After the acquisition is completed,Bank of NanjingThe shareholding ratio of Suning Consumer Gold will increase from 15% to 56%, becoming the largest shareholder of the latter
Original title: 388 million yuan won the controlling stake, and Bank of Nanjing will become the major shareholder of Suning Consumer Finance
Text | Yan Qinwen Zhang Yingxin
Bank of Nanjing (601009.SH)’s acquisition of Suning Xiaojin is about to be finalized.
On the evening of March 7, Bank of Nanjing issued an announcement revealing the latest progress in its acquisition of a controlling stake in Suning Consumer Finance Co., Ltd. (hereinafter referred to as “Suning Consumer Finance”).
According to the announcement, the bank intends to acquire a 41% stake in Suning Xiaojin through an agreement transfer in the near future, and then obtain a controlling stake in the latter. Meanwhile, the acquisition is still subject to regulatory approval.
After the acquisition, Bank of Nanjing’s stake in Suning Xiaojin will increase from 15% to 56%, with an investment of about 388 million yuan, making it the largest shareholder of the latter.
“This is what everyone needs.” An industry insider pointed out that Bank of Nanjing won the controlling stake in Suning Consumer Gold.
A person close to Suning Xiaojin told Caijing, “Bank of Nanjing has always been tough during the negotiation process.Suning Online MarketThere were too few chips in the negotiation process and had to accept this price. “
In fact, the market has been discussing this matter for a long time.
As early as January 16, when Bank of Nanjing announced its acquisition plan, a person close to the transaction told Caijing that Bank of Nanjing wanted to acquire the equity of Suning Consumer Gold from Suning Tesco at a lower price. The negotiations between the two sides did not go well at the time.
“Bank of Nanjing has revealed such an idea. If Suning.com does not accept this price, the tens of billions of new credit lines that Bank of Nanjing participated in may change. For Suning.com, there is indeed a lack of funds at the moment, but if the price is far lower Trading at a fair market price, the value of the license has shrunk seriously, and Suning.com hopes to get a reasonable price that is consistent with high-quality assets.” The above-mentioned person close to the transaction bluntly stated.
At that time, Bank of Nanjing responded to a reporter from Caijing that the content stated by the above-mentioned insiders had nothing to do with the acquisition. Regarding the proposed acquisition of the controlling stake in Suning Consumer Gold, the specific announcement can be inquired; Suning Tesco said it would not comment.
In less than two months now, the above-mentioned matters have made clear progress.
Bank of Nanjing stated that the bank signed the Equity Transfer Agreement with BNPPARIBAS and Suning Tesco Group Co., Ltd. (hereinafter referred to as “Suning Tesco”) on March 4. Among them, Bank of Nanjing obtained about 341 million yuan for the 39% stake in Suning Consumer Gold held by Suning Tesco and all the rights and interests attached to it; BNP Paribas paid about 28.38 million yuan for the 3% stake in Suning Consumer Gold.
On the same day, Bank of Nanjing signed the Equity Transfer Agreement with Jiangsu Yanghe Distillery Co., Ltd. to acquire a 5% stake in Suning Xiaojin and all its accompanying rights and interests for about 47.3 million yuan.
A number of industry insiders pointed out that the value of a consumer gold license depends on different entities. At present, there is a big difference between the market consumer gold companies. The top consumer gold companies have a scale of hundreds of billions of yuan, and there is a big gap with other companies in terms of profitability. . Therefore, the specific value of the consumer gold license needs to be judged according to different companies.
It is worth noting that by the end of 2021,Bank of NingboThe announcement stated that it will acquire a 70% stake in Huarong Xiaojin for 1.091 billion yuan. According to the transaction information, Huarong Xiaojin’s evaluation price for this equity transfer was 727 million yuan, and the transfer price finally confirmed through the online bidding method adopted by Beijing Gold Exchange was 1.091 billion yuan, a 50% premium over the evaluation price.
As for the situation of Suning Consumer Gold, according to Suning.com’s 2021 semi-annual report, from January to June 2021, Suning Consumer Gold achieved operating income of about 106 million yuan, down 58% year-on-year; net loss reached 34 million yuan, 2020 The net profit for the same period of the year was 100 million yuan.
Bank of Nanjing said that after the acquisition, the bank will build a long-term business partnership with Suning.com in the consumer finance business, and rely on the consumer finance company it controls to develop consumer finance business cooperation with Suning.com.
In fact, Bank of Nanjing has a long-standing desire for consumer licenses.
As early as 2007, Bank of Nanjing established the Consumer Finance Center (CFC), a directly affiliated operating institution specializing in consumer finance business, which has a lower customer base than the parent bank’s Internet Finance Department and is complementary.
According to the 2021 semi-annual report of Bank of Nanjing, as of the end of June 2021, the balance of CFC consumer loans of Bank of Nanjing reached 44.9 billion yuan. At the end of March 2016, its loan balance was only 8 billion yuan.
In May 2015, Bank of Nanjing invested in Suning Xiaojin with a stake of 15%. In its opening approval, Chen Ming, who previously served as the general manager of Bank of Nanjing CFC, became the general manager of Suning Xiaojin. Three years later, Chen Ming returned to Nanjing Bank.
CICCAccording to a recently released report, among the 30 consumer finance companies that have been approved to open, except Home Credit Consumer Finance (wholly foreign-owned), Haier Consumer Finance (industry department), CITIC Consumer Finance (trust department), Huarong Consumer Finance (AMC) In addition to the five consumer finance companies) and Ping An Consumer Finance (insurance + industry), other consumer finance companies have bank shares.
According to incomplete statistics from Caijing reporters, among the 30 consumer finance companies that have been approved to open, 25 of them have banks as their shareholders. It is worth noting that there are 20 consumer finance companies with banks occupying the largest shareholder seat; the largest shareholder of 14 consumer finance companies is city commercial banks.
Many industry insiders believe that the city commercial banks’ competition to pursue consumer finance licenses has a lot to do with the latter’s ability to break through regional restrictions.
In February 2021, the China Banking and Insurance Regulatory Commission issued the “Notice on Further Regulating the Internet Loan Business of Commercial Banks”, pointing out that local corporate banks that conduct Internet loan business shall serve local customers and shall not conduct Internet loan business across registered jurisdictions.
“Regulatory requirements are gradually focusing on the local area. At present, there are more and more restrictions on cross-regional operations of small and medium-sized banks. Consumer gold is a national license, and its application on the asset side is not subject to geographical restrictions. In this sense, the group of city commercial banks, especially small and medium-sized banks. There is a reason why the banking group has a high enthusiasm for holding a consumer gold license.” According to Zeng Gang, deputy director of the National Finance and Development Laboratory and director of the Shanghai Finance and Development Laboratory, compared with large banks, The consumer gold license has greater value for city commercial banks, because it can make up for the shortcomings of their retail business development.
(The author is a reporter from Caijing)
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