Yumin Bank is deeply entangled in a shareholder dilemma: after the largest shareholder was replaced by Nanchang State-owned Assets, all shares of the second-largest shareholder will also be auctioned off.

Blue Whale News, March 26 (Reporter Jin Lei) Recently, the China Auction Industry Association’s online judicial auction platform showed that the 590 million shares held by Jiangxi Boin Industrial Group (hereinafter referred to as Boin Industrial) in Jiangxi Yumin Bank will be publicly auctioned on April 20, with a total starting price of nearly 530 million yuan.

The auction will be conducted in two lots: one for 400 million shares with a starting price of 358 million yuan and an appraisal value of 511.8 million yuan; the other for 190 million shares with a starting price of 170 million yuan and an appraisal value of 243 million yuan. Both lots are due to judicial freezing enforcement, with starting prices at 70% of their appraisal values.

Public information shows that Yumin Bank was established in September 2019 with a registered capital of 2 billion yuan. It is Jiangxi’s first private bank and the 18th nationwide. It was jointly initiated by nine leading Jiangxi private enterprises, including Zhengbang Group, Jiangxi Boin Industrial Group Co., Ltd., Nanchang Yifen, and others. Boin Industrial holds a 29.5% stake, making it the second-largest shareholder.

Previously, Nanchang Financial Holding Co., Ltd. (hereinafter referred to as Nanchang Financial Holding), a state-owned enterprise under Nanchang’s state assets, acquired all its shares from Zhengbang Group, becoming the largest shareholder of Yumin Bank.

In August 2024, the China Banking and Insurance Regulatory Commission approved Nanchang Financial Holding’s acquisition of 600 million shares of Yumin Bank held by Zhengbang Group. After the share transfer, Nanchang Financial Holding’s stake increased to 30%, making it the largest shareholder, and Zhengbang Group exited.

Tianyancha data shows that Nanchang Financial Holding is wholly owned by Nanchang Industrial Investment Group Co., Ltd., whose largest shareholder is the Nanchang Municipal People’s Government, holding 91.037%.

In fact, Yumin Bank has long been entangled in shareholder issues. Before Nanchang Financial Holding’s takeover, Boin Industrial had already experienced capital chain problems. Currently, other shareholders such as Zhongheng Construction Group and Fada Holding Group are also listed as persons subject to enforcement, holding 9.7% and 6% of Yumin Bank’s shares respectively.

According to incomplete statistics from Blue Whale News, in recent years, several private banks including Xinwang Bank, Zhongbang Bank, Huazhu Bank, Wuxi Xishang Bank, and Meizhou Keshang Bank have had large shareholdings appear on auction platforms.

Currently, three private banks—Xin’an Bank, Yumin Bank, and Xishang Bank—have introduced shareholders with state-owned background. The main reason is that some major private shareholders (such as Zhengbang Group and Hongdou Group) are facing operational pressures and need to transfer shares to mitigate risks. The involvement of local state-owned capital helps optimize the bank’s equity structure, strengthen capital strength and market confidence, and support more stable development.

Among them, Xin’an Bank has become the first nationwide “private bank” wholly controlled by local state-owned capital. If Boin Industrial’s holdings in Yumin Bank are also transferred to state-owned capital, then the state will hold more than 50%, making it the second “private bank” controlled by state capital. Blue Whale News will continue to monitor the auction progress.

(Editors: Wang Zhiqiang HF013)

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