Announcement • May 28
China CITIC Bank Corporation Limited, Annual General Meeting, Jun 17, 2026 China CITIC Bank Corporation Limited, Annual General Meeting, Jun 17, 2026, at 09:30 China Standard Time. Location: 8F, Building 1, Yard No. 10, Guanghua Road, Chaoyang District, Beijing China Announcement • Apr 22
China CITIC Bank Corporation Limited, Annual General Meeting, May 13, 2026 China CITIC Bank Corporation Limited, Annual General Meeting, May 13, 2026, at 09:30 China Standard Time. Announcement • Mar 30
China CITIC Bank Corporation Limited to Report Q1, 2026 Results on Apr 30, 2026 China CITIC Bank Corporation Limited announced that they will report Q1, 2026 results on Apr 30, 2026 Announcement • Dec 26
China CITIC Bank Corporation Limited to Report Fiscal Year 2025 Results on Mar 21, 2026 China CITIC Bank Corporation Limited announced that they will report fiscal year 2025 results on Mar 21, 2026 Announcement • Sep 30
China CITIC Bank Corporation Limited to Report Q3, 2025 Results on Oct 31, 2025 China CITIC Bank Corporation Limited announced that they will report Q3, 2025 results on Oct 31, 2025 Announcement • Sep 29
China CITIC Bank Corporation Limited Announces the Resignation of Hu Gang as Chief Risk Officer The board of directors (the "Board") of China CITIC Bank Corporation Limited (the "Bank") recently received the resignation tendered by Mr. Hu Gang, the chief risk officer. Due to work arrangements, Mr. Hu Gang resigned from the position of chief risk officer of the Bank. Mr. Hu Gang continues to serve as executive director, vice president and his other positions at the Bank, after his resignation as the chief risk officer of the Bank. Reported Earnings • Aug 28
Second quarter 2025 earnings released: EPS: CN¥0.27 (vs CN¥0.28 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.27. Revenue: CN¥38.7b (up 3.1% from 2Q 2024). Net income: CN¥17.0b (up 16% from 2Q 2024). Profit margin: 44% (up from 39% in 2Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Banks industry in Hong Kong. Announcement • Jun 30
China CITIC Bank Corporation Limited to Report First Half, 2025 Results on Aug 28, 2025 China CITIC Bank Corporation Limited announced that they will report first half, 2025 results on Aug 28, 2025 Announcement • Jun 20
China Citic Bank Corporation Limited Approves Ordinary Final Dividend for the Year Ended 31 December 2024, Payable on 15 August 2025 China CITIC Bank Corporation Limited approved on June 20, 2025 ordinary final dividend for the year ended 31 December 2024 of RMB 1.722 per 10 share. Ex-dividend date is 25 June 2025.
Record date is 02 July 2025. Payment date is 15 August 2025. Upcoming Dividend • Jun 18
Upcoming dividend of CN¥0.17 per share Eligible shareholders must have bought the stock before 25 June 2025. Payment date: 15 August 2025. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Hong Kong dividend payers (7.4%). Lower than average of industry peers (5.6%). Announcement • Jun 13
China CITIC Bank Corporation Limited Announces Approval of Lu Wei as an Executive Director, Effective from 5 June 2025 China CITIC Bank Corporation Limited (the Bank) in relation to the election of Mr. Lu Wei as an executive director of the 7th session of the board of directors of the Bank (the "Board"). The Bank has recently received the Qualification Approval of Lu Wei as Director of China CITIC Bank by National Financial Regulatory Administration (NFRA approval [2025] No. 347). National Financial Regulatory Administration had approved the qualification of Mr. Lu Wei to act as a director of the Bank. Mr. Lu Wei officially serves as an executive director of the Bank from 5 June 2025 (the date of approval of his qualification as a director of the Bank by the NFRA). During his term as an executive director of the Bank, Mr. Lu Wei will not receive any director's allowance from the Bank, but will receive remuneration corresponding to his positions in the Bank in accordance with relevant regulations. Announcement • May 15
China CITIC Bank Corporation Limited, Annual General Meeting, Jun 20, 2025 China CITIC Bank Corporation Limited, Annual General Meeting, Jun 20, 2025, at 09:30 China Standard Time. Location: conference room 818, 8th floor, citic plaza, building no. 1, 10 guanghua road, chaoyang district, beijing China Reported Earnings • Apr 30
First quarter 2025 earnings released: EPS: CN¥0.36 (vs CN¥0.39 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.36. Revenue: CN¥37.4b (up 1.7% from 1Q 2024). Net income: CN¥19.5b (up 1.7% from 1Q 2024). Profit margin: 52% (in line with 1Q 2024). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Banks industry in Hong Kong. Announcement • Apr 10
China CITIC Bank Corporation Limited Announces Resignation of Cao Guoqiang as Non-Executive Director, Effective; 8 April 2025 The board of directors of China CITIC Bank Corporation Limited received the resignation of Mr. Cao Guoqiang, a non-executive director of the Bank on 8 April 2025. Due to retirement, Mr. Cao Guoqiang resigned from his positions as a non-executive director of the Bank and a member of the Strategic and Sustainable Development Committee of the Board. According to relevant laws, regulations and the Articles of Association of the Bank, the resignation of Mr. Cao Guoqiang became effective on 8 April 2025. Mr. Cao Guoqiang worked for the Bank for 20 years and he successively held positions such as assistant President, Vice President and the chairman of the board of supervisors of the Bank. He served as a non-executive director of the Bank since 2018. During his tenure, Mr. Cao Guoqiang, with his outstanding commitment and diligence, resolutely implemented key national decisions, arrangements as well as economic and financial policies. He in depth engaged in the reform and development of the Bank and played a positive role in the Bank's refined fiscal management, retail banking restructuring, reform of auditing system and the improvement of corporate governance efficiency, facilitating the continuous improvement of the Bank's high quality development. The Board expresses its sincere gratitude to Mr. Cao Guoqiang for his exceptional contributions during his tenure at the Bank. Announcement • Mar 28
China CITIC Bank Corporation Limited to Report Q1, 2025 Results on Apr 30, 2025 China CITIC Bank Corporation Limited announced that they will report Q1, 2025 results on Apr 30, 2025 Declared Dividend • Mar 28
Final dividend of CN¥0.17 announced Shareholders will receive a dividend of CN¥0.17. Ex-date: 25th June 2025 Payment date: 15th August 2025 Dividend yield will be 6.1%, which is lower than the industry average of 8.3%. Sustainability & Growth Dividend is well covered by earnings (42% payout ratio) and is expected to be well covered in 3 years' time (26% forecast payout ratio). The dividend has increased by an average of 3.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 14% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 27
China CITIC Bank Corporation Limited Proposes Ordinary Final Cash Dividend for the Year Ended 31 December 2024, Payable on 15 August 2025 China CITIC Bank Corporation Limited proposed ordinary final cash dividend of RMB 1.722 per 10 share for the year ended 31 December 2024, payable on 15 August 2025. Record date is 02 July 2025. Ex-dividend date is 25 June 2025. Date of shareholders' approval is 20 June 2025. Announcement • Mar 25
China CITIC Bank Corporation Limited Approves Election of Fu Yamin as a Non-Executive Director China CITIC Bank Corporation Limited at its first EGM held on March 25, 2025 approved the proposal on the election of Mr. Fu Yamin as a Non-executive Director for the Seventh Session of
the Board of Directors of China CITIC Bank Corporation Limited. New Risk • Jan 16
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 30% Last year net profit margin: 43% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (30% net profit margin). Announcement • Dec 27
China CITIC Bank Corporation Limited to Report Fiscal Year 2024 Results on Mar 27, 2025 China CITIC Bank Corporation Limited announced that they will report fiscal year 2024 results on Mar 27, 2025 Upcoming Dividend • Dec 04
Upcoming dividend of HK$0.20 per share Eligible shareholders must have bought the stock before 11 December 2024. Payment date: 15 January 2025. Payout ratio is a comfortable 42% but the company is not cash flow positive. Trailing yield: 7.7%. Lower than top quartile of Hong Kong dividend payers (8.0%). Higher than average of industry peers (6.7%). Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: CN¥0.29 (vs CN¥0.29 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.29. Revenue: CN¥36.6b (up 13% from 3Q 2023). Net income: CN¥18.0b (up 5.7% from 3Q 2023). Profit margin: 49% (down from 53% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Banks industry in Hong Kong. Announcement • Sep 30
China CITIC Bank Corporation Limited to Report Q3, 2024 Results on Oct 31, 2024 China CITIC Bank Corporation Limited announced that they will report Q3, 2024 results on Oct 31, 2024 Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: CN¥0.28 (vs CN¥0.31 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.28 (down from CN¥0.31 in 2Q 2023). Revenue: CN¥37.5b (up 9.5% from 2Q 2023). Net income: CN¥14.6b (down 4.1% from 2Q 2023). Profit margin: 39% (down from 45% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 8% per year and the company’s share price has also increased by 8% per year. Major Estimate Revision • Aug 29
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from CN¥1.33 to CN¥1.19. Revenue forecast unchanged from CN¥219.3b at last update. Net income forecast to grow 5.6% next year vs 7.2% growth forecast for Banks industry in Hong Kong. Consensus price target broadly unchanged at HK$5.48. Share price fell 6.9% to HK$4.57 over the past week. Announcement • Jun 28
China CITIC Bank Corporation Limited to Report First Half, 2024 Results on Aug 29, 2024 China CITIC Bank Corporation Limited announced that they will report first half, 2024 results on Aug 29, 2024 Announcement • Jun 21
China Citic Bank Corporation Limited Approves Final Ordinary Dividend for the Year Ended December 31, 2023 Payable on 31 July 2024 China CITIC Bank Corporation Limited approved final ordinary dividend of RMB 3.56 per 10 share for the year ended December 31, 2023 payable on 31 July 2024. Record date is on 11 July 2024. Ex-dividend date is on 04 July 2024. Date of shareholders' approval is on 20 June 2024. Upcoming Dividend • Jun 18
Upcoming dividend of CN¥0.36 per share Eligible shareholders must have bought the stock before 25 June 2024. Payment date: 18 July 2024. Payout ratio is a comfortable 28% but the company is paying out more than the cash it is generating. Trailing yield: 7.9%. Within top quartile of Hong Kong dividend payers (7.8%). In line with average of industry peers (7.3%). Reported Earnings • May 02
First quarter 2024 earnings released: EPS: CN¥0.39 (vs CN¥0.39 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.39 (in line with 1Q 2023). Revenue: CN¥36.8b (down 1.1% from 1Q 2023). Net income: CN¥19.2b (flat on 1Q 2023). Profit margin: 52% (in line with 1Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • May 01
China CITIC Bank Corporation Limited, Annual General Meeting, Jun 20, 2024 China CITIC Bank Corporation Limited, Annual General Meeting, Jun 20, 2024, at 09:30 China Standard Time. Location: Conference Room 818, 8th Floor, CITIC Plaza, Building No. 1, 10 Guanghua Road, Chaoyang District, Beijing China Agenda: To consider Proposal regarding the Annual Report of China CITIC Bank Corporation Limited for the Year 2023; to Proposal regarding the Financial Report of China CITIC Bank Corporation Limited for the Year 2023; to consider Proposal regarding the Profit Distribution Plan of China CITIC Bank Corporation Limited for the Year 2023; to consider Proposal regarding the Financial Budget Plan of China CITIC Bank Corporation Limited for the Year 2024; to consider Proposal regarding the Engagement of Accounting Firms and Their Fees for the Year 2024; to consider Proposal regarding the Special Report of Related Party Transactions of China CITIC Bank Corporation Limited for the Year 2023; and to consider other matters. Announcement • Apr 12
China CITIC Bank Corporation Limited Announces Resignation of Wang Kang as Chief Financial Officer China CITIC Bank Corporation Limited announced that due to change of work arrangements, Mr. Wang Kang, chief financial officer of the Bank tendered his resignation to the board of directors of the Bank on 12 April 2024, resigning from the position of chief financial officer of the Bank. The resignation of Mr. Wang Kang became effective on the date when his resignation was delivered to the Board. New Risk • Apr 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (8.9% increase in shares outstanding). Announcement • Mar 29
China CITIC Bank Corporation Limited to Report Q1, 2024 Results on Apr 30, 2024 China CITIC Bank Corporation Limited announced that they will report Q1, 2024 results on Apr 30, 2024 Declared Dividend • Mar 23
Dividend of CN¥0.36 announced Shareholders will receive a dividend of CN¥0.36. Ex-date: 25th June 2024 Payment date: 18th July 2024 Dividend yield will be 8.5%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by earnings (28% payout ratio) and is expected to be well covered in 3 years' time (28% forecast payout ratio). The dividend has increased by an average of 9.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 17% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 22
China CITIC Bank Corporation Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 18 July 2024 China CITIC Bank Corporation Limited proposed the final dividend of RMB 3.56 per 10 share for the Year Ended 31 December 2023, payable on 18 July 2024. Ex-dividend date is on 25 June 2024 with Record date on 02 July 2024. Major Estimate Revision • Mar 08
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from CN¥1.19 to CN¥1.33. Revenue forecast steady at CN¥212.9b. Net income forecast to grow 2.2% next year vs 7.7% growth forecast for Banks industry in Hong Kong. Consensus price target broadly unchanged at HK$4.90. Share price was steady at HK$4.20 over the past week. Announcement • Jan 16
China CITIC Bank Corporation Limited Announced Resignation of Chen Panwu as Employee Representative Supervisor and A Member of the Nomination Committee China CITIC Bank Corporation Limited announced resignation of Mr. Chen Panwu as employee representative supervisor and a member of the nomination committee of the Board of Supervisors. The resignation of Mr. Chen Panwu became effective from 13 January, 2024. Announcement • Dec 29
China CITIC Bank Corporation Limited to Report Fiscal Year 2023 Results on Mar 22, 2024 China CITIC Bank Corporation Limited announced that they will report fiscal year 2023 results on Mar 22, 2024 Announcement • Oct 11
China CITIC Bank Corporation Limited Announces Board Changes with Effect from October 7, 2023 China CITIC Bank Corporation Limited received the Qualification Approval of Wang Huacheng of China CITIC Bank by National Administration of Financial Regulation (NAFR approval [2023] No. 305). National Administration of Financial Regulation had approved the qualification of Mr. Wang Huacheng to act as an independent non-executive director of the Bank. Mr. Wang Huacheng takes office as independent non-executive director of the Bank, the term of which commenced from 7 October 2023 and will end on the expiry date of the term of office of the sixth session of the Board. Mr. Wang Huacheng can be reappointed after the expiry of his initial term of office as long as it is in compliance with relevant laws, regulations and the Articles of Associations of the Bank. Wang Huacheng has taken office as independent non-executive director of the Bank, Ms. Chen Lihua, who has served her six years' term of office as an independent non-executive director of the Bank, resigns from her positions as an independent non-executive director of the Bank, a member of the Audit and Related Party Transactions Control Committee, the Nomination and Remuneration Committee and the Consumer Rights Protection Committee of the Board with effect from 7 October 2023. According to relevant resolutions of the Board, Mr. Wang Huacheng serves as a member of the Audit and Related Party Transactions Control Committee, the Risk Management Committee and the Nomination and Remuneration Committee of the sixth session of the Board with effect from 7 October 2023. Announcement • Sep 30
China CITIC Bank Corporation Limited to Report Q3, 2023 Results on Oct 27, 2023 China CITIC Bank Corporation Limited announced that they will report Q3, 2023 results on Oct 27, 2023 Announcement • Sep 05
China CITIC Bank Corporation Limited Announces Zhou Bowen to Act as an Independent Non-Executive Director China CITIC Bank Corporation Limited approved the qualification of Mr. Zhou Bowen to act as an independent non-executive director of the Bank. Mr. Zhou Bowen takes office as independent non-executive director of the Bank, the term of which commenced from 31 August 2023 and will end on the expiry date of the term of office of the sixth session of the Board. Mr. Zhou Bowen can be reappointed after the expiry of his initial term of office as long as it is in compliance with relevant laws, regulations and the Articles of Associations of theBank. Upcoming Dividend • Jun 19
Upcoming dividend of CN¥0.33 per share at 8.7% yield Eligible shareholders must have bought the stock before 26 June 2023. Payment date: 20 July 2023. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 8.7%. Within top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (7.6%). Announcement • May 05
China CITIC Bank Corporation Limited, Annual General Meeting, Jun 21, 2023 China CITIC Bank Corporation Limited, Annual General Meeting, Jun 21, 2023, at 09:30 China Standard Time. Location: Conference Room 818, 8th Floor, CITIC Plaza, Building No. 1, 10 Guanghua Road Chaoyang District00 Beijing China Agenda: To consider the Annual Report of China CITIC Bank Corporation Limited for the year 2022; to consider the Financial Report of China CITIC Bank Corporation Limited for the year 2022; ; to consider the Profit Distribution Plan of China CITIC Bank Corporation Limited for the year 2022; to consider the Financial Budget Plan of China CITIC Bank Corporation Limited for the year 2023; to consider the Special Report of Related Party Transactions of China CITIC Bank Corporation Limited for the year 2022; to consider the Increase of and Additional Application for the Caps of Continuing Related Party Transactions; to consider the Increase of the Cap of Credit Extension Related Party Transaction with CITIC Group and its Associations in 2023; to consider the application for the Cap of Deposit Business Related Party Transaction with CITIC Group and its Associations in 2023; and to consider other matters. Recent Insider Transactions • Jan 21
VP & Executive Director recently bought HK$2.0m worth of stock On the 16th of January, Danghuai Guo bought around 540k shares on-market at roughly HK$3.72 per share. This transaction amounted to 85% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$5.4m more in shares than they have sold in the last 12 months. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Non-Executive Director Bennett Liu was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: CN¥0.27 (vs CN¥0.24 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.27 (up from CN¥0.24 in 3Q 2021). Revenue: CN¥32.7b (up 14% from 3Q 2021). Net income: CN¥14.6b (up 15% from 3Q 2021). Profit margin: 45% (in line with 3Q 2021). Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Oct 05
Executive Vice Chairman & President recently bought HK$618k worth of stock On the 29th of September, Heying Fang bought around 200k shares on-market at roughly HK$3.09 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth HK$1.5m. This was Heying's only on-market trade for the last 12 months. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: CN¥0.31 (vs CN¥0.27 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.31 (up from CN¥0.27 in 2Q 2021). Revenue: CN¥31.0b (up 7.8% from 2Q 2021). Net income: CN¥15.2b (up 13% from 2Q 2021). Profit margin: 49% (up from 47% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 69%, compared to a 30% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Jul 29
Executive VP & Executive Director recently bought HK$1.5m worth of stock On the 25th of July, Cheng Liu bought around 470k shares on-market at roughly HK$3.29 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$2.7m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jul 07
Insider recently bought HK$1.2m worth of stock On the 4th of July, Panwu Chen bought around 330k shares on-market at roughly HK$3.51 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$1.2m more in shares than they have sold in the last 12 months. Upcoming Dividend • Jun 20
Upcoming dividend of CN¥0.30 per share Eligible shareholders must have bought the stock before 27 June 2022. Payment date: 28 July 2022. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 9.2%. Within top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (7.3%). Reported Earnings • May 02
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: CN¥0.35 (up from CN¥0.32 in 1Q 2021). Revenue: CN¥34.8b (up 11% from 1Q 2021). Net income: CN¥17.4b (up 11% from 1Q 2021). Profit margin: 50% (in line with 1Q 2021). Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 69%, compared to a 30% growth forecast for the industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-Executive Director Jun Qian was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Executive Departure • Dec 01
Chairman of the Supervisor Board Cheng Liu has left the company On the 22nd of November, Cheng Liu's tenure as Chairman of the Supervisor Board ended after 3.6 years in the role. We don't have any record of a personal shareholding under Cheng's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 2.33 years. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS CN¥0.26 (vs CN¥0.21 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: CN¥28.7b (up 11% from 3Q 2020). Net income: CN¥12.7b (up 12% from 3Q 2020). Profit margin: 44% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS CN¥0.27 (vs CN¥0.22 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥28.9b (up 13% from 2Q 2020). Net income: CN¥13.4b (up 21% from 2Q 2020). Profit margin: 46% (up from 43% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 21
Upcoming dividend of CN¥0.25 per share Eligible shareholders must have bought the stock before 28 June 2021. Payment date: 29 July 2021. Trailing yield: 7.6%. Within top quartile of Hong Kong dividend payers (6.1%). Higher than average of industry peers (6.6%). Reported Earnings • May 01
First quarter 2021 earnings released The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: CN¥31.4b (up 7.3% from 1Q 2020). Net income: CN¥15.6b (up 8.2% from 1Q 2020). Profit margin: 50% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS CN¥0.94 (vs CN¥0.95 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: CN¥194.7b (up 75% from FY 2019). Net income: CN¥49.0b (up 4.9% from FY 2019). Profit margin: 25% (down from 42% in FY 2019). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 2.26% (down from 2.45% in FY 2019). Cost-to-income ratio: 26.7% (down from 27.7% in FY 2019). Non-performing loans: 1.64% (down from 1.65% in FY 2019). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Executive Departure • Mar 17
Executive Chairperson has left the company On the 15th of March, Qingping Li's tenure as Executive Chairperson ended after 4.7 years in the role. As of December 2020, Qingping personally held 150.00k shares (HK$494k worth at the time). A total of 2 executives have left over the last 12 months. Is New 90 Day High Low • Feb 17
New 90-day high: HK$3.77 The company is up 13% from its price of HK$3.33 on 19 November 2020. The Hong Kong market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Banks industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$13.78 per share. Is New 90 Day High Low • Jan 15
New 90-day high: HK$3.50 The company is up 6.0% from its price of HK$3.29 on 16 October 2020. The Hong Kong market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$12.16 per share. Recent Insider Transactions • Dec 09
VP & Executive Director recently bought HK$1.3m worth of stock On the 7th of December, Danghuai Guo bought around 400k shares on-market at roughly HK$3.35 per share. In the last 3 months, there was an even bigger purchase from another insider worth HK$1.8m. Insiders have collectively bought HK$4.8m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 25
Executive Chairperson recently bought HK$328k worth of stock On the 20th of November, Qingping Li bought around 100k shares on-market at roughly HK$3.28 per share. In the last 3 months, there was an even bigger purchase from another insider worth HK$1.8m. Qingping has been a buyer over the last 12 months, purchasing a net total of HK$492k worth in shares. Is New 90 Day High Low • Nov 11
New 90-day high: HK$3.49 The company is up 2.0% from its price of HK$3.43 on 13 August 2020. The Hong Kong market is up 6.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Banks industry, which is also up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$10.48 per share. Recent Insider Transactions • Nov 07
Executive Chairperson recently bought HK$164k worth of stock On the 4th of November, Qingping Li bought around 50k shares on-market at roughly HK$3.27 per share. This was the largest purchase by an insider in the last 3 months. This was Qingping's only on-market trade for the last 12 months. Reported Earnings • Nov 03
Third quarter 2020 earnings released: EPS CN¥0.21 The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: CN¥25.9b (down 8.0% from 3Q 2019). Net income: CN¥11.4b (down 8.6% from 3Q 2019). Profit margin: 44% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. 
