Capital adequacy ratio has decreased, and multi -shareholders' equity is pledged or frozen!How should Changsha Bank break through?

Xinhua Lian, the seventh largest shareholder of Changsha Bank, has all frozen 210 million shares of the bank's shares held by the construction and its consistent actors. Among the top ten shareholders of the bank, four major shareholders have shares for pledge

"Investment Times" researcher Tian Wenhui

Changsha Bank Co., Ltd. (hereinafter referred to as Changsha Bank, 601577.SH), assets rose to 826.5 billion yuan at the end of the first quarter of this year, an increase of 56.95%from the end of 2018. However, the bank has continued to face the issue of shareholders' equity pledge or freezing problems in recent years.

Changsha Bank recently announced that about 140 million Changsha Bank shares held by the bank's shareholder of Hunan Xinhua Liana Construction Engineering Co., Ltd. (hereinafter referred to as Xinhualian Construction) were frozen, and the construction of Xinhua Lianhe Construction and its consistent active actor Hunan Xinhualian International Petroleum Trade The total of 210 million shares held by Changsha Bank held in the total of the Co., Ltd. (hereinafter referred to as Xinhua Lianlian Petroleum) has been frozen. The cause of the frozen conclusion is mainly preserved for financial debt disputes.

Xinhua Lianjian is the seventh largest shareholder of Changsha Bank. According to previous announcements, four of the top ten shareholders of Changsha Bank pledged some of the shares of the bank's shares.

Researcher "Investment Times" noticed that in the year of the A -share listing of Changsha Bank, the shares held by five shareholders of the top ten shareholders were pledged.

In addition to shareholders' equity issues, in the past year, the bank has also changed frequently in directors and executives, including the chairman and president has changed.

In the first quarter of this year, the net profit attributable to shareholders of listed companies was 1.821 billion yuan, an increase of 13.05%year -on -year, higher than the net profit growth of commercial banks in the same period. From 2018 to 2021, the bank's net profit attributable to shareholders of the parent company was 13.94%, 13.43%, 5.08%, and 18.09%of the year -on -year growth rate, which were also higher than the year -on -year growth of the net profit of commercial banks in the corresponding time.

However, the bank's credit impairment losses continued to increase. In the first quarter of this year, 14.73%were increased by 16.95%year -on -year. Moreover, at the end of the first quarter, the bank's capital adequacy ratio, first -level capital adequacy ratio, and core first -level capital adequacy ratio was lower than the level of commercial banks in the same period. At the same time, it decreased by 0.14 percentage points, 0.08 percentage points, and 0.03 percentage points from the end of the previous year.

"Investment Times" researcher sent a communication letter to Changsha Bank on the problems of the above shareholders' equity, increased credit impairment loss, and decreased capital adequacy ratio.

A number of shareholders' equity is frozen or pledged

In the past year, it is not easy for Changsha Bank. In addition to the shares held by half of the top ten shareholders, the shares held by the shareholders continue to have pledge or frozen problems, and the director and executives of the bank have continued to change.

Changsha Bank announced that on June 9th, the bank learned that about 139 million Changsha Bank shares held by Xinhua Liann was judged by judicial frozen. At the same time, about 1.1226 million Changsha Bank shares held by the Changsha Bank were waiting for frozen. The above -mentioned frozen shares accounted for 3.46%and 0.03%of the total share capital of Changsha. The cause of the frozen is preparations adopted by financial institutions due to the pre -complaint with Xinhua Union and affiliated party financial debt disputes.

As of June 10, Xinhua Lianjian Construction and its consistent actors Xinhua Lianyou Petroleum held the Changsha Bank shares. Among them, Xinhua Lian constructed about 163 million shares of Changsha Bank, accounting for 4.05%of the total share capital of Changsha Bank, and Xinhua Lianlian Petroleum held approximately 47 million shares of Changsha Bank, accounting for 1.18%of Changsha Bank's total share capital. The two hold a total of 210 million shares of Changsha Bank, accounting for 5.23%of the total share capital of Changsha Bank. The above shares have been pledged.

According to Changsha Bank's financial report, at the end of 2018, the bank's construction of Xinhua Union held about 289 million shares of the bank, accounting for 8.46%of the bank's total share capital, and the bank's second largest shareholder. At the end of 2019 and at the end of 2020, Xinhualian's construction holdings and rankings have not changed. However, at the end of 2021, the construction of Xinhua Union held only about 163 million shares of Changsha Bank, which fell to the seventh largest shareholder.

"Investment Times" researcher noticed that at the end of 2018, about 214 million pledges were pledged in the Changsha Bank shares held by Xinhua Union Construction. At the end of 2019, the number of pledged shares was 149 million shares. At the end of 2020, the number of pledged shares rose to about 289 million shares, close to all pledge, and 1.4309 million shares frozen. At the end of 2021, the number of pledge shares was 163 million shares, with a pledge rate of 100 %, and the freezing number was about 26 million shares.

In addition to the frozen and pledge of the above -mentioned shareholders' equity, there are many shareholders of Changsha Bank of Changsha.

According to the previous announcement of Changsha and annual reports of 2021, on May 16 this year, Changsha Tongcheng Industrial (Group) Co., Ltd. (hereinafter referred to as Tongcheng Industrial) held a total of about 75 million pledges in Changsha Bank. And the proportion of the total number of Changsha Bank shares held by Changsha Tong Chengkong Company Co., Ltd. is 27.07%. As of March 11, Hunan Xingye Investment Co., Ltd. (hereinafter referred to as Xingye Investment) had pledged a total of about 55 million shares in Changsha Bank, accounting for 27.43%of the total number of Changsha Bank shares held. As of February 7, Hunan Friendship Apollo Commercial Co., Ltd. has pledged about 22 million shares in Changsha Bank, accounting for about 9.405%of the total number of shares in the bank.

According to the annual report of Changsha Bank 2021, at the end of that year, except that the above -mentioned shareholders were pledged, about 47 million shares of Changsha Bank held by Changsha Real Estate (Group) Co., Ltd. (hereinafter referred to as Changsha Real Estate) were pledged, accounting for their total number of Changsha Bank shares The ratio is 27.36%. Moreover, the researcher of "Investment Times" noticed that at the end of 2018, in addition to the construction of the top ten shareholders of the bank, in addition to the construction of Xinhua Lianlian, there are also some shares in the shares of the bank held by Xingye Investment, Changsha Real Estate, Tongcheng Industrial, and another shareholder. Pledged.

In addition to the above -mentioned shareholders' equity issues, in the past year, directors and executives of Changsha Bank have changed a lot. Among them, in addition to the board of directors at the end of 2021, the board members also changed the reasons for non -generalization.

In the board of directors, on November 10, 2021, Zhu Yuguo, the former director and chairman, resigned due to work changes. On January 10 this year, the board of directors of Changsha Bank agreed to elected Zhao Xiaozhong as the chairman of the bank.

On April 15, 2021, due to the adjustment of work, Chen Xiehe resigned as a director of the bank. On June 8 this year, Yang Minjia, secretary of the board of directors of the bank, resigned from the office of the bank's board of directors due to work adjustment, but will still be the deputy governor of the bank (the qualifications are still approved by the regulatory department).

According to the annual report of Changsha Bank 2021, in the executives, Zhao Xiaozhong no longer served as the president of the bank due to work adjustment; Wu Jieping no longer served as the deputy president of the bank because of his age; Vice President; 郦浤浤 郦浤浤 副 副 副 副 No longer served as assistant to the president of the bank.

At the board of directors on January 10 this year, the bank hired five vice presidents.

On June 15 this year, Changsha Bank announced that the board meeting held on June 14 agreed to appoint Tang Yong as the president of the bank. The qualifications to be qualified to be approved by the regulatory authorities.

Changsha Bank shareholder equity is frozen

Source: Changsha Bank Announcement

Capital adequacy ratio decreased

In the first quarter of this year, Changsha Bank's performance grew better than the industry. However, the bank's credit impairment loss continued to increase, and the capital adequacy ratio decreased.

According to the first quarter report of Changsha Bank, the bank's operating income in the first quarter of this year was 5.387 billion yuan, an increase of 12.01%year -on -year; the net profit attributable to shareholders of listed companies was 1.821 billion yuan, an increase of 13.05%year -on -year, which was higher than the net commercial bank 7.36%of the net period of the same period. Profit growth.

Among operating income, the fair value change income was 087 million yuan, a year -on -year decrease of 55.58%.

In business expenditure, credit impairment losses were 1.503 billion yuan, an increase of 14.73%year -on -year. In fact, the bank's credit impairment loss has continued to grow. In 2021, the bank's credit impairment loss was 6.655 billion yuan, an increase of 16.95%year -on -year.

It may have a lot of lawsuits that affect the performance of Changsha Bank's performance.

On April 1, Changsha Bank announced a lawsuit. The plaintiff is the Guangzhou Branch of Changsha Bank. The defendant serves the Life of Shentao (Guangdong) Co., Ltd. (hereinafter referred to as Shentao Life). The amount involved is about 1.4 billion yuan and corresponding interest. In April 2019, Changsha Bank Guangzhou Branch and Evergrande Smart Automobile (Guangdong) Co., Ltd. (hereinafter referred to as Evergrande Smart Motors) signed the "Credit Ending Contract" to provide it with a credit line of 1.5 billion yuan. The defendant Shentao's life provides the highest liability guarantee guarantee. From April 29th, 2019 to April 1, 2021, Changsha Bank Guangzhou Branch issued a total of 1.5 billion yuan to Evergrande Smart Motors. As of the announcement date, the balance of the principal of the above loan was about 1.4 billion yuan.

The annual report of Changsha Bank 2021 shows that at the end of that year, the bank's total litigation cases of more than 10 million yuan of lawsuits as the plaintiff's unsuccessful lawsuit, the total amount involved was about 4.405 billion yuan.

In terms of capital adequate, at the end of the first quarter of this year, Changsha Bank's capital adequacy ratio, first -level capital adequacy ratio, and core first -level capital adequacy ratio were 13.52%, 10.82%, and 9.66%, respectively. 0.03 percentage points are also lower than the level of 15.02%, 12.25%, and 10.7%at the end of the quarter.

On June 9, Changsha Bank issued a public offering of A shares convertible corporate bond plans. The total amount of public offering does not exceed 11 billion yuan (including the number) of corporate bonds that can be converted to Changsha Bank A shares. The funds raised by the public offering of convertible bonds will be used to support the bank's future business development after deducting the issuance costs. After the convertible bond holders are transferred to the bank's core first -level capital in accordance with the relevant regulatory requirements.

In addition to the issuing convertible corporate bonds, Changsha Bank had just completed a fixed increase of 5.878 billion yuan in March 2021. At the end of 2021, the bank's capital adequacy ratio, first -level capital adequacy ratio, and core first -level capital adequacy ratio were 13.66%, 10.90%, and 9.69%, respectively, an increase of 0.06 percentage points, 0.93 percentage points, and 1.08 percentage points from the end of the previous year. But at the end of the first quarter of this year, the bank's capital adequacy ratio has declined.

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