soho Investment Group Co., Ltd. held 233042759 shares of Zijin Bank, accounting for 6.36% of the bank's total shares.
A CFA reporter inquired and learned that Jiangsu Huihong International Group Zhongjin Holdings Co., Ltd. and Jiangsu Huihong International Group Zhongding Holdings Co., Ltd. are all subsidiaries of Jiangsu Huihong International Group. According to its official website, Jiangsu Huihong International Group was founded in 1996 and is an important subsidiary of Jiangsu Soho Holding Group Co., Ltd., a large enterprise in Jiangsu Province. In 2015, Huihong Group was listed as a whole on the Shanghai Stock Exchange.
According to the official website of Jiangsu Soho Holding Group Co., Ltd., Jiangsu Soho Holding Group is a large provincial wholly state-owned enterprise group. Jiangsu Soho Investment Group Co., Ltd. is also its holding subsidiary. In other words, judging from the equity relationship, the parent companies of the two companies that transferred shares this time and Jiangsu Soho Investment Group Co., Ltd., which took over the shares this time, are subsidiaries within the same state-owned enterprise. Therefore, in essence, there has been no fundamental change in ownership in this equity transaction.
Furthermore, according to Zijin Bank's report for the third quarter of last year, Jiangsu Soho Investment Group Co., Ltd. ranked third among the bank's top ten shareholders, with a shareholding ratio of 4.82%. After this transaction, the 6.36% shareholding ratio is still the third largest shareholder of Zijin Bank.
Since the beginning of the year, two listed banks have transferred state-owned shareholders, all of which are collected shares
In response, a brokerage banking analyst told the Financial Federation reporter that this practice of concentrating scattered shares to a major shareholder through “internal transfers” is a common practice of collecting shares in the industry. It is generally convenient to enhance the majority shareholders' voting rights, etc. This practice is also beneficial to ameliorating the disadvantage that some listed companies' shares are too scattered. Taken together, Zijin Bank's current shareholding change should also be part of the majority shareholders' pooling of shares.
A Financial Services Association reporter noticed that since the beginning of the year, two listed banks have already had cases of shares transferred between shareholders of state-owned enterprises. The reason behind this is that the majority shareholders have collected shares.
At the beginning of March, the Bank of Changsha issued an announcement that Hunan Express, a shareholder holding 5% or more of the shares, transferred 1.53% of the shares of the subsidiary Bank of Changsha through a free transfer. According to the bank's relevant sources, the stock transfer was mainly due to Hunan Express's own considerations and consolidated share management, which will not have an impact on the shareholding structure in Changsha.
On the evening of March 13, Industrial Bank issued an announcement stating that it had received a notice from the shareholder China Tobacco Corporation Fujian Province Company that China Tobacco Corporation had approved the transfer of 441,504,000 shares of the Company's RMB common shares held by Fujian Tobacco Haisheng Investment Management Co., Ltd. to Fujian Tobacco free of charge. On the 14th, Industrial Bank responded to the Financial Services Association reporter saying that the reason for the shareholders' related actions was “consolidated share management.”