Preparation for five years of "abruptly stop", China Merchants Top Tortoic Bank announced the withdrawal of the opening of the opening and termination of preparations

On July 22, 2022, China Merchants Bank (600036.SH/03968.HK) disclosed the Board of Directors' meeting decision announcements showing that the meeting agreed to withdraw from China Merchants Top Bank Co., Ltd. (hereinafter referred to as China Merchants Top Tenki) For preparations, authorize China Merchants Bank's senior management and agree to the transfer of authorization to the relevant persons, and handle all the relevant matters related to the opening of China Merchants Top Bank Co., Ltd. (raised) in accordance with laws and regulations.

Public information shows that China Merchants Top Tourism Bank was approved for preparation in December 2022 and approved by the regulatory approval.

At that time, China Merchants Bank issued an announcement saying that the company was allowed to jointly build China Merchants Topping Bank in Shanghai and Online Banking (Beijing) Business Service Co., Ltd., and China Merchants Bank and Online Bank (Beijing) Business Service Co., Ltd. subscribed 1.4 billion China Merchants Top Bank respectively The shares and 600 million shares of ordinary shares are 70%and 30%of the shares, respectively.

According to the company's inspection information, the online banking (Beijing) Business Service Co., Ltd. is 100%holding by Jingdong Technology Holdings Co., Ltd., which is affiliated to JD.com.

Tracing back to the preparation history of China Merchants Top Bank, as early as February 2017, China Merchants Bank has announced that it will initiate the establishment of an independent legal person direct sales bank. The shareholding ratio is 100%. At the appropriate time, according to the needs of business development and under the premise of regulatory approval, it can be transferred to not exceed 30%of equity to introduce strategic investors.

At that time, China Merchants Bank also mentioned that the establishment of an independent legal person direct selling bank is an important measure to grasp the development trend of innovation -driven development and actively explore inclusive finance and future banking forms. Groups are differentiated and supplemented, and innovation risks can be limited to controllable scope through risk isolation. The establishment of an independent legal person directly selling banks meets the guidance of regulatory policy, in line with the trend of innovation and development of banking industry at home and abroad, and also in line with the company's own business development.

Subsequently, in March 2018, the board of directors of the bank reviewed and approved the "Proposal on the establishment of an independent legal person direct -selling bank in a joint venture". Capital is planned to be RMB 2 billion, which is contributed by the company to 1.4 billion yuan, 70%of the shares, a strategic partner of RMB 600 million, and 30%of the shares.

The reason for the ending of the preparation has not disclosed the specific reason.

However, it is worth mentioning that the Zhaoying Wanjia Bank in the direct -selling bank that was approved by China Merchants Top Bank in December 2020 was successfully opened on June 30 and launched the first batch of products on the day of opening.

As of now, the postal reserve bank's wholly -owned subsidiary of the subsidiary of the postal savings bank is the second direct -selling bank that is currently officially opened. Baidu 26%, Canadian Pension Fund 8%), officially opened on November 18, 2017.

As of the end of 2021, CITIC Baixin Bank's total assets were 79.406 billion yuan, an increase of 19.46%over the end of the previous year; total liabilities were 72.601 billion yuan, an increase of 21.20%over the end of the previous year; and net assets of 6.805 billion yuan. During the reporting period, net operating income was 2.998 billion yuan, an increase of 74.05%over the previous year; net profit was 263 million yuan.

Earlier, CICC Research Report has analyzed that excellent legal person direct sales banks are not simply onlineization of traditional banks. Instead, they should have a market -oriented mechanism, digital genes, open ecology, and customer -centric product innovation capabilities. In the end Come beyond the growth and profitability of the mother.

The regulatory level also stated in 2017 that it will encourage commercial banks to use Internet technology and electronic channels to expand service coverage, and innovate to provide more specialized, differentiated, convenient, and low -cost services.

Therefore, CICC believes that in addition to improving customer experience and financial services convenience, the significance of direct selling banks is that through digital technology, effectively touching and efficiently operating the inclusive groups that traditional commercial banks fail to cover, provide differences to provide differences to provide differences to provide differences, providing differences to provide differences. Financial product services.

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