Announcement • Jul 04
Jilin Province Financial Holdings Group Co.,Ltd. proposed to acquire additional 71.3% stake in Jilin Jiutai Rural Commercial Bank Corporation Limited (SEHK:6122) from Changchun Huaxing Construction Co., Ltd. and Changchun Dingxing Construction Engineering Co., Ltd. and others for approximately RMB 3 billion in a tender offer transaction. Jilin Province Financial Holdings Group Co.,Ltd. proposed to acquire additional 71.3% stake in Jilin Jiutai Rural Commercial Bank Corporation Limited (SEHK:6122) from Changchun Huaxing Construction Co., Ltd. and Changchun Dingxing Construction Engineering Co., Ltd. and others for approximately RMB 3 billion in a tender offer transaction on July 3, 2025. As part of the acquisition Jilin Province Financial Holdings Group Co.,Ltd. will make offer to acquire both the Domestic shares and the H shares.
The consideration payable under the Offers will be financed by the Offeror’s own resources and/or external financing.
The transaction is subject to approval of offer by target shareholders and de-listing of company stock. The Board of Directors of Jilin Jiutai Rural Commercial Bank Corporation Limited formed a special committee for the transaction.
China International Capital Corporation Hong Kong Securities Limited acted as financial advisor for Jilin Province Financial Holdings Group Co.,Ltd. Gram Capital Limited acted as financial advisor for Special committee of Jilin Jiutai Rural Commercial Bank Corporation Limited. Announcement • Jun 06
Anhui Hanshan Rural Commercial Bank Co., Ltd. agreed to acquire 78.51% stake in Hanshan Huimin Village and Township Bank Co., Ltd. from Jilin Jiutai Rural Commercial Bank Corporation Limited (SEHK:6122) for CNY 40.4 million. Anhui Hanshan Rural Commercial Bank Co., Ltd. agreed to acquire 78.51% stake in Hanshan Huimin Village and Township Bank Co., Ltd. from Jilin Jiutai Rural Commercial Bank Corporation Limited (SEHK:6122) for CNY 40.4 million on June 6, 2025. A cash consideration of CNY 40.4 million will be paid by Anhui Hanshan Rural Commercial Bank Co., Ltd. As part of consideration, CNY 40.4 million is paid towards common equity of Hanshan Huimin Village and Township Bank Co., Ltd.
The transaction is subject to approval from local branch of the National Financial Regulatory Administration, the industrial and commercial registration in respect of the equity transfer has been completed, Hanshan Rural Commercial Bank has made the formal payment of the consideration to the Bank and the Bank has transferred the Target Equity to Hanshan Rural Commercial Bank.
For the period ending December 31, 2024, Hanshan Huimin Village and Township Bank Co., Ltd. reported EBIT of CNY 26.22 million and net income of CNY 2.44 million. As of December 31, 2024, Hanshan Huimin Village and Township Bank Co., Ltd. reported total assets of CNY 1.19 billion and total common equity of CNY 70.33 million. Announcement • Mar 20
Jilin Jiutai Rural Commercial Bank Corporation Limited to Report Fiscal Year 2024 Results on Mar 31, 2025 Jilin Jiutai Rural Commercial Bank Corporation Limited announced that they will report fiscal year 2024 results on Mar 31, 2025 New Risk • Mar 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Hong Kong stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 20% per year over the past 5 years. Reported Earnings • Oct 31
Third quarter 2024 earnings released: CN¥0.073 loss per share (vs CN¥0.038 profit in 3Q 2023) Third quarter 2024 results: CN¥0.073 loss per share (down from CN¥0.038 profit in 3Q 2023). Revenue: CN¥411.8m (down 65% from 3Q 2023). Net loss: CN¥213.6m (down 195% from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to HK$1.44, the stock trades at a trailing P/E ratio of 46x. Average trailing P/E is 5x in the Banks industry in Hong Kong. Total loss to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to HK$1.33, the stock trades at a trailing P/E ratio of 42.1x. Average trailing P/E is 5x in the Banks industry in Hong Kong. Total loss to shareholders of 39% over the past three years. Reported Earnings • Aug 31
Second quarter 2024 earnings released: CN¥0.005 loss per share (vs CN¥0.074 loss in 2Q 2023) Second quarter 2024 results: CN¥0.005 loss per share (improved from CN¥0.074 loss in 2Q 2023). Revenue: CN¥631.7m (up 310% from 2Q 2023). Net loss: CN¥26.7m (loss narrowed 93% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Announcement • Aug 20
Jilin Jiutai Rural Commercial Bank Corporation Limited to Report First Half, 2024 Results on Aug 29, 2024 Jilin Jiutai Rural Commercial Bank Corporation Limited announced that they will report first half, 2024 results on Aug 29, 2024 Announcement • Aug 02
Jilin Jiutai Rural Commercial Bank Corporation Limited Announces Board and Committee Changes Jilin Jiutai Rural Commercial Bank Corporation Limited announced that recently, the Bank received the approval from Jilin Bureau of the National Administration of Financial Regulation, approving the qualification of Mr. Liu Xiangzhi as a non-executive director of the Bank, and the qualifications of Mr. An Mingyou and Mr. Yin Xiaoping as independent non- executive directors of the Bank. Their terms of office shall be effective from August 2, 2024. With effect from August 2, 2024, Mr. Liu Xiangzhi would serve as a member of the consumer rights protection committee under the Board; Mr. An Mingyou would serve as a member of the strategy and development committee, a member of the audit committee, and the chairman of the remuneration committee under the Board; and Mr. Yin Xiaoping would serve as the chairman of the audit committee, a member of the related-party transactions control committee, a member of the risk management committee, and a member of the nomination committee under the Board. With effect from August 2, 2024, Mr. Cui Qiang, Ms. Zhang Qiuhua and Ms. Han Lirong would cease to serve as non-executive director or independent non-executive directors of the Bank, and cease to serve as members of the relevant special committees under the Board. Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: CN¥0.03 (vs CN¥0.10 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.03 (down from CN¥0.10 in 1Q 2023). Revenue: CN¥797.5m (down 40% from 1Q 2023). Net income: CN¥153.2m (down 70% from 1Q 2023). Profit margin: 19% (down from 39% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Announcement • Apr 28
Jilin Jiutai Rural Commercial Bank Corporation Limited, Annual General Meeting, May 23, 2024 Jilin Jiutai Rural Commercial Bank Corporation Limited, Annual General Meeting, May 23, 2024, at 09:30 China Standard Time. Location: Conference Room on the Sixth Floor No. 2559 Wei Shan Road, High-tech Zone Changchun Jilin Province China Agenda: To consider and approve the work report of the Board of Directors for 2023; to consider and approve the work report of the Board of Supervisors for 2023; to consider and approve the annual report for 2023; to consider and approve the final financial report for 2023; to consider and approve the profit distribution proposal for 2023; to consider and approve the annual financial budget for 2024; to consider and approve the resolution regarding the engagement of external auditing firms for 2024; to consider and approve the resolution regarding the determination of the principal auditors for 2024; and to consider other matters. New Risk • Mar 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 38% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.9% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.0% net profit margin). New Risk • Mar 29
New major risk - Revenue and earnings growth Earnings have declined by 1.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.9% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (4.9% net profit margin). Announcement • Mar 15
Jilin Jiutai Rural Commercial Bank Corporation Limited to Report Fiscal Year 2023 Results on Mar 27, 2024 Jilin Jiutai Rural Commercial Bank Corporation Limited announced that they will report fiscal year 2023 results on Mar 27, 2024 Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$1.54, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 4x in the Banks industry in Hong Kong. Total loss to shareholders of 23% over the past three years. Announcement • Nov 29
Jilin Jiutai Rural Commercial Bank Corporation Limited Announces Approval of Qualification of the Chairman Jilin Jiutai Rural Commercial Bank Corporation Limited received the approval from Jilin Bureau of the National Administration of Financial Regulation, approving the qualification of Mr. Guo Ce as the Chairman of the Bank, pursuant to which, the term of office of Mr. Guo Ce as the Chairman of the Bank shall be effective from November 24, 2023 and end on the date of expiration of the fifth session of the Board. Announcement • Aug 19
Jilin Jiutai Rural Commercial Bank Corporation Limited to Report First Half, 2023 Results on Aug 30, 2023 Jilin Jiutai Rural Commercial Bank Corporation Limited announced that they will report first half, 2023 results on Aug 30, 2023 Announcement • Aug 12
Jilin Jiutai Rural Commercial Bank Corporation Limited Provides Group Earnings Guidance for the Six Months Ended June 30, 2023 Jilin Jiutai Rural Commercial Bank Corporation Limited provided group earnings guidance for the six months ended June 30, 2023. The net profit of the Group for the six months ended June 30, 2023 is expected to decrease by approximately 75% to 85% as compared with the corresponding period of the 2022. Announcement • Jun 17
Jilin Jiutai Rural Commercial Bank Corporation Limited Appoints Guo Ce as an Executive Director Jilin Jiutai Rural Commercial Bank Corporation Limited announced that at the AGM was held on June 16, 2023, the company approved the appointment of Mr. Guo Ce as an executive Director of the fifth session of the Board. Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: CN¥0.33 (vs CN¥0.22 in FY 2021) Full year 2022 results: EPS: CN¥0.33 (up from CN¥0.22 in FY 2021). Revenue: CN¥5.24b (up 10% from FY 2021). Net income: CN¥1.68b (up 49% from FY 2021). Profit margin: 32% (up from 24% in FY 2021). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 02
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: CN¥2.15b (up 6.1% from 3Q 2021). Net income: CN¥826.5m (down 15% from 3Q 2021). Profit margin: 38% (down from 48% in 3Q 2021). The decrease in margin was driven by higher expenses. 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. Reported Earnings • Sep 01
First half 2022 earnings released: EPS: CN¥0 (vs CN¥0.096 in 1H 2021) First half 2022 results: EPS: CN¥0. Revenue: CN¥3.15b (up 63% from 1H 2021). Net income: CN¥732.1m (up 69% from 1H 2021). Profit margin: 23% (in line with 1H 2021). Reported Earnings • Apr 29
Full year 2021 earnings released: EPS: CN¥0.24 (vs CN¥0.24 in FY 2020) Full year 2021 results: EPS: CN¥0.24 (up from CN¥0.24 in FY 2020). Revenue: CN¥4.74b (up 13% from FY 2020). Net income: CN¥1.13b (up 2.3% from FY 2020). Profit margin: 24% (down from 26% in FY 2020). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 2.91% (up from 2.75% in FY 2020). Cost-to-income ratio: 46.9% (down from 48.0% in FY 2020). Non-performing loans: 1.88% (up from 1.63% in FY 2020). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 01
Full year 2021 earnings released: EPS: CN¥0.24 (vs CN¥0.24 in FY 2020) Full year 2021 results: EPS: CN¥0.24 (up from CN¥0.24 in FY 2020). Revenue: CN¥4.79b (up 14% from FY 2020). Net income: CN¥1.13b (up 2.3% from FY 2020). Profit margin: 24% (down from 26% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 04
Third quarter 2021 earnings released The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: CN¥2.03b (up 26% from 3Q 2020). Net income: CN¥975.3m (up 25% from 3Q 2020). Profit margin: 48% (in line with 3Q 2020). 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 10% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 01
Second quarter 2021 earnings released: CN¥0.029 loss per share (vs CN¥0.023 loss in 2Q 2020) The company reported a solid second quarter result with improved revenues and control over costs, although losses increased. Second quarter 2021 results: Revenue: CN¥1.36b (up 168% from 2Q 2020). Net loss: CN¥129.6m (loss widened 30% from 2Q 2020). 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. Reported Earnings • Jul 21
First quarter 2021 earnings released: EPS CN¥0.13 (vs CN¥0.10 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥1.39b (up 20% from 1Q 2020). Net income: CN¥563.9m (up 27% from 1Q 2020). Profit margin: 41% (up from 38% in 1Q 2020). The increase in margin was driven by higher revenue. 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 15% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 16
Upcoming dividend of CN¥0.15 per share Eligible shareholders must have bought the stock before 23 June 2021. Payment date: 13 August 2021. Trailing yield: 6.9%. Within top quartile of Hong Kong dividend payers (6.0%). In line with average of industry peers (6.7%). Reported Earnings • Apr 28
Full year 2020 earnings released: EPS CN¥0.25 (vs CN¥0.24 in FY 2019) The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: CN¥4.20b (flat on FY 2019). Net income: CN¥1.10b (up 6.0% from FY 2019). Profit margin: 26% (up from 25% in FY 2019). Net interest margin (NIM): 2.75% (no change from 2.75% in FY 2019). Cost-to-income ratio: 48.0% (down from 51.1% in FY 2019). Non-performing loans: 1.63% (down from 1.68% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS CN¥0.25 (vs CN¥0.24 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥4.24b (up 1.7% from FY 2019). Net income: CN¥1.10b (up 6.0% from FY 2019). Profit margin: 26% (up from 25% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Mar 01
New 90-day high: HK$2.58 The company is up 4.0% from its price of HK$2.49 on 01 December 2020. The Hong Kong market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Banks industry, which is up 3.0% over the same period. Is New 90 Day High Low • Jan 29
New 90-day high: HK$2.50 The company is up 1.0% from its price of HK$2.48 on 30 October 2020. The Hong Kong market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 13% over the same period. Is New 90 Day High Low • Nov 26
New 90-day high: HK$2.49 The company is up 2.0% from its price of HK$2.45 on 28 August 2020. The Hong Kong market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 4.0% over the same period. Reported Earnings • Nov 04
Third quarter 2020 earnings released: EPS CN¥0.69 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: CN¥1.61b (up 15% from 3Q 2019). Net income: CN¥780.0m (up 40% from 3Q 2019). Profit margin: 49% (up from 40% in 3Q 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Reported Earnings • Sep 25
First half earnings released Over the last 12 months the company has reported total profits of CN¥930.9m, down 13% from the prior year. Total revenue was CN¥4.10b over the last 12 months, up 2.1% from the prior year. Is New 90 Day High Low • Sep 25
New 90-day high: HK$2.48 The company is up 4.0% from its price of HK$2.38 on 26 June 2020. The Hong Kong market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is down 18% over the same period.