Chengdu Rural Commercial Bank bid farewell to Anbang Insurance, and the largest shareholder spent local state capital.

　　Since the Anbang incident, Chengdu Rural Commercial Bank Co., Ltd. (hereinafter referred to as "Chengdu Rural Commercial Bank"), the largest shareholder, has been paid close attention to by the market.

　　Earlier, it was reported that Chengdu Xingcheng Investment Group (hereinafter referred to as "Xingcheng Investment") would replace Anbang Insurance Group Co., Ltd. (hereinafter referred to as "Anbang Insurance") in Chengdu Rural Commercial Bank, but there was no official response.

　　On March 11th, the news was finally verified. In the afternoon, the announcement issued by Chengdu Agricultural Bank in official website showed that Xingcheng Investment intends to accept 3.5 billion shares of the bank held by Anbang Insurance, a shareholder of the bank, accounting for 35% of the shares.

　　In a Letter of Commitment for Major Shareholders of Chengdu Rural Commercial Bank Co., Ltd. dated January 9, 2020, Xingcheng Investment also confirmed the above-mentioned equity transfer, but disclosed the specific capital contribution.

　　According to the equity transfer project of Chengdu Rural Commercial Bank on December 30, 2019, the price of 3.5 billion shares transferred this time is about 16.5 billion yuan.

　　According to official website, Chengdu Rural Commercial Bank, this bank is a joint-stock commercial bank reformed from the former Chengdu Rural Credit Cooperative. It was listed for business on January 15th, 2010, and completed capital increase and share expansion in 2011, with a registered capital of 10 billion yuan. The Bank has 649 institutions at all levels, including 1 business department of the Head Office, 8 branches, 173 sub-branches and 467 branch offices. All 39 zhongcheng village banks initiated in Shandong, Jiangsu, Fujian, Hebei, Sichuan, Yunnan and Xinjiang have been opened.

　　According to the audit report of PricewaterhouseCoopers Zhongtian Certified Public Accountants, as of the end of October last year, the bank had total assets of 544.56 billion yuan, total liabilities of 493.978 billion yuan, operating income of 10.6 billion yuan and net profit of 6.285 billion yuan.

　　21st century business herald reporter looked up Qixinbao and found that the shares of Chengdu Rural Commercial Bank were scattered. Except Anbang Insurance, only Chengdu Jiaozi Financial Holding Group Co., Ltd. held more than 5% of the shares. After the completion of the equity transfer, Xingcheng Investment will undoubtedly become the largest shareholder of Chengdu Rural Commercial Bank.

　　It is worth noting that Xingcheng Investment is 100% owned by Chengdu SASAC and belongs to a state-owned enterprise with strong financial resources.

　　According to public information, Xingcheng Investment was established in 2009 with a registered capital of 5.525 billion yuan. By the end of September 2019, the company’s total assets were about 198.2 billion yuan and its net assets were about 81.1 billion yuan.

　　Two-year "shrinking table" 160 billion

　　On December 30th, Beijing Financial Assets Exchange put up the equity transfer project of Chengdu Rural Commercial Bank. The proposed equity transfer project of Chengdu Rural Commercial Bank is divided into two parts. One is the 3.5 billion shares held by Anbang Insurance Group, and the listing price is about 16.508 billion yuan. Second, Anbang Insurance Group took over about 2.050 billion shares entrusted by Shanghai No.1 Intermediate People’s Court, with a listing price of about 9.669 billion yuan, with a total transfer of about 5.550 billion shares and a transfer price of 26.177 billion yuan.

　　Chengdu Rural Commercial Bank was established on December 31, 2009 with a registered capital of 10 billion yuan. According to the special purpose audit report of PricewaterhouseCoopers, at the end of September 2019, the total assets of Chengdu Rural Commercial Bank were about 549.993 billion yuan and the net assets were 43.265 billion yuan; In the third quarter of 2019, Chengdu Rural Commercial Bank had an operating income of 9.076 billion yuan and a net profit of 3.987 billion yuan.

　　Based on this calculation, the transfer price per share of Chengdu Rural Commercial Bank is 4.72 yuan, which is about 9% higher than the net capital premium of the bank at the end of September this year.

　　Anbang cleared Chengdu Rural Commercial Bank for 16.5 billion yuan, which had been listed once before, but the transferee was delayed. In December 2018, Anbang Insurance Group listed and transferred its 35% stake in Chengdu Rural Commercial Bank at a transfer price of 16.8 billion yuan. According to the net assets of Chengdu Rural Commercial Bank at the end of September 2018 of 4.16 yuan per share, the transfer premium at that time was 1.15 times.

　　At that time, an insider of a local bank in Sichuan said that the receiver of Chengdu Rural Commercial Bank may be state-owned assets in Sichuan Province, but the problem of taking over the largest asset of Anbang is the source of funds.

　　Chengdu Rural Commercial Bank was once Anbang’s most important financial asset. By the end of 2016, the total assets of Anbang Life Insurance were 1.45 trillion yuan, while the total assets of Chengdu Rural Commercial Bank were 673.149 billion yuan, accounting for 46%.

　　Looking back on the history of Anbang’s shareholding in Chengdu Rural Commercial Bank, in December 2009, the CBRC approved the opening of Chengdu Rural Commercial Bank. In September 2011, Anbang Insurance spent 5 billion yuan to acquire 35% of the bank’s equity and obtained a controlling position. The registered capital of Chengdu Rural Commercial Bank increased to 10 billion yuan.

　　Judging from the information disclosed in the listing transfer, Chengdu Rural Commercial Bank has been "shrinking its table".

　　The bank has not disclosed the financial report after the 2018 annual report. From the end of 2013 to the end of 2017, the total assets of Chengdu Rural Commercial Bank increased significantly from 429.316 billion yuan to 705.562 billion yuan, an increase of 1.64 times in four years. By the end of September 2019, the total assets of Chengdu Rural Commercial Bank had decreased to 549.993 billion yuan. By October, it had dropped to 544.56 billion yuan. That is, in the past two years, the asset scale of Chengdu Rural Commercial Bank has decreased by more than 160 billion yuan.

　　21st century business herald 21 Asset Management+

　　Xin Jizhao, editor of this issue

　　Edit wechat: xinjz21

This article first appeared on WeChat WeChat official account: 21 Asset Management+. The content of the article belongs to the author’s personal opinion and does not represent Hexun.com’s position. Investors should operate accordingly, at their own risk.