Enterprise view| the eighth largest shareholder is involved in a judicial dispute Tianjin Jincheng Bank 60 million shares auctioned twice

There are many judicial disputes among shareholders, and private bank equity auctions are busy.

On October 26, Caijing Finance learned from Ali Judicial Auction Network that the 2% equity (60 million shares) of Tianjin Jincheng Bank Co., Ltd. held by Tianjin Development Zone Pan-Asia Pacific Co., Ltd. is in the second auction, with a starting price of 53.76 million yuan, which is 5.6% discount over the appraisal price of 96 million yuan, and no one has signed up to participate in the auction. It is worth mentioning that this is the second price reduction of this equity, and the starting price of the above equity at the first auction was 67.2 million yuan, which was 70% off the appraisal price, but ended in a stream auction.

In addition, the information of the judicial auction platform of the public auction network shows that the remaining 3% equity of Jincheng Bank of Pan-Asia Pacific Company, that is, 90 million shares, is also in the process of being sold. According to the announcement, the appraisal price of the equity is 135.9 million yuan, and the starting price of the sale is 76.104 million yuan, which is also equivalent to a 5.6 discount.

According to Citigold Bank's 2020 annual report, Pan-Asia Pacific holds 150 million shares of Citigold Bank, accounting for 5% of the total share capital, ranking the eighth largest shareholder of the bank. According to public information, the above-mentioned equity auction may be related to the judicial freezing of the equity held by Jincheng Bank and the Pan-Asia-Pacific Company and the New Era Futures Company and xinjiyuan Capital Management Company respectively.

It is worth mentioning that the "troublesome matter" of pan-Asia Pacific is not only this one. Recently, the Tianjin Banking and Insurance Regulatory Bureau disclosed the "Notice of Prior Notice of Regulatory Compulsory Measures (Tianjin Development Zone Pan-Asia-Pacific Co., Ltd.)", showing that after investigation, Pan-Asia-Pacific Company was suspected of violating the "Interim Measures for the Administration of Equity of Commercial Banks" (China Banking Regulatory Commission Order No. 1 [2018]) and other relevant provisions during the period of its shareholding in Tianjin Jincheng Bank, and intended to be restricted in its right to request and vote at the shareholders' meeting of Tianjin Jincheng Bank.

In fact, due to the existence of shareholders themselves, the private bank whose equity was auctioned was not only Jincheng Bank, on June 23, Meibang Apparel disclosed the "Shanghai Metersbonwe Apparel Co., Ltd. Major Assets Sale Report (Draft)", which intends to sell 10.10% of the shares of Huarui Bank held by it to Kaiquan Pump Industry at a transfer price of 1.4 yuan per share, with a total share transfer price of more than 400 million yuan. The equity of private banks such as Xinnet Bank and Beijing Zhongguancun Bank has also been auctioned at a discount.

Some analysts pointed out that in the past period of time, the transfer of bank equity was indeed relatively frequent, and the influencing factors included the impact of the existing supervision on the standardized management of bank equity on some shareholders, and the shareholding that did not meet the existing regulatory requirements had to be adjusted, and then the shareholders withdrew.

Finance also noted that in recent years, the regulatory authorities on the major shareholders of financial institutions have continued to tighten. On October 14, the China Banking and Insurance Regulatory Commission (CBIRC) issued the Measures for the Supervision of the Conduct of Major Shareholders of Banking and Insurance Institutions (for Trial Implementation), which clarifies the legal basis, applicable objects and criteria for identifying major shareholders of the Measures, and clearly prohibits major shareholders from improperly interfering in the normal operation of banking and insurance institutions, improperly publicizing in the name of licensed institutions, entrusting others or accepting the entrustment of others to participate in shareholders' meetings, and providing guarantees for the debts of non-related parties with equity, etc., and clarifying that major shareholders with equity pledge ratios exceeding 50% are not allowed to exercise voting rights. Banking and insurance institutions are prohibited from purchasing or guaranteeing non-public bonds issued by major shareholders, and directly or indirectly cross-shareholding with major shareholders.

【Author:Xinyu Wang】