On November 7, 2024, Yibin City Commercial Bank Co., Ltd. (referred to as "Yibin City Commercial Bank"), from Yibin, Sichuan, submitted a prospectus to the Hong Kong Stock Exchange, intending to be listed on the main board in Hong Kong. This is the second application after its submissions on June 30, 2023, and March 28, 2024 were invalid.
Yibin City Commercial Bank received the Overseas Issuance and Listing Pre-approval Notice (Guohe Letter [2024] No. 137) from the China Securities Regulatory Commission on January 18, 2024, planning to issue no more than 1.495 billion shares of overseas listed common stock.
Yibin City Commercial Bank prospectus link:
https://www1.hkexnews.hk/app/sehk/2024/106896/documents/sehk24110701164_c.pdf
Main Business
Yibin City Commercial Bank, established and registered in 2006, formerly known as Yibin City Urban Credit Cooperative founded in 2000. The bank's main business and service network are located in Yibin City, Sichuan. As of November 1, 2024, Yibin City Commercial Bank's branch network includes 40 facilities (including 39 branches and 1 headquarters), covering Yibin and Neijiang.
According to the data from the Yibin Regulatory Bureau of the China Banking and Insurance Regulatory Commission, as of December 31, 2023, Yibin City Commercial Bank is the largest bank in Yibin City by total assets, and also the largest by registered capital, as well as the second largest city commercial bank in Sichuan Province.
As of June 30, 2024, Yibin City Commercial Bank's total customer deposits (excluding accrued interest) and total customer loans and advances were RMB 78.5066 billion and 54.8202 billion respectively.
As of June 30, 2024, the non-performing loan ratio and provision coverage ratio of Yibin City Commercial Bank were 1.72% and 254.97%, respectively.
Shareholder Structure
The prospectus shows that, in the shareholder structure of Yibin City Commercial Bank before it went public,
Wuliangye Group, holding 19.99%;
Yibin City Finance Bureau, holding 19.987%;
Yibin City Cuiping District Finance Bureau, holding 19.98%;
Yibin City Nanxi District Finance Bureau, holding 16.94%;
As of the final feasible date, other shareholders collectively hold 23.103%, with each shareholder's maximum stake not exceeding 5.00%, including:
34 non-individual shareholders: Tianfeng Securities, Jiaxing Jiayuan Information Technology Co., Ltd., Chengdu Southwest Stone City Co., Ltd., Sichuan Hydropower Investment and Operation Group Co., Ltd., Wuhan Tianying Investment Group Co., Ltd., Chaoyu Group Co., Ltd., Yibin Zhenghe Real Estate Investment Group Co., Ltd., Yibin Hengxu Kiln Technology Development Co., Ltd., Yibin Xuzhou District Qunli Transportation Co., Ltd., Gongxian Guotou Operation, Gongxian Finance Bureau, Junlian County Finance Bureau, Wuxi Zhongzhu Group Co., Ltd., Sichuan Garden Industrial Co., Ltd., Yibin Xin Hao Building Materials Co., Ltd., Sichuan Yisheng Construction Group Co., Ltd., Hainan Dan County Na Da Credit Cooperative, Hainan Fusheng Technology Industry Company, Haikou Daxin Urban Credit Cooperative, Hainan Danzhou Jialian Industrial Company, Yibin Tongyi Heng Electric Co., Ltd., Sichuan Yibin Wanchun Trading Co., Ltd., Yibin Chengxin Trading Co., Ltd., Yibin Juxiang Catering Service Co., Ltd., Yibin Yuanda Trading Development Co., Ltd., Yibin Wanshun Foundry Co., Ltd., Yibin Cuiping District Service Development Promotion Center, Yibin Yikang Catering Service Co., Ltd., Sichuan Yibin Hongtai Food Co., Ltd., Yibin Kaiyuan Wine Co., Ltd., Yibin First Sweet Co-op Shop, Yibin Third Food Co-op Shop, Yibin Yigong Entertainment Co., Ltd., Sichuan Yibin City's Life Service Company.
The company's board of directors consists of 11 directors, including:
The company is unable to verify the identities and shareholdings of 8 non-individual shareholders holding approximately 3.98% of the share capital each, and 10 individual shareholders holding 0.01% of the share capital each. The company and its Chinese legal advisors believe that the unconfirmed shareholding percentages are relatively small and do not constitute significant ownership disputes, conflicts, or potential disputes over the company's shares.
Board of directors and executives
Yibin City Commercial Bank's board of directors consists of 11 directors, including:
3 executive directors: Mr. Xue Feng (Chairman of the Board), Mr. Yang Xingwang (President), Mr. Xu Yong;
4 non-executive directors: Ms. Jiang Lin, Mr. Zhao Gen, Ms. Xiao Yufeng, Ms. Tian Tian;
4 independent non-executive directors: Ms. Zhao Jingmei, Mr. Yao Liming, Mr. Xing Huayu, Ms. Yu Xiaoran.
The supervisory board consists of 11 members, including 4 employee supervisors (Mr. Kang Yong, Mr. Liu Wanli, Ms. Jia Yan, Ms. Mao Fangqiong), 3 shareholder supervisors (Mr. Jia Heng, Ms. He Ling, Mr. Wang Shuai), and 4 external supervisors (Ms. Zhang Jufang, Ms. Chen Qian, Mr. Xu Jiagen, Mr. Shan Chengge).
The executives include President Mr. Yang Xingwang, Vice President Mr. Gong Yuchi, Vice President Ms. Liang Youtao, Vice President Mr. Zhu Bo, Board Secretary Ms. Tang Lin, Chief Information Officer Mr. Tang Xudong, Head of Internal Audit Department Mr. Yu Kui, Head of Planning and Finance Department Mr. Pu Bin.
Corporate Performance
The prospectus shows that in the past years 2021, 2022, 2023, and the first half of 2024, Yibin Commercial Bank's revenue was RMB 1.621 billion, 1.867 billion, 2.17 billion, and 10.78 billion yuan respectively, with net income for the corresponding periods of RMB 0.328 billion, 0.433 billion, 0.477 billion, and 2.62 billion yuan.
Intermediary Team
The intermediary team for Yibin Commercial Bank's IPO mainly includes: CICC, ICBC International as its joint sponsors; PwC as its auditor; Linklaters, Haiwen & Partners respectively as its legal counsels in China and Hong Kong; CSM, King & Wood Mallesons respectively as its brokerage legal counsels in China and Hong Kong.
