As one of the earliest national joint-stock commercial banks in China, China Guangfa bank started to list in 2011, but the road to listing is full of twists and turns. According to the latest guidance work schedule of listed companies released by Guangdong securities regulatory bureau, the guidance status of Guangfa bank has changed to “guidance filing terminated”. Has Guangfa bank given up listing?
Source: Official Website of Guangdong Securities Regulatory Bureau
In response, China Guangfa bank said on July 14 that this is only the confirmation and update of the status of the guidance work in 2011, and will not change or affect the goals and plans of the subsequent issuance and listing of China Guangfa bank. In the future, Guangfa bank will choose the opportunity to launch the public listing according to the needs of business development and capital supplement.
Do not change follow-up listing objectives and plans
On the morning of July 14, China Guangfa bank explained its listing guidance: in May 2011, China Guangfa bank submitted an IPO guidance filing application to the relevant regulatory authorities, and hired a guidance agency to conduct IPO guidance work for China Guangfa bank. Later, due to the significant equity change of China Guangfa bank, China Guangfa bank issued an IPO guidance filing application, At the same time, considering the external market trend and other factors at that time, in fact, the listing guidance work has been stopped.
Recently, the early guidance agency changed the guidance work status of Guangfa bank to termination, which is only the confirmation and update of the guidance work status in 2011, and will not change or affect the subsequent listing goals and plans of Guangfa bank.
Guangfa bank said that since China Life Insurance became the single largest shareholder in 2016, Guangfa bank has given full play to the advantages of shareholders, synergy and innovation, actively consolidated its operation and management, strengthened its compliance internal control and risk management and control, made its business development better, steadily improved its quality, scale and efficiency, and continuously consolidated its foundation of operation, finance and corporate governance for public listing, In the future, Guangfa bank will choose the opportunity to launch the public listing according to the needs of business development and capital supplement.
The road to listing is full of twists and turns
Guangfa bank has been working hard for listing.
As early as 2011, China Guangfa bank started the IPO. In May of the same year, it was listed and filed in Guangdong securities regulatory bureau, and started the IPO of “a + H” shares. Two years later, at the beginning of December 2013, China Guangfa bank decided to shelve the A-share listing plan for the time being and prepare for the H-share market because of the change of A-share market environment. However, no substantial progress has been made since then. In 2015, China Guangfa bank made preparations for listing again.
In 2016, China Life Insurance became the single largest shareholder of Guangfa bank, entering the “age of national life”“ In July 2017, the IPO status of Guangfa bank became “temporarily suspended”. At that time, Guangfa bank explained that in accordance with relevant laws and regulations and regulatory guidance, it temporarily suspended the listing guidance work in order to ensure the stability of operation and management during the transition period of equity change.
In recent years, China Guangfa bank is still seeking listing. At the working meeting of Guangfa bank in the first half of 2019, Wang Bin, then chairman of China Life Insurance Group, asked Guangfa bank to accelerate the deepening of the “three-step” strategy and further promote the strategic deepening around the goal of “achieving public listing within three to five years”. In the 2020 annual report, Guangfa bank also proposed that “we should continue to do a good job in the basic work of listing preparation, promote the implementation of listing gap analysis, optimize and improve the investment story, and strive to establish a long-term mechanism of capital replenishment as soon as possible.”
According to the annual report of Guangfa bank in 2020, by the end of 2020, the total assets of Guangfa bank had exceeded 3 trillion yuan, reaching 3.03 trillion yuan, and the operating income was 80.525 billion yuan, up 5.52% year on year; The net profit was 13.812 billion yuan, up 9.79% year on year, and the main risk indicators remained stable.