本次增资完成后，长银五八股东出资比例分别为：长沙银行出资比例为 56.66%，北京城市网邻信息技术有限公司出资比例为26.43%，长沙通程控股股份有限公司出资比例为16.91%。① Changyin 58's approved registered capital increased to 1.124 billion yuan, with an additional registered capital of about 0.224 billion yuan, a “reduction” of 70% from the original plan; ② Changyin 58's net profit for the first half of the year fell 66.37% year on year. After this round of capital increases, Bank of Changsha's shareholding ratio increased to 65.66%, and its controlling interest was strengthened.
Financial Services Association, September 30 (Reporter Zou Juntao) After a lapse of half a year, Changyin's May 8 capital increase was finally implemented, but the scale of the capital increase was reduced by nearly 70% compared to the original plan.
On the evening of September 30, the Bank of Changsha (601577.SH) issued an announcement stating that it had received approval for the capital increase of Hunan Changyin 58 Consumer Finance Co., Ltd. (“Changyin 58”). According to the announcement, the regulatory approval agreed to increase Changyin's registered capital from 900,000,000 yuan to 1,123,689,091 yuan.
After the capital increase was completed, the investment ratio of Changyin's 58 shareholders was: Bank of Changsha 56.66%, Beijing City Netlink Information Technology Co., Ltd.'s investment ratio was 26.43%, and the investment ratio of Changsha Tongcheng Holdings Co., Ltd. was 16.91%.
The scale of the capital increase “shrunk” by nearly 70% compared to the original plan
A Financial Services Association reporter noticed that on March 25 of this year, the Bank of Changsha issued an announcement. The company held the 9th meeting of the 7th board of directors. The board of directors agreed that the bank would not exceed 0.561 billion yuan (inclusive) for Changyin 58, and that the final capital increase was based on the actual amount of capital invested after approval by the supervisory authorities.
On the same day, Tongcheng Holdings (000419.SZ), another shareholder of Changyin 58, also issued an announcement. The company plans to increase the capital of the company's shareholding subsidiary Changyin 58 Consumer Finance with its own capital, with no more than 0.15 billion yuan.
The Bank of Changsha stated in an announcement that this capital increase will further expand the market operation scale of Changyin 58, the holding subsidiary of the Bank, enhance its profitability and overall competitive strength, and meet the requirements of its continuous development. Tongcheng Holdings stated in the announcement that according to its strategic development plan and market positioning, Changyin 58 plans to implement a 2024 capital increase and share expansion in order to effectively break through long-term development capital bottlenecks, effectively enhance market competitiveness, and ensure sustainable and steady development.
A Financial Services Association reporter noticed that according to the above two companies' announcements, the total proposed capital increase for Changbank in May 8 should be no more than 0.711 billion yuan.
According to the Bank of Changsha's announcement tonight, Changyin 58's approved registered capital increased from 900,000,000 yuan to 1,123,689,091 yuan. The actual additional registered capital was only about 0.224 billion yuan. According to this estimate, Changyin's actual capital increase this time was “reduced” by nearly 70% compared to the original plan.
Bank of Changsha did not disclose the reason for the drastic reduction in the scale of Changbank's actual capital increase this time in its announcement tonight. Furthermore, the Bank of Changsha did not mention before or in this announcement that some capital increases will be converted to capital reserves.
Profit “dropped” in the first half of the year, and Bank of Changsha's controlling interest was strengthened
According to data, Changyin 58 officially opened on January 24, 2017. It is the first licensed consumer finance company in Hunan approved by the State Financial Supervisory Authority (formerly China Banking Regulatory Commission). It was jointly established by Bank of Changsha Co., Ltd., Beijing City Netlink Information Technology Co., Ltd., and Changsha Tongcheng Holdings Co., Ltd., and is headquartered in Changsha, Hunan.
Prior to this round of capital increases, Bank of Changsha held 51% of Changyin's shares, while Beijing City Netlink Information Technology Co., Ltd. and Tongcheng Holdings held 33% and 16% of the shares respectively. After this round of capital increases, the shareholding ratios of Bank of Changsha and Tongcheng Holdings increased to 56.66% and 16.91%, respectively.
A Financial Services Association reporter noticed that the Bank of Changsha mentioned in an earlier announcement that the capital increase was to enhance the profitability and overall competitive strength of Changyin 58. According to the latest financial data, Changyin 58's profitability really needs to be strengthened.
On August 30, the Bank of Changsha released the 2024 semi-annual report disclosing Changyin 58 performance data, showing that as of the end of June 2024, Changyin 58 Consumer Finance Company had total assets of 29.204 billion yuan and net assets of 2.991 billion yuan. During the reporting period, it achieved operating income of 1.355 billion yuan and net profit of 0.15 billion yuan. Compared with the results for the same period in the first half of 2023, Changyin May 8's revenue for the first half of this year fell 11.21% year on year, and net profit fell 66.37% year on year.