On December 13, from the Shanghai Rural Commercial Bank (601825SH) half a month after triggering the stock price stabilization measures, the bank issued the "Announcement on the Stock Price Stabilization Plan", which will increase its holdings by more than 8,694 through the three major shareholders420,000 yuan for "disk protection".
Business News Corporate Finance noted that the stock price of Shanghai Rural Commercial Bank has been weak for a long time since its listing in August 2021, and it has been the third time that the stock price stabilization measures have been triggered, and as of December 19, the ** price of Shanghai Rural Commercial Bank is 567 yuan shares, down from 89 yuan share IPO issue**.
Judging from the data of the third quarter, the overall operating performance of Shanghai Rural Commercial Bank in the first three quarters was good, with a net profit increase of more than 10%, but the operating income in a single quarter decreased slightly year-on-year, and the non-performing indicators both rose. In terms of internal control management, there was a large fine of 10 million yuan during the year.
According to the announcement, from November 2, 2023 to November 29, 2023, the ** price of Shanghai Rural Commercial Bank's A shares has been lower than the bank's latest audited net assets per share of 10 for 20 consecutive trading days22 yuan shares, triggering the stock price stabilization measures of Shanghai Rural Commercial Bank, and the trigger date is November 29, 2023.
According to the stock price stabilization plan, Shanghai Rural Commercial Bank issued the "Announcement on the Stock Price Stabilization Plan" on December 13, which shows that Shanghai Rural Commercial Bank intends to adopt the fourth largest shareholder Shanghai Jiushi (Group) ** hereinafter referred to as "Jiushi Group"), the sixth largest shareholder Shanghai Guosheng Group Assets *** hereinafter referred to as "Guosheng Assets") and the seventh largest shareholder Zhejiang Shanghai-Hangzhou-Ningbo Expressway Co., Ltd. *** hereinafter referred to as "Jiangsu, Zhejiang, Shanghai, Hangzhou-Ningbo"), in order not less than 15% of the total cash dividends it received from Shanghai Rural Commercial Bank in the most recent year , the measures to increase the bank's stake stabilized the stock price.
Among them, the fourth largest shareholder, Jiushi Group, holds 74.5 billion shares, with a shareholding ratio of 772%, and the amount of the proposed increase in this time is not less than 3820660,000 yuan;Guosheng Asset Management, the sixth largest shareholder, holds 47.6 billion shares, with a shareholding ratio of 494%, and the amount of the proposed increase in holdings is not less than 2441890,000 yuan;The seventh largest shareholder, Zhejiang Huhangyong, holds 44.7 billion shares, with a shareholding ratio of 492%, and the amount of the proposed increase is not less than 2431870,000 yuan, the three shareholders are all shareholders holding more than 5% of the shares before the initial listing of Shanghai Rural Commercial Bank, and the total amount planned to be used is not less than 8694420,000 yuan to increase holdings. In addition, there is no ** range for this shareholding increase plan, and the implementation period is within 6 months from the date of disclosure of the announcement.
Previously, according to the "Announcement on Senior Management of the Company" issued by the Shanghai Rural Commercial Bank on November 2, 2023, the bank's senior executives had increased their holdings from October 30 to November 1, 2023, and Chairman Gu Jianzhong and Vice President Jin Jianhua, Yu Minhua, Zhang Hongbiao, Gu Xianbin, Ying Changming, and Shen Dong 7 executives increased their holdings by 82 from the secondary market **Shanghai Rural Commercial Bank ordinary shares** with their own funds040,000 shares, with a trading ** range of 5$86 shares to $597 yuan shares, but judging from the results, this increase in holdings is a drop in the bucket for the stock price of Shanghai Rural Commercial Bank to maintain stability.
Judging from the performance of the A-share share price of Shanghai Rural Commercial Bank since November, the bank's share price is still in the first trend. As of December 19, the ** price of Shanghai Rural Commercial Bank was 567 yuan shares, compared with the opening price of 5 on November 198 yuan shares**518%, down from the line 8The IPO issuance of 9 yuan shares** was 11 percent higher than the net assets per share in the third quarter40 yuan of the ** "halved" 5026%, hitting the lowest price of 556 yuan shares.
It is worth noting that in the more than two years since the listing of Shanghai Rural Commercial Bank, it has required important shareholders to increase their holdings three times.
One month after its listing on August 19, 2021, Shanghai Rural Commercial Bank triggered stock price stabilization measures due to the continuous breaking of the stock price, which began on September 29, 2021 and ended on March 28, 2022, with a total increase of 4,691 yuan by Shanghai International Group and its subsidiary Shanghai State-owned Assets Management *** with its own funds850,000 yuan;Guosheng Asset Management increased its holdings by 1351 with its own funds170,000 yuan;Zhejiang Huhangyong increased its holdings by 1328 with its own funds490,000 yuan.
The last round of stock price stabilization measures of Shanghai Rural Commercial Bank began on November 9, 2022 and ended on May 6, 2023, and the Shanghai state-owned assets operated by *** increased its holdings by 7348 with its own funds770,000 yuan;Jiushi Group has increased its holdings by 6164 with its own funds500,000 yuan;Zhejiang Huhangyong increased its holdings by 3921 with its own funds010,000 yuan, but this "disk protection" also seems to be unable to reverse the situation that Shanghai Rural Commercial Bank has been coldly received in the secondary market, and it has only lasted six months before triggering the stock price to stabilize again.
In this regard, on December 11, some investors asked Shanghai Rural Commercial Bank on the investor interactive platform of Oriental Wealth Network, "Dear Secretary of the Board, hello. Since the company's listing in 2021, the stock price has been weak for a long time, and the proposal to stabilize the stock price has been triggered many times. In this regard, the secretary of the board of directors of Bank of Zhengzhou replied, "Dear investors, thank you for your attention to the bank!".The short-term secondary market stock price performance is determined by a combination of factors, and the overall valuation of bank stocks is relatively low. For a long time, the Bank has always attached importance to the interests of shareholders, adhered to sound operation and innovative development, and rewarded shareholders by creating more value. In 2022, the Bank's cash dividends accounted for 30% of the net profit attributable to ordinary shareholders, and the total cash dividends amounted to 329.8 billion yuan, with a cash dividend of 3 per 10 shares42 yuan (tax included). ”
Since the beginning of this year, the asset scale of Shanghai Rural Commercial Bank has continued to expand, and as of the end of September 2023, the total assets of Shanghai Rural Commercial Bank have reached 13,6842.4 billion yuan, an increase of 870 from the beginning of the year2.5 billion yuan, an increase of 679%；The total amount of loans and advances was 70110.1 billion yuan, an increase of 304 from the beginning of the year7.8 billion yuan, an increase of 454%。On the liability side, the total liabilities of Shanghai Rural Commercial Bank reached 12,5456.1 billion yuan, an increase of 788 percent from the beginning of the year7.8 billion yuan, an increase of 671%；Absorb the principal amount of the deposit 97687.1 billion yuan, an increase of 333 from the end of the previous year8.7 billion yuan, an increase of 354%, deposits and loans maintained stable growth.
In terms of operating performance, the operating income of Shanghai Rural Commercial Bank did not perform well in the third quarter, although the operating income in the first three quarters was 2041.5 billion yuan, an increase of 449%。However, looking at the third quarter alone, the revenue of Shanghai Rural Commercial Bank declined, only achieving revenue of 652.9 billion yuan, down 2 percent year-on-year13%。
From the perspective of revenue structure, the net interest income, which is the revenue pillar of Shanghai Rural Commercial Bank, was affected by the narrowing of interest margins, and achieved 157 in the first three quarters of this year1.5 billion yuan, a year-on-year increase of 102%, the growth rate is relatively slow. However, the year-on-year growth of non-interest net income was more eye-catching, and in the first three quarters of this year, Shanghai Rural Commercial Bank achieved non-interest net income of 470 billion yuan, a year-on-year increase of 1807%。Among them, the net income from fees and commissions was 200.5 billion yuan, a year-on-year increase of 1466%；Fair value change gain 123.1 billion yuan, a year-on-year increase of 13969%, which contributed significantly to the growth of non-interest net income.
Shanghai Rural Commercial Bank achieved a net profit of 107 in the first three quarters0.4 billion yuan, a year-on-year increase of 1489%, the growth rate is still high, which is also related to the decrease in operating expenses of Shanghai Rural Commercial Bank.
In the first three quarters of this year, the operating expenses of Shanghai Rural Commercial Bank were 799.6 billion yuan, down 266%；The cost-to-income ratio was 2845%, down 022 percentage points. Among them, the main credit impairment loss expense was 195 billion yuan, a year-on-year decrease of 1932%, the overall decline is larger.
Although the third quarter report did not explain it, the semi-annual report mentioned that the decline in credit impairment losses was due to the bank's relatively prudent provision for credit impairment losses when the quality of various credit assets remained basically stableOn the other hand, due to the high base of debt investment in the same period last year, credit impairment losses decreased significantly compared with the same period.
Since the beginning of this year, Shanghai Rural Commercial Bank has also supplemented its capital adequacy ratio, tier 1 capital adequacy ratio and core tier 1 capital adequacy ratio, respectively. 28% and 1325%, an increase from the beginning of the year. 29 and 029 percentage points.
As of the end of September 2023, the non-performing loan ratio of Shanghai Rural Commercial Bank was 097%, an increase of 003 percentage points;The balance of non-performing loans was 679.9 billion yuan, an increase of 4 percent from the beginning of the year6.4 billion yuan, an increase of 732%, the non-performing indicators are both **, and the asset quality has declined.
From the perspective of the five-level classification of loans, as of the end of September, the normal class of Shanghai Rural Commercial Bank accounted for 9779%, down 052 percentage points;Concern accounts for 124%, an increase of 050 percentage points;The secondary class accounts for 052%, an increase of 013 percentage points;Suspicious accounts for 026%, down 010 percentage points;The loss category accounts for 019%, down 001 percentage point, the proportion of concerned loans has increased compared with the beginning of the year, and asset quality may have hidden downside risks.
In terms of provisions, as of the end of September 2023, the provision coverage ratio of Shanghai Rural Commercial Bank was 41548%, down 29 from the end of the previous year84 percentage points;The loan provision ratio was 403%, down 018 percentage points, the overall risk offset capacity is relatively stable.
Business News Corporate Finance noted that Shanghai Rural Commercial Bank also received a fine of 10 million yuan this year.
According to the announcement of the State Financial Supervision and Administration Bureau on June 28, Shanghai Rural Commercial Bank is not prudent in the compliance review of interbank investment funds due to its existenceThe entrusted loan funds are used in prohibited areas in violation of regulations;Failure to supervise the use of entrusted loan funds in accordance with regulations;Inaccurate classification of loans;The loan will be disbursed before the project capital is in proportion to the loan;Granting loans to real estate projects with insufficient capital ratios;The financial leverage ratio of the M&A loan project is unreasonable;M&A loans do not strictly implement the regulatory requirements of housing for living in, not for speculation;Deposit and loan linkage;Actual performance of senior management duties without the permission of the qualifications;Personal consumption loans are used in the non-consumer sector;Transfer of non-performing assets in reverse proceedings;Failure to perform due diligence in pre-loan investigations of real estate loans;Personal consumption loans flowed into the capital market in violation of regulations;Imprudent management of liquidity risk;Pass-through costs;Provision of false statistical statements;Consolidation management is not prudent;19 violations of laws and regulations for providing ** sexual financing in violation of regulations were fined 11.6 million yuan by the Shanghai Supervision Bureau of the China Banking and Insurance Regulatory Commission and ordered to correct.