Thursday , May 13 2021

Rugao Bank intends to switch to Category A shares. Net profit in the first half of the year increased by more than 50% yoy |



Every journalist Song Ge Intern journalist Hu Lin Editor editor Liao Dan

Image Source: Optical China

Recently, Qilu Bank, New Third Board's first-listed commercial bank, announced the planning of an A-share public offering. In fact, in September of this year, a new listed bank was asking for listing.

In addition to Qilu Bank, the reporter noted that Jiangsu Rugao Rural Commercial Bank Co., Ltd. (hereinafter "Rugao Bank") has issued Tender Documents for Initial Public Offers and Registration Projects. The brokerage issues of the project have already fulfilled the tender terms and the project has now been invited for tender.

This time, the IPO Rugao Bank project requires contestants to be brokers and bidders must have independent corporate legal personality and be eligible for sponsorship and underwriting. In addition, brokers have completed at least two IPO projects over the past three years (2015 ~ 2017) and have corresponding staff and capital capabilities.

The proposed public offer of shares does not exceed 328 million shares

As announced by the bank, the bank has already called the terms of bidding for the initial public offering of shares and the listing of stock brokers. It is noteworthy that the announcement indicated that if the bank intends to enter the Shanghai Stock Exchange, the public offering of RMB's common shares (A shares) will not exceed 328 million shares and is expected to complete the issue of shares in the first half of the year 2019.

This time, the IPO Rugao Bank project requires contestants to be brokers and bidders must have independent corporate legal personality and be eligible for sponsorship and underwriting. In addition, brokers have completed at least two IPO projects over the past three years (2015 ~ 2017) and have corresponding staff and capital capabilities.

The reporter noted that Rugao Bank is the second largest bank among the listed banks of the new third council. There are currently 9 banks officially listed in the new third council, a city commercial bank, four rural commercial banks, three rural banks and a rural cooperative. Among them, Qilu Bank and Rugao Bank are the two largest banks among the nine banks. From the first half of 2018, Qilu Bank's assets amounted to 251.7 billion yuan, while Rugao Bank's assets amounted to 49,657 billion Yuan.

Revenue in the first half of the year rose by almost 30%

As shown in the bank's bidding documents, the bank was founded in December 2010 with a subscribed capital of 1 billion yuan. Since the end of June 2018, there were 723 employees at Rugao Bank, and there was a central sales department and 63 branches located in different districts and towns of Rugao. Total assets were 49.657 billion Yuan; the total liabilities were 45.217 billion Yuan; the capital adequacy ratio was 19.06% and the core capital adequacy ratio was 15.78%.

The reporter noted that the two banks were listed as the largest shareholder of Rugao Bank, one of which is the bank named A-share, Wujiang Bank. For example, in the Bank's 2018 semi-annual report for 2018, from the first half of 2018, the two largest common stock shareholders were Wujiang Bank and Jiangsu Kunshan Agricultural Emporiki Bank, Ltd. (hereinafter referred to as "Kunshan Agricultural Bank"). 10%.

During the reporting period, the two banks increased their holdings in Rugao Bank. Wujiang Bank and Kunshan Agricultural Bank held 65 million shares of the bank at the beginning of the period and each raised 35 million shares during the reporting period.

In addition to these two banks, Kexiang High-Tech Development Co., Ltd. (hereafter referred to as "Kexiang High-tech"), Jiangsu International Trust Co., Ltd. (hereafter Jiangsu Trust Dingfan Industrial Co., Ltd. holds 7.56%, 4.99% and 4.9% respectively.

In the first half of this year, the two companies increased their holdings in Rugao Bank to varying degrees. Kexiang Gaoxin and Jiangsu Trust respectively raised 41.71 million shares and 28.3 million shares. Dingfan Industrial is a new shareholder with 49 million shares in the first half of 2018.

The reporter noted that the bank's high-level staff changes were more common this year. For example, in the Bank's six-month report for 2018, during the reference period, non-executive director Huang Xun and independent director Fan Chengdong resigned for personal reasons, and sales manager-general Jie Jieqin left for age. Recently, the deputy commander of the bank, Chen Chen, was transferred to Nantong Rural Commercial Bank to resign as deputy governor of the bank. Director Zhou Yueming resigned as the director of the bank for personal reasons.

As of June 30, 2018, Rugao Bank posted revenue of 631 million yuan, an increase of 29.36% yoy, net profit attributable to the bank's shareholders was 207 million yuan, an increase of 53.3%, non-performing loans ratio 1.71%.

The reporter specifically analyzed the composition of the bank's income and found that in the first half of this year net interest income grew by 27.7% on an annual basis, accounting for 98% of revenue. Rugao Bank also reported in the six-month report that the increase in operating income and net profit was mainly due to an increase in the placement of credit capital this year and the rational planning of capital investment.

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