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【Introduction】Zhengbang Group withdraws, Nanchang Financial Holdings becomes the largest shareholder of Jiangxi Yumin Bank

China Fund News reporter Ma Jiaxin

On August 12, the largest shareholder of Jiangxi Yumin Bank underwent a change. Zhengbang Group Co., Ltd. (hereinafter referred to as Zhengbang Group) withdrew, and Nanchang Financial Holdings Co., Ltd. (hereinafter referred to as Nanchang Financial Holdings) acquired its 30% equity.

The original major shareholder Zhengbang Group withdrew

On August 12, the State Financial Supervision and Administration Bureau issued a reply announcement on the change of equity of Jiangxi Yumin Bank Co., Ltd. (hereinafter referred to as Jiangxi Yumin Bank), agreeing toNanchang Financial Holdings acquires 600 million shares of Jiangxi Yumin Bank held by Zhengbang Group。

After the transfer,Nanchang Financial Holdings holds a total of 600 million shares of Jiangxi Yumin Bank, accounting for 30% of the shares。

The State Financial Supervision and Administration Bureau stated that Jiangxi Yumin Bank should strictly comply with relevant laws and regulations to complete the above-mentioned equity changes, while strengthening equity management, strictly controlling shareholder-related transactions, improving corporate governance and internal control mechanisms, and effectively preventing risks.

This means that the largest shareholder of Jiangxi Yumin Bank has changed. The bank is also the first bank among the 19 private banks to have its largest shareholder changed to state-owned capital.

According to the information, Jiangxi Yumin Bank was approved for establishment in May 2019 and was approved to open in September of the same year. It is the first private bank in Jiangxi and the 18th in the country. Its sponsors include nine private enterprises in Jiangxi Province, including Zhengbang Group, with a registered capital of 2 billion yuan.

From the perspective of equity structure, before this change, Zhengbang Group held 30% of the shares of Jiangxi Yumin Bank, Jiangxi Boneng Industrial Group held 29.5% of the shares, and the shareholding ratio of the remaining shareholders did not exceed 10%.

Zhengbang Group is a nationally renowned "pig farmer" and a national key leading enterprise in agricultural industrialization. The group consists of four major industries: animal husbandry, plant protection, food, and financial holding. Among them, feed production, pig breeding and farming, pesticide production, veterinary drug production, and duck breeding are all among the top 10 in the country.

Nanchang Jinkong was established in 2018 and is 100% controlled by Nanchang Industrial Investment Group Co., Ltd., which is held by Nanchang Municipal People's Government with 91.037% and Jiangxi Provincial Administrative and Public Assets Group Co., Ltd. with 8.963% shares respectively.

Still undisclosed2023 Annual Report

It is worth mentioning that as of now, Jiangxi Yumin Bank’s 2023 annual report has not yet been disclosed to the public, and the bank has become the only private bank that has not yet released last year’s financial report.

Judging from the performance in 2022, although Jiangxi Yumin Bank's revenue increased, its net profit fell sharply.

The financial report shows that Jiangxi Yumin Bank achieved operating income of 542 million yuan in 2022, a year-on-year increase of 29.01%; total profit of 33 million yuan, a year-on-year decrease of more than 52%; net profit of 50 million yuan, a year-on-year decrease of 19.03%; net income from fees and commissions turned from positive to negative, reaching -222 million yuan.

In terms of asset quality, as of the end of 2022, the non-performing loan ratio of Jiangxi Yumin Bank rose from 0.54% at the end of the previous year to 1.24%, an increase of 0.7 percentage points; the provision coverage ratio dropped sharply from 542.95% at the end of the previous year to 331.64%, a decrease of more than 200 percentage points.

According to a previous announcement by Zhengbang Technology, Jiangxi Yumin Bank achieved operating income of 254 million yuan and a net profit of -242.0397 million yuan in the first three quarters of 2023.

Editor: Joey

Review: Xu Wen

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