Everbright Bank who is in charge the prospectus risk factor up to 16 pages

Weekly newspaper reporter/known autumn "the interests of Huijin may sometimes conflict with the interests of other shareholders of the bank." In addition, Everbright Group will continue to be the second largest shareholder of the bank after this release and will be able to exert significant influence on the bank. At some point, the interests of Everbright Corporation may not be in line with the interests of other shareholders of the bank. "China Everbright Bank Limited (hereinafter referred to as" Everbright Bank ") successfully" will ", began in 2006, the state-owned large banks listing process near the end of the season.　　A prospectus brings the conflict between the right of management and ownership to the table. July 22, the SFC website disclosed the sixth largest joint-stock commercial Bank of China Everbright Bank's IPO Prospectus (report). Just a week ago, the Agricultural Bank (601288), which created the world's largest IPO record, had just listed.　　July 26, Everbright Bank without suspense through the commission issued a trial. Everbright Bank's prospectus shows the temporary use of the dispute: Before the release, Huijin held a direct 59.82% stake, Huijin's holding subsidiary of China Reinsurance Holding 4.49% shares, Everbright Group Corporation holds 6.4% shares, Everbright holding 5.26% shares.　　In addition to the above three major shareholders, Everbright Bank of the remaining shareholders of the shares have not reached 5%. Huijin on the surface is very low-key silent attitude, but in essence Huijin is impossible to let Everbright Bank's holding power.　　July 28, the famous economist Yang Rujun told a weekly newspaper reporter. Who's in charge? "Although Huijin in the Everbright Bank of the board management team, but in fact Huijin's power, control and Huijin grasp of the stakes is very asymmetric.　　"Yang Rujun said. From the view of shareholding structure, Huijin, Everbright Group Corporation and Everbright Holding (00165.HK) are the first three major shareholders of Everbright Bank.　　Among them, Huijin company is a controlling shareholder.　　However, throughout the history of Everbright Bank, the company has been dominated by Everbright Group, its board of directors, the Board of Supervisors, management, mainly members of the Everbright Group.　　Public data show that Everbright Bank was founded on June 18, 1992, is approved by the State Council and the approval of the People's Bank of the financial enterprises, established by the Everbright Group Corporation wholly owned, registered capital of 1.5 billion yuan.　　January 1997, Everbright Group Corporation, CNTC Yunnan Province, Asian Development Bank and so on 131 shareholders as initiators, will be Everbright Bank restructured into joint-stock banks, after the restructuring of the registered capital of 2.8 billion yuan. To see the current high level of Everbright Bank. Board of Directors, Everbright Bank chairman Tang Shuangning vice-chairman, was born in 1954, since July 2007 joined and not executive Director, party secretary.　　Tang Shuangning Vice-Chairman is also chairman of Everbright Group Corporation, Chairman of the Board of Directors of Everbright Group, Chairman of Everbright Board, chairman of Everbright Securities Co., Ltd., director of Everbright Life Insurance Co., Ltd and chairman of China Everbright International Limited. SolomonZhefu, vice chairman and Non-executive director, was born in 1953 and joined Everbright Bank since April 2009.　　Prior to that, Rozev since December 2008 as the executive director of Everbright Group Corporation, general manager. Guo You, executive Director, President, Deputy Secretary of the party committee. Since August 2004 to join Everbright Bank, at the same time as the deputy chairman of Everbright Group Corporation.　　Before, from November 2001 to July 2004, Guo You Ren Everbright Group Corporation executive director, deputy general Manager and Everbright holding chief executive; February 2000 to November 2001, the chief executive of Everbright Holdings. Supervisors, there are Hui Huijun, Chen Yu for Everbright group origin. Hui Huijun is the vice chairman of the Board of Supervisors, Chen Yu for the shareholder representative supervisor.　　In addition, Everbright Bank chief Audit Officer, party committee Deputy secretary, Inspection commission secretary bristling also for Everbright Group of origin, its earliest position in the Everbright group can be traced back to the October 1999 China Everbright Group General office cadres. Everbright Bank Directors, Supervisors and executive list, Everbright Group is the most important, but also a lot of CIC and Huijin from the origin of the figures.　　CIC Yu Niu, Feng Ailing, Huijin company Lin Yan, Chi Yi, Wangxia, Wujian as Non-executive director.　　This goes back to the 2007 Huijin Company to Everbright Bank of a capital injection. "Life-saving straw" there are some weak points in the operation of Everbright Bank, the potential risk needs attention and the capital adequacy ratio needs to be improved.　　"When Ren Everbright Group chairman Mingquan in the 2006 Annual report. "With the approval of the State Council and approved by the CBRC, Huijin company injected capital into the US dollar equivalent to 20 billion yuan in November 2007, and the bank's registered assets increased to $28,216,890,000 after the injection was completed," the spokesman said.　　Everbright Bank Prospectus said. In this respect, Everbright said in its prospectus: 2007 because the bank's capital adequacy ratio and core capital ratio is lower than the regulatory requirements, the bank's additional branch offices, new business is limited.　　At the approval of the State Council in 2007, Huijin Capital was injected with equity. At the same time, an industry researcher said: "If Huijin did not help inject assets, Everbright group no longer have other life-saving straws."　　"Everbright Bank shareholding system reform, a number of additional capital expansion shares."　　From 1999 to 2003, Everbright Bank carried out two capital Provident Fund and one increase in equity, and the registered capital increased from 2.8 billion to 8,216,890,000 yuan. 2001, Everbright Bank at the issue price of 1.95 yuan per share for the expansion of shares, a total of 3.1579 billion shares to raise new shares, the total amount of funds raised 6.158 billion yuan. One of the original shareholders to participate in the allocation of 72, subscribe to 1.7427 billion shares, new shareholders 93, subscribe to 1.4152 billion shares.　　After the completion of the expansion, the registered capital from 4.312 billion yuan to 7.4699 billion yuan, the bank's shareholder number increased to 230. 2002, Everbright Bank implementedThis provident fund to increase the equity scheme, the bank's shareholders in accordance with the shareholding ratio of 10 to 1 shares per share.　　Upon the completion of this capital accumulation fund, the registered capital of the bank was increased from $7.4699 billion to $8,216,890,000. Huijin Company in 2007 to remove the injection of 20 billion yuan capital, but also the "debt to share" approach, the central bank for Everbright Group's 9 billion Yuan loan.　　Huijin's investment in the construction of silver Everbright Industrial capital also reached 4.4 billion yuan.　　In addition, Everbright Bank in April 2008, June, December and March 2009 issued four period total of 16 billion yuan subordinated bonds supplementary capital, "reform started."　　Everbright Bank 2008 Annual report disclosed that its capital adequacy ratio of 9%, the provision of coverage over 150%, non-performing loan rate control to 2%, to achieve a net profit of more than 7 billion yuan. Approved by the Ministry of Finance and the Banking Regulatory Commission, Everbright Bank in August 2009 to China Reinsurance, China Power Finance Company, Shen Group, Aerospace group, Aerospace finance Company, Baosteel Group, Shanghai City and Guangdong high-speed a total of 8 domestic investors issued 5.2179 billion shares, the issue price per share of 2.20 yuan.　　After the completion of this increase, the registered capital of the bank increased from 28,216,890,000 to $33,434,790,000. Everbright Bank Prospectus said: "December 31, 2009, December 31, 2008 and December 31, 2007, the bank's non-performing loan rate is 1.25%, 2% and 4.49% respectively." The bank's non-performing loans have adversely affected the bank's operating performance.　　As of December 31, 2009, Everbright Bank's core capital adequacy ratio was 6.84%, and the capital adequacy ratio was 10.39%. The conflict is understood that 2007 Huijin company ready to inject capital, Everbright Bank, the net assets per share of 0.5 yuan, in order to make each share of net assets to reach 1 yuan per share level, proposed the original shareholders shrink shares 50% of the scheme, so that the listing conditions are also met.　　However, given that if the old shareholder shrank by 50%, Huijin would jump as high as 83% per cent, and the plan was not.　　Finally Huijin Company in Everbright Bank of the old shareholders do not shrink shares of the case, the result is Everbright Bank's cumulative loss can not be completely covered, Everbright Bank listing plan was affected. It is reported that in January 2008, Everbright Bank in order to win the listing to make up for the remaining losses loopholes, a leap into a controlling shareholder of Huijin Company, the cost of the stock is too high rebuffed Everbright group.　　In the end, Everbright Bank failed to catch the first half of the 2008 IPO. "At the beginning of 2008, we began the preparations for the IPO: cleaning up historical problems, rapidly achieving financial standards, revising medium-term development plans and perfecting corporate governance structures ... After conquering one fortress after another, we finally formally submitted an IPO application report to the regulator in early June, marking a staged victory for the campaign. "DongTang Shuangning vice-chairman wrote in a speech in the 2008 Annual report.　　Tang Shuangning Vice-Chairman said that a once-in-a-century financial tsunami, let "the pace of listing is forced to slow down." "In 2009, preparations for the listing were again speeded up. After the intense preparation, when near the end of the technical indicators have been fully achieved, officially into the approval channel. At the same time, in order to ease capital pressure, the bank successfully introduced 8 domestic investors in late August, increased the core capital of nearly 11.5 billion yuan, and successively issued 3 billion yuan subordinated debt, which kept the capital adequacy ratio above 10%.　　Tang Shuangning vice-chairman said in his 2009 annual report. In addition, there are sources said: Everbright Group in May 2010 unilaterally to the SFC to request the replacement of Everbright Bank major shareholders, change the proportion of equity applications.　　The application, also known as Everbright Group's new restructuring plan, has not yet been approved. In this regard, July 27 Everbright Bank, Shanghai branch of a responsible media interview staff in the press to inquire, said: "In the approval of the SFC approved by the audit, on the headquarters of all the statement, can go to Everbright's homepage to find, branches do not have the right to reply, in addition to no comment.　　At the same time, the reporter repeatedly tried to contact Everbright Bank Beijing headquarters and did not receive a substantive answer. Everbright Bank Chairman Tang Shuangning vice-chairman recently in the "China Everbright Bank listing issues of the press release letter" said: "Everbright Bank listing is the State Council on the entire Everbright group reform and reorganization of an important content. "July 28, an industry researcher told a weekly newspaper Reporter:" everbright Group and Huijin stock disputes indeed long-standing, and still appear very strong uncertainty. "Banking licence" banking platform for the central enterprises, is very scarce resources.　　"Yang Rujun said.　　Everbright Group Co., Ltd. is a company funded by the State Council in May 1983 in Hong Kong, incorporated in private form. "Everbright Holdings formerly known as Ming FAI Development Co., Ltd., 1994 Everbright Group Co., Ltd. became its actual control, 1997 changed its name to Everbright Holdings.　　"Everbright Group Corporation is approved by the State Council of the State Council approval notice" (Institutes Tong [1990]38) approved the establishment of November 12, 1990 in the SAIC registered company, registered capital of 20 million yuan, all funded by the Ministry of Finance, senior management members by the State Council appointment and dismissal. Everbright Group Corporation Main Bank, securities, insurance, fund management, trust investment, gold and silver trading enterprises to invest and manage, run to non-financial Enterprises to invest and manage, has now developed into a banking, securities, insurance, investment management and other financial business-oriented financial holding group. Everbright Group Corporation mainly controls the participation of enterprises including the Bank, Everbright Securities Company Limited, Everbright Life Insurance Co., Ltd. and other financial institutions. "" At present, Everbright Group Corporation is implementing the state-led reform and reorganization, according to the State Council formally approved China Everbright Group restructuring and reform program, Everbright Group general publicDivision became the first financial holding company to be approved by the state.　　"Everbright Bank disclosed that, November 30, 2007, Everbright Group Corporation and Everbright Industry signed the transfer of assets and liabilities, will be related to industrial assets and liabilities transferred to Everbright, December 10, 2007, the agreement has been approved by the Ministry of Finance." "As at December 31, 2009, the bank has 483 branches in the mainland of China (including the head office) with total assets of 1.1977 trillion yuan, total loans of 649 billion yuan, total deposits of 807.7 billion yuan and total shareholder equity of 48.1 billion yuan." According to the total assets of December 31, 2009, the Bank is China's sixth largest joint-stock commercial bank.　　Everbright Bank in the prospectus as described.　　In addition, according to the prospectus disclosed: Everbright Group Corporation and China Everbright Group of the subsidiary companies have a history of more related transactions and the large amount of loans, exceeding the CBRC on the relevant parties to the credit balance and the percentage of bank capital net amount of the provisions. Everbright Financial Leasing company was also approved at the end of the year, integrated management to take a new step. Everbright New Blueprint is ready to be.　　"Tang Shuangning vice-chairman once said. Huijin is a wholly state-owned company established by the State Council under the company law, and established in Beijing on December 16, 2003, with a registered capital of 5,521.1.7 billion yuan, the address is the new Poly Building, 1th Chaoyang Gate North Street, Dongcheng District, Beijing, and the legal representative is Lou Jiwei. China Investment Company was established on September 28, 2007, with the approval of the State Council, China Investment company wholly-owned Huijin company, the only shareholder of Huijin company. Huijin Company under the state authorization, the state-owned key financial enterprises to carry out equity investment, to the extent of capital contribution to the state-owned key financial enterprises to exercise the rights of investors and the implementation of the obligations of investors, the realization of the state-owned financial assets to preserve and increase. Huijin does not engage in any other commercial activities and does not interfere with the day-to-day operations of its holding state-owned key financial enterprises.　　This is the Everbright Bank's prospectus on Huijin Company's statement. "From the impact on the market, who does not have a big impact on the controlling shareholder," the senior banking researcher said. Equity issues first put aside, listing is the most critical. Everbright Bank is anxious to go public, more because of financing pressure, if failed to catch up with this time window, may next year's lending may have influence.　　"Everbright Bank Prospectus" Risk Factors "up to 16 pages. "Although the bank has taken a number of measures in recent years to keep the non-performing loan rate down, the bank cannot guarantee that the quality of loans available to customers will not be reduced." "Everbright Bank Prospectus said:" As at December 31, 2009, the bank's loan impairment loss preparation balance of 15.765 billion yuan, loan impairment loss preparation and the total amount of loans and advances of the ratio of 2.43%, loan impairment losses prepared with non-performing loans ratio of 194.08%. "As at December 31, 2009, Everbright Bank credit loans, guaranteed loans, mortgages andThe balance of mortgage loan is 1,971.1.8 billion yuan, 1,578 1.6 billion yuan, 2,056.5.5 billion yuan and 87.327 billion yuan, the proportion of total loans and advances is 30.4%, 24.4%, 31.7% and 13.5% respectively. "If the borrower loses its ability to perform and the bank fails to realize in time the full or substantial part of the value of the loan collateral or guarantee, it may have a significant adverse impact on the bank's asset quality, financial position and operating performance." "Everbright Bank in the prospectus prompted its" potential liquidity risk ": Customer deposits are the bank's main source of funds, as at December 31, 2009, the bank expires within three months, and current account account for 71.1%, and more than three months maturity of loans accounted for the proportion of loans and advances net of 81.8　　%, the bank's assets and liabilities do not exactly match the time limit. Yang Rujun said: "So now everyone is the only way to achieve a tacit agreement, the stock right to put aside, first the cake big talk." To see the scale of the financing of Everbright Bank, the estimated 20 billion financing scale is exactly the market value of the assets injected by Huijin company. So we took the strategy of shelving the sovereignty and enlarging the cake. As for how to distribute, later.　　Market Personage anticipates, Everbright Bank This issue raises fund will be about 20 billion yuan. "After deducting the issue fees, this issue will be used to enrich the bank's capital, so as to enhance the bank's adequacy level, enhance its comprehensive competitiveness and enhance shareholder value."　　Everbright Bank said. Everbright Bank Prospectus also disclosed the "2010-2012 Capital Replenishment Management Plan": After the completion of a-share listing, supplementary capital replenishment space will be expanded, through the issue of secondary debt, mixed capital debt and other ways to supplement the subsidiary capital, will be combined with the changing capital market environment, timing capital market refinancing, and actively prepare and demonstrate overseas listing and the introduction of foreign strategic investors work to further supplement the core capital.