Produced by Huabo Business Review.
On February 21, Hengfeng Bank announced that Shandong Financial Asset Management Co., Ltd. (hereinafter referred to as "Shandong Asset Management") acquired 15 billion shares of the bank held by Huijin Investment Co., Ltd. After the change of equity, Shandong Asset Management holds about 5183.8 billion shares (about 46.6 billion shares of the bank's total share capital.)61%), Huijin holds 45 billion shares of the bank (about 40.0% of the bank's total share capital46%）。
According to public information, Shandong Asset Management was established in December 2014, registered in Jinan, Shandong, with a registered capital of 49.6 billion yuan, and is currently the largest local asset management company in China, and the largest shareholder is Shandong Luxin Investment Holding Group, which is controlled by the Shandong Provincial Department of Finance.
It means that after many years, Hengfeng Bank has returned to the hands of local state-owned assets, and it seems to have dropped a level from ** Huijin to local state-owned assets holdings, but for Hengfeng Bank, this may be good news.
Looking back on the life and death test encountered by Hengfeng Bank, it can be described as thrilling, "the risk is like a fragment of life, pushed into the ward in 2018, operated on in 2019, and the longer and stronger it is in 2020, you can run", there have been bankers like Hengfeng Bank.
In 2018, after experiencing the "Jiang Xiyun case" and "Cai Guohua case" in succession, Hengfeng Bank encountered a serious crisis, and its non-performing rate was as high as 25 at the end of that year06%, non-performing loans as high as 14859.5 billion yuan, and the core Tier 1 capital adequacy ratio fell to -1375% and a capital adequacy ratio of -1114% and the provision coverage ratio was only 5470%。
At the moment of life and death, ** Huijin fire line rescue, together with Shandong Asset Management and Singapore's United Overseas Bank, injected 100 billion yuan to save the scene. Among them, ** Huijin invested 60 billion yuan, Shandong Asset Management invested 36 billion yuan, and 8 shareholders including United Overseas Bank and Nanshan Group contributed a total of 4 billion yuan.
Wang Xifeng, then Secretary of the Party Committee and President of the Shandong Branch of the Bank of China, joined Hengfeng Bank and served as President and Executive Director of Hengfeng Bank since June 2018, and Chen Ying, then Secretary of the Party Committee and Director of the former Shandong Banking Regulatory Bureau, was approved to serve as Secretary of the Party Committee and Chairman of Hengfeng Bank; Zhang Shumin, then deputy director of the Organization Department of the Shandong Provincial Party Committee, became the chairman of the bank's board of supervisors.
After repeated research and demonstration in the Shandong Provincial Party Committee and Province, Hengfeng Bank's reform and reorganization path of "stripping non-performing, introducing war investment, and listing as a whole" was determined.
In December 2019, Hengfeng Bank signed an asset transfer contract with Shandong Financial Assets to transfer 1438$9 billion in non-performing assets at a consideration of 799RMB 5.7 billion was transferred to Shandong Asset Management. With the entry of ** Huijin and other strategic investors with hundreds of billions of funds, Hengfeng Bank successfully completed the work of stripping non-performing and introducing war investment.
By 2020, Hengfeng Bank was launched as an "ICU", and Zhou Liang, vice chairman of the China Banking and Insurance Regulatory Commission, said in April 2020: "Hengfeng Bank has changed from a bad bank to a good bank".
Since 2020, Hengfeng Bank's revenue and net profit have achieved double growth. From 2020 to 2022, the operating income will be 2102.8 billion yuan, 2387.9 billion yuan, 251200 million yuan, net profit was 52300 million yuan, 634.8 billion yuan, 673.1 billion yuan.
In the first three quarters of 2023, Hengfeng Bank's revenue was 1830.9 billion yuan, net profit of 407 billion yuan. As of the end of September 2023, its total assets were 14 trillion yuan, net assets of 13111.3 billion yuan. Capital adequacy ratio 1190%, Tier 1 capital adequacy ratio 1121%, and the core Tier 1 capital adequacy ratio was 8.52%, and the non-performing loan ratio fell to 176%。
With Hengfeng Bank on the right track, the "chemical insurance trio" completed its mission and left Hengfeng Bank one after another. In August last year, Wang Xifeng, the former president of Hengfeng Bank, was transferred to Qingdao Rural Commercial Bank as the chairman, and Zhang Shumin, chairman of the board of supervisors of the bank, also resigned at the end of last year to serve as the deputy minister in charge of the daily work of the Shandong Provincial Party Committee, and Chen Ying returned to the regulatory system as the director of the Shandong Provincial Local Financial Supervision Bureau.
For example, in the past two years, Huijin has also acquired Huarong Xiangjiang Bank (later renamed Hunan Bank) by forming a consortium with Hunan Caixin, a provincial local financial holding company, to acquire Huarong Xiangjiang Bank (later renamed Hunan Bank)4053% stake.
However, Hengfeng Bank, which has been "reborn in Nirvana", still faces many problems. On January 27 this year, the Hangzhou branch of Hengfeng Bank was misappropriated to repay the land payment of the project due to the imprudent management of real estate development loans; The management of fixed asset loans was not prudent, and the loan funds were misappropriated as project capital after the repatriation; Inadequate pre-investment and post-investment management of debt financing plan business; The State Administration of Financial Supervision and Administration was fined 3.8 million yuan by the Zhejiang Supervision Bureau of the State Financial Supervision and Administration for 9 violations of laws and regulations, such as the "three checks" of working capital loans were not in place, and the loan funds were repatriated and retained in the borrower's account for a long time, highlighting the deficiencies in internal control and compliance.
At the same time, Hengfeng Bank has also stepped on many problematic enterprises. For example, Hengfeng Bank recently became famous for Rongqiao Group 6The principal of 5.8 billion yuan could not be recovered, and it was sued by the court and applied for enforcement. In addition, Hengfeng Bank is behind the "thunder" real estate companies ST Tahoe, ST Guanfu, *ST Chengxing, *ST Meishang, *ST Haihe, ST Jinhong and other enterprises.