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Home / china / Rugao Bank intends to move to A shares. Net profit for the first half increased by more than 50% year on year | Daily financial news

Rugao Bank intends to move to A shares. Net profit for the first half increased by more than 50% year on year | Daily financial news



Every reporter Song Give Internal Reporter Hu Lin Internal Editor Liao Dan

Image Source: Visual China

Recently, Qilu Bank, the first listed trading bank for the new third board, announced the planning of an A share introduction. In fact, in September of this year, a new treeboarded bank offered a bid for listing.

In addition to Qilu Bank, the reporter noted that Jiangsu Rugao Rural Commercial Bank Co., Ltd ("Rugao Bank") has issued tender documents for initial public offering and listing projects. The documents show that Rugao Bank hired IPOs and noted them. Project Brokers have already met the terms of bidding, and the project is now invited to bidding.

This time, Rugao Bank requires the IPO project that bidders should be brokers and tenderers must have independent legal personality and be qualified for sponsorship and assurance. In addition, brokers have carried out at least two IPO projects in the last three years (2015 ~ 2017) and have equivalent capacity in the form of staff and funds.

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

As the bank has announced, the bank has already offered bidding terms for the initial public offer of shares and listing of securities brokers. It is worth noting that the notice mentioned that if the bank intends to list the Shanghai Stock Exchange, the public offering of shares in RMB shares (Class A shares) will not exceed 328 million shares, and it is planned to complete the issue of shares during the first half of 2019.

This time, Rugao Bank requires the IPO project that bidders should be brokers and tenderers must have independent legal personality and be qualified for sponsorship and assurance. In addition, brokers have carried out at least two IPO projects in the last three years (2015 ~ 2017) and have equivalent capacity in the form of staff and funds.

The reporter noted that Rugao Bank is the second largest bank among the listed banks in the New Third Board. At present there are 9 banks officially listed on the new third board, namely a commercial bank, four commercial banks in the countryside, three rural banks and a rural credit cooperative. Among them, Qilu Bank and Rugao Bank are the two largest banks among the nine banks. As of the first half of 2018, Qilu Bank's assets reached 251.7 billion yuan while Rugao Bank's assets amounted to 49,657 billion yuan.

Revenue in the first half increased by almost 30%

As stated in the bank bidding documents, the bank was founded in December 2010 with a registered capital of 1 billion yuan. At the end of June 2018 there were 723 employees in Rugao Bank, and there were 1 head office sales department and 63 offices. Emissions were located in different districts and cities in Rugao. Total assets amounted to 49,657 billion yuan, total liabilities were 45,217 billion yuan, capital adequacy ratio was 19.06% and nuclear material 1 capital adequacy ratio was 15.78%.

The reporter noted that the two banks were listed as the largest shareholder in Rugao Bank, one of which is listed by the Wujiang Bank. For example, in the Bank's 2018 interim report, as of the first half of 2018, the two largest shareholders of Wujiang Bank and Jiangsu Kunshan Rural Commercial Bank Co., Ltd. (hereinafter "Kunshan Rural Commercial Bank"), both held shares. 10%.

During the reporting period, both banks increased their holdings in Rugao Bank. Wujiang Bank and Kunshan Rural Commercial Bank had 65 million shares in the bank at the beginning of the period, and each increased 35 million shares during the reporting period.

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

During the first half of the year, the two companies have increased their holdings to Rugao Bank to varying degrees. Kexiang Gaoxin and Jiangsu Trust increased respectively 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 staff changes were more common this year. For example, in the bank's 2018 interim report, during the reporting period, non-executive director Huang Xun and independent director Fan Chengdong resigned for personal reasons and the head of sales department Jie Jieqin left the age. Recently, the bank's deputy deputy chief Chen Chen transferred to Nantong Rural Commercial Bank to resign as deputy governor of the bank. Director Zhou Yueming resigned as director of the bank for personal reasons.

On June 30, 2018, Rugao Bank achieved a turnover of 631 million yuan, an increase of 29.36% year on year, net profit attributable to shareholders in the bank was 207 million yuan, an increase of 53.3%. The outstanding loan ratio was 1.71%.

The reporter specifically analyzed the bank's income composition and found that net interest income increased by 27.7% in the first half of the year and amounted to 98% of sales. Rugao Bank also said in the interim report that the increase in operating income and net profit was mainly due to the increase in the position of credit funds this year and a rational planning of capital investments.

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