Foshan Lighting joins hands with Jiangsu Haotian to participate in Xiamen Commercial Bank
A week ago, Fubon Bank, a holding subsidiary of Taiwan Fubon Financial Holdings, announced that it would acquire a 19.99% stake in Xiamen Commercial Bank for RMB 230 million. According to sources, this time together with Fubon Bank, the shares of Xiamen Commercial Bank, there are five other domestic companies, including Foshan Lighting and Jiangsu Haotian two listed companies.
However, as of yesterday, the above two listed companies have not announced an announcement.
New shareholders hold about 48.4%
In fact, the joint participation of a number of companies, from the announcement of Fubon Bank can also be seen.
Fubon Bank said it will subscribe for 9.95 million shares of the newly issued common stock of RMB 1 per share, equivalent to 19.99% of the total share capital of Xiamen Commercial Bank after the expansion. According to this calculation, after the completion of the share expansion, Xiamen Commercial Bank's total share capital should be 500 million shares, after deducting the existing 258 million shares, the total number of new shareholders should be 242 million shares, accounting for 48.4% of the total share capital after the expansion. . Among them, Fubon Bank holds 19.99% of the shares, and the rest is shared by five companies.
In 2007, industry insiders rumored that Fubon Bank will form an investment group with several companies including Beitai Venture Group Co., Ltd., Bailian Group and Foshan Lighting, and acquire a 51% stake in Xiamen Commercial Bank. At that time, there were concerns that other members of the Fubon Investment Group might act in concert with Fubon Bank, or temporarily hold shares on their behalf, so that Fubon Financial Holdings could not exceed 20% of the shares of Chinese banks in bypassing a single overseas fund. The overseas capital institution holds the regulatory red line whose total domestic equity of China's domestic banks must not exceed 25%, and actually controls Xiamen Commercial Bank.
According to sources, after this, Fubon’s shareholding plan has been changed several times. In the meantime, five companies have reported shares, including two B-share listed companies, but they have not been approved by the regulatory authorities. The current shareholding plan has basically passed.
Dividend compensation for existing shareholders
In last week's announcement, Fubon Bank said: As part of the agreement, if Xiamen Commercial Bank announces dividends in any future fiscal year, Fubon Bank will distribute the dividends received to the existing shareholders of Xiamen Commercial Bank on a pro-rata basis. The maximum amount does not exceed RMB 20 million.
However, the China Banking Regulatory Commission stipulates that banks with a capital adequacy ratio of less than 8% will not score red, while Xiamen City Commercial Bank currently has a capital adequacy ratio of 4.45% and a net shareholder equity of RMB 433 million. According to this calculation, only the shareholding plans of Fubon Bank and other new shareholders will be successfully completed, and the capital adequacy ratio of Xiamen Commercial Bank will reach the target, and the corresponding compensation plan will be implemented.
Fubon will appoint three directors
Fubon Bank said that according to the acquisition agreement, the company has the right to appoint three directors to the board of Xiamen Commercial Bank, which consists of 11 people. In addition to the acquisition of the above equity, the company will also assist Xiamen City Commercial Bank to introduce the best practices of the international banking industry and provide assistance in restructuring and upgrading its existing business and operations.
Some insiders said that setting up a wealth management department and applying for a personal wealth management business license will be the top priority for Xiamen Commercial Bank after its capital increase and share expansion. Due to problems such as capital adequacy ratio, Xiamen Commercial Bank is not qualified for personal wealth management business. It is not only unable to obtain income from intermediary business such as fund sales, but also misses the feast of China's capital market, which is not conducive to the absorption of personal deposits, thus further affecting Xiamen Commercial Bank's loan issuance.
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