Interface News Reporter | Niu Qichang
Qingnong Commercial Bank (002958. SZ) will be auctioned for the fourth time.
Qingnong Commercial Bank recently announced that due to debt problems, the company's seventh largest shareholder, Barong International Group Co., Ltd. (hereinafter referred to as "Barong Group"), held 55.12 million shares of the bank will be auctioned on Alibaba's legal auction platform from 10 o'clock on May 20 to 10 o'clock on May 21.
On May 19, Jiemian News noticed that the starting price of the shares of Qingnong Commercial Bank that was auctioned this time was about 155 million yuan, the appraisal price was about 149 million yuan, and the price increase was 551,200 yuan. If you are willing to participate in the auction, you need to pay an auction deposit of 11 million yuan. As of press time, 56 people have set reminders and 1,475 onlookers, but no one has signed up yet.
According to the bidding announcement, the auction display price of 149 million yuan is not the actual starting price, and the actual starting price will be revised to the average closing price of Qingnong Commercial Bank 20 trading days before the auction date multiplied by 55.12 million shares.
According to Jiemian News, the average closing price of Qingnong Commercial Bank in the past 20 trading days was 2.814 yuan, and if calculated according to the above formula, the actual starting price should be 155,107,680 yuan. As of the close of trading on May 17, Qingnong Commercial Bank reported 2.91 yuan/share, with a profit margin of about 0.096 yuan/share.
According to public information, Qingnong Commercial Bank is the first prefecture-level rural commercial bank in Shandong, established in June 2012 and listed on the Shenzhen Stock Exchange in March 2019, becoming the youngest A-share listed bank in China.
The "Barong system" represented by Barong Group is a well-known local enterprise in Qingdao, founded by Jiang Junping, the richest man in Qingdao in the past, who was on the Forbes China Rich List in 2009 with assets of 3.17 billion yuan, and its business territory covers real estate, finance, food, clothing and other fields.
According to the information on the official website of Barong Group at that time, "the platform invested in five rural commercial banks in Qingdao, Jinan, Yantai, Weifang and Changdao as a major shareholder, with 600 billion financial assets".
In the second half of 2022, the liquidity risk of the "Barong system" was gradually exposed. Tianyancha APP shows that the total amount of execution of Barong Group alone is as high as 2.917 billion yuan, and Jiang Junping has also been issued by the court many times to restrict consumption, and the shares held by Qingnong Commercial Bank, Barong Construction, Barong Clothing, Barong Real Estate and other shares are all shown as pledged.
In 2023, as the third largest shareholder of Qingnong Commercial Bank in the past, the two companies of the "Barong Department" have overdue loans of nearly 900 million yuan in Qingnong Commercial Bank, and then enter the stage of court enforcement.
It is worth mentioning that the 2023 annual report of Qingnong Commercial Bank shows that the bank did not issue loans and advances to the two companies of the "Barong system" last year. In 2022, Qingnong Commercial Bank will issue loans and advances of 8.570 billion yuan and 3.504 billion yuan respectively to Barong International and Barong Construction.
In fact, this judicial auction is not the first time that the "Barong system" has passively sold the shares of Qingnong Commercial Bank through legal auction due to debt problems.
- From June 28 to June 29, 2023, 60.12 million shares (1.08% of the total share capital of Qingnong Commercial Bank) held by Barong Group and 18.73 million shares (0.34% of the total share capital of Qingnong Commercial Bank) held by Barong Construction were publicly auctioned on the judicial auction platform of JD.com. However, the first auction was ultimately aborted due to no bids.
- From November 30, 2023 to December 1, 2023, 34 million unrestricted tradable shares of Qingdao Rural Commercial Bank held by Barong Group were auctioned on the Jingdong judicial auction platform, but the auction was unsuccessful again due to no one signing up.
- On December 16, 2023, the 34 million shares of Qingnong Commercial Bank held by Barong Group were once again "put on the shelf". The auction attracted more than 9,000 onlookers, 166 people set reminders, a total of 45 people registered, and finally sold for 87.191 million yuan.
It is worth mentioning that the closing price of Qingnong Commercial Bank on the day before the auction (December 15, 2023) was 2.64 yuan / share, perhaps the starting price of 2.42 yuan / share was attractive enough, and after 237 rounds of bidding, 34 million shares were finally traded at a price of 87.191 million yuan, about 2.56 yuan / share, a discount of 3.03% from the previous day's closing price.