① The Shaoxing Bank shareholder qualification of Keqiao Transformation and Upgrading Company was approved, and the supervisory authority agreed to transfer a total of 9.12% of the shares of Jinggong Group and Shaoxing Zhongfu. ② The transferred shares indicate that all of them have been pledged. A relevant person from the board of directors of Shaoxing Bank said that the transfer will greatly ease shareholders' equity pledge issues. ③ The actual controller of Keqiao Transformation and Upgrading Company is the Keqiao District Finance Bureau. It just completed the transfer in February this year to become the largest shareholder of Ruifeng Bank.
Financial Services Association, May 15 (Reporter Zou Juntao) Jinggong Group is “out”, and Shaoxing Bank's equity pledge issue has been resolved.
On May 15, the website of the State Financial Supervisory Administration showed that Zhejiang Keqiao Transformation and Upgrading Industry Fund Co., Ltd. (hereinafter referred to as “Keqiao Transformation and Upgrading Company”) has been approved as a shareholder of Shaoxing Bank. The Zhejiang Regulatory Bureau of the State Financial Supervisory Authority agreed to transfer to Keqiao Transformation and Upgrading Company Limited (“Jinggong Group”) the 288 million shares of Shaoxing Bank and 346.32 million shares held by Shaoxing Zhongfu Holdings Co., Ltd. (“Shaoxing Zhongfu”).
After the transfer, Keqiao Transformation and Upgrading Company held 457.656.05 million shares of Shaoxing Bank, with a shareholding ratio of 12.94%.
According to information, around 2020, the former “Top 500 Private Enterprises” Jinggong Group declared bankruptcy. Since then, it has gone bankrupt and restructured, and its shares in various banks such as Zheshang Bank and Shaoxing Bank have been judicially auctioned or pledged. In addition, many other shareholders of Shaoxing Bank have also pledged their shares.
A Financial Services Association reporter noticed that in recent years, Shaoxing Bank has expedited the handling of equity pledge issues. By the end of 2023, of the top ten shareholders of Shaoxing Bank, with the exception of Jinggong Group and its affiliated companies, all shareholders' equity pledges had been “zeroed out”.
On the evening of May 15, a relevant person from the board of directors of Shaoxing Bank told the Financial Federation reporter that after Keqiao Transformation and Upgrading Company takes over the relevant shares of Jinggong Group, it will greatly ease the company's share pledge issue.
Keqiao Finance Bureau “took over” Shaoxing Bank's shares and promoted to the second largest shareholder
According to the Bank of Shaoxing, as of the end of 2023, Jinggong Group and its affiliates, China Jianxin Holding Group Co., Ltd. (hereinafter referred to as “China Jianxin Holdings”) and Shaoxing Zhongfu held 288 million shares, 148.548 million shares and 3463.2 shares respectively, accounting for 8.14%, 4.20%, and 0.98% respectively. Together, the three held 13.32% of the shares, making them the second largest shareholder of Shaoxing Bank.
Among them, all of the shares held by Jinggong Group and Shaoxing Zhongfu have been pledged, and the pledge rate for both is 100%. Of the 148.548 million shares held by China Jianxin Holdings, 1,1293 shares were pledged, with a pledge ratio of 76.02.
According to regulatory approval, Keqiao Transformation and Upgrading Company transferred all of the shares held by Jinggong Group and Shaoxing Zhongfu. The shares held by China Jianxin Holdings were not among them. The regulatory approval requires that Bank of Shaoxing should strengthen equity management, further improve the equity structure, strictly control shareholder-related transactions, improve corporate governance and internal control mechanisms, and prevent and mitigate financial risks.
A Financial Services Association reporter noticed that in December 2023, Shaoxing Keqiao District State-owned Assets Investment and Management Group Co., Ltd. transferred all 134.97.365 million shares to Keqiao Transformation and Upgrading Company. Keqiao Transformation and Upgrading Company entered the Shaoxing Bank shareholder list for the first time.
Prior to this equity transfer, Keqiao Transformation and Upgrading already held 3.82% of Shaoxing Bank's shares. After this share transfer, its shareholding ratio increased to 12.94%, replacing Jinggong Group as the second-largest shareholder of Shaoxing Bank.
Currently, Shaoxing Bank's largest shareholder is Shaoxing Financial Holdings Co., Ltd., which holds 19.94% of the shares. According to Tianyancha data, the actual controller of Shaoxing Financial Holdings Co., Ltd. is the Shaoxing Municipal Finance Bureau, and the actual controller of Keqiao Transformation and Upgrading Company is the Shaoxing Keqiao District Finance Bureau.
According to data, Shaoxing Bank was established in November 1997 with a registered capital of 3,538 billion yuan. As of March 2024, Shaoxing Bank had total assets of 258.2 billion yuan, various deposits of 181.3 billion yuan, various loans of 158.1 billion yuan, a non-performing ratio of 0.84%, provision coverage of 316.81%, and a capital adequacy ratio of 13.03%.
Just transferred account at the beginning of the year and became the largest shareholder of Ruifeng Bank
It is worth noting that at the beginning of this year, Keqiao Transformation and Upgrading Company had just become the largest shareholder of Ruifeng Bank, also in Shaoxing.
On February 29, Ruifeng Bank issued an announcement stating that it received the “Transfer Registration Confirmation” issued by China Securities Registration and Settlement Co., Ltd. from the Shanghai branch of China Securities Registration and Settlement Co., Ltd. provided by Keqiao Transformation and Upgrading Company, and that 131,857,166 shares and 27,077,810 shares held by Shaoxing Keqiao District Transportation Investment and Construction Group Co., Ltd. (“Keqiao Trading” for short) have completed share transfer registration with China Settlement Shanghai Branch.
According to the above announcement, after the share transfer registration was completed, Keqiao Transformation and Upgrading Company became the largest shareholder of Ruifeng Bank. The number of shares it held was 158,934,976 shares, accounting for 8.10% of the total shares issued; Tiansheng Investment and Keqiao Trading both held 0 shares.
According to Tianyan survey data, equity penetration results show that the actual controllers of Tiansheng Investment and Keqiao Trading are also the Shaoxing Keqiao District Finance Bureau.