How far is the IPO of Xiamen Rural Commercial Bank through the second auction of 47 shares| Xiamen _ Sina Finance

Original title: How far is the IPO of Xiamen Rural Commercial Bank through the second auction of 47 shares

Source: Beijing Business Daily

The A-share IPO has been queuing up for nearly four years, and the Xiamen Rural Commercial Bank is still hovering outside. After several equity auctions and auctions, Xiamen Rural Commercial Bank will have several more equity auctions on the auction table for the second time. Ali auction platform showed that there were 47 transactions of 23619400 shares of Xiamen Rural Commercial Bank for second auction from September 26 to 27. The reporter of Beijing Business Daily noticed that since this year, Xiamen Rural Commercial Bank has had several equity auctions, many of which ended in unsolicited auctions. In addition to frequent equity auctions, the issue of high pledge of equity of the top ten shareholders of Xiamen Rural Commercial Bank has also attracted much attention. In the opinion of analysts, if Xiamen Rural Commercial Bank wants to promote IPO, the stability of major shareholders needs to be guaranteed, and the stability of business performance is also important.

Ali auction platform shows that on September 26, there were 47 transactions of 23619400 shares of Xiamen Rural Commercial Bank, which were auctioned from September 26 to 27. Specifically, 46 of them were split auctions, with 500000 shares and a starting price of 2 million yuan; Another 619400 shares started at 2.4776 million yuan.

The reporter of Beijing Business Daily noticed that the first auction of the above 47 shares was held from July 20 to 21, and the appraisal price and the initial auction price were both 4.3 yuan/share. After the end of the flow auction, the starting price was 9.3% off the assessed price, and the auction was conducted at 4 yuan per share. As of the press release, only 619400 shares were offered at the starting price, and 11 of the remaining 46 split shares were registered.

In recent years, the equity auction of Xiamen Rural Commercial Bank has been more frequent. As of September 26, there were 315 records of the bank's equity auction/sale on the Alibaba auction platform. This year alone, in addition to the 47 equity auctions mentioned above, Xiamen Rural Commercial Bank has many equity auctions, most of which ended in unsolicited auctions.

"Bank equity auctions on Alibaba, JD and other judicial auction platforms have been common in the past two years, mainly because bank shareholders have a debt crisis, and their bank equity holdings have been compulsorily auctioned by the court. From the distribution of bank equity auctioned on the judicial auction platform, generally there are more small and medium-sized banks, but there are also more unsold auctions." Yu Baicheng, president of Zero One Research Institute, believes that, The second auction of 23619400 shares of Xiamen Rural Commercial Bank has a P/E ratio of 19.55 times for the evaluation price and 18.18 times for the new starting price, which is still relatively high compared with the current secondary market. This auction was split into several small orders, reducing the capital threshold of the auctioneer, but still has no advantages in valuation.

The Xiamen Rural Commercial Bank, which was born out of the Xiamen Rural Credit Cooperative Association, was founded in 2006. Since then, four shareholders of Xiamen state-owned enterprises have been introduced. After overall restructuring, it was listed for business in 2012. By the first half of 2021, the total assets of Xiamen Rural Commercial Bank had reached 132.627 billion yuan.

Similar to most rural commercial banks, Xiamen Rural Commercial Bank has a decentralized ownership structure. According to the annual report of Xiamen Rural Commercial Bank, as of the end of 2020, the Bank had 3935 shareholders, including 102 legal person shares and 3833 natural person shares.

It is worth noting that in terms of equity structure, in addition to frequent equity auctions and decentralized structure, Xiamen Rural Commercial Bank has also seen a high proportion of equity pledges by major shareholders. According to the 2020 annual report of Xiamen Rural Commercial Bank, four of the top ten shareholders have equity pledges, which account for more than 93%. Specifically, the bank's fifth largest shareholder, Fujian Aoyuan Group Co., Ltd., sixth largest shareholder, Zhongrong Xinda Group Co., Ltd., seventh largest shareholder, Xiamen Hongxin Weiye Investment Co., Ltd., and eighth largest shareholder, Xiamen Yulian Group Co., Ltd., have pledged 94.79%, 94.23%, 99.63%, and 93.43% of their shares respectively, and are currently restricted from voting rights of the board of directors and shareholders' meeting.

Turning to the impact of shareholders' high proportion of equity pledge on banks, Liao Hekai, an analyst of Jinle Function, believes that multi shareholders' high proportion pledge may cause frequent changes in the company's equity, even changes in controlling shareholders and shareholders. Frequent equity auctions will affect the company's reputation, thus affecting the company's main business development, and will also have some impact on the listing process.

Yu Baicheng also said that in the CSRC's management measures related to listing, the issuer's equity is required to be clear, and there is no major dispute over the issue of human rights. A high proportion of equity pledge or frequent equity transfer by shareholders of the company to be listed may lead to instability of equity.

It is understood that Xiamen Rural Commercial Bank first submitted the application draft of IPO prospectus in December 2017, and then submitted it again half a year later. Now, nearly four years have passed since the first submission. Except for one feedback from the CSRC in 2018, the IPO of Xiamen Rural Commercial Bank has not made substantive progress.

In the feedback information issued by the CSRC in 2018, the issue of shareholders and equity transfer of Xiamen Rural Commercial Bank was mentioned. The CSRC required Xiamen Rural Commercial Bank to explain the basic composition of the issuer's shareholders, the background of a large number of social natural person shareholders and whether there is any risk of major changes in the bank's equity due to the pledge and freezing of relevant equity.

"Xiamen Rural Commercial Bank was restructured from Xiamen Rural Credit Cooperative Association. The regional environment is good, the main shareholders are strong, and they also share the dividends of regional development. However, compared with the rapid expansion at the beginning of the restructuring, the development of Xiamen Rural Commercial Bank has slowed down significantly in recent years, and the profit level has stabilized, but the non-performing rate index is still controlled at a reasonable level. If the IPO is to be promoted, the stability of major shareholders needs to be guaranteed, and the stability of business performance is also very important. In the future, we should maintain the stability of performance to continue to promote the IPO process. " Liao Hekai said.

The reporter of Beijing Business Daily contacted Xiamen Rural Commercial Bank several times for interviews on equity auction, shareholder structure, listing progress and other issues, but no reply has been received as of press release.

Beijing Business Daily reporter Meng Fanxia, Li Haiyan