In fact, this is not the first time that HNA Department has transferred the equity of Changan bank. Two years ago, 5.92% of the equity of Changan Bank held by HNA tourism paid off the debt of 768 million to Shaangu investment. However, it has been more than a year since Shaanxi Guotou obtained the equity of Changan bank, and at present, it has not been approved by the regulatory authorities to transfer to the door.
Caesar said that on May 17, the board of directors of the company deliberated and passed the proposal of transferring 16.5733 million shares of Changan Bank (accounting for about 0.3% of the total capital stock of Changan bank), which was transferred to Shaanxi Zhengtian Construction Co., Ltd. (hereinafter referred to as Shaanxi Zhengtian) at a price of 2.78 yuan per share and 46.08 million yuan in total.
Before September 2019, Caesar travel was a standard listed company under HNA series. Subsequently, based on the passive reduction of some shares of HNA travel, the largest shareholder of Caesar travel, due to the default of equity pledge, resulting in the change of the position of the largest shareholder of Caesar travel. Caesar SEGA and its concerted actors replaced HNA series as the largest shareholder.
As of the end of the first quarter of this year, HNA Department is still the second largest shareholder of Caesar tourism, with HNA tourism and Hainan Airlines holding 26.52% of the equity of Caesar tourism.
Caesars transfer of Changan banks equity is mainly due to its own performance decline and liquidity tension. According to the annual report, in 2019, Caesars business revenue reached 6.036 billion yuan, down 26.21% year on year; its net profit was 126 million yuan, down 35.28% year on year.
Combined with the impact of the epidemic, Caesar travel industry is in a worse situation this year. In the first quarter, Caesar achieved an operating revenue of 749 million yuan, down 41.63% year-on-year; its net loss was 64.2176 million yuan, compared with a profit of 30.233 million yuan in the same period last year. In addition, due to the large amount of prepaid tourism resources in January this year, the net cash flow from operating activities decreased by 358.72% year on year to - 293 million yuan.
Caesar said that the transaction can further optimize the companys asset structure and improve asset liquidity; it is conducive to the companys concentration of resources, focus on core assets and core businesses, and promote the healthy and healthy development of the company.
HNA in the list of top ten borrowers
In December 2018, because HNA tourism failed to repay the debt related to Shaanxi Guotou, 5.92% of Changan banks equity held by HNA tourism was publicly auctioned, and finally Shaanxi Guotou took over the shares at a current auction price, costing 768 million yuan.
Previous public information shows that after taking over the equity of Changan Bank held by HNA tourism, the shareholding ratio of Shaanxi Guotou will reach 7.13%, becoming the fourth largest shareholder of the bank, and can obtain the board seat of Changan bank.
However, the reporter of the Securities Times noted that until the Bank of Changan disclosed its 2019 annual report, the court ruled that HNA tourism held 5.92% The transfer of equity to SDIC has not yet been completed, and it still needs to wait for the approval of supervision, and SDIC has not been able to send directors.
Industry insiders believe that with the implementation of the new interim measures for equity management of commercial banks in 2018, the regulation further standardizes the behavior of shareholders of commercial banks, and the requirements for shareholders of commercial banks are more and more strict, as well as the approval.
It is worth mentioning that in addition to the equity relationship, Changan bank and HNA department are also closely related in business. According to the 2019 annual report of Changan bank, HNA Group is the top ten loan customers of Changan bank. By the end of 2019, the loan balance granted by Changan bank to HNA Group was 900 million yuan, accounting for 4.57% of the net capital, and the five-level classification of loans was normal.
It is understood that Changan bank is the only provincial-level city commercial bank in Shaanxi Province, which opened on July 31, 2009. At present, the top five shareholders are Shaanxi Yanchang Petroleum Group, Shaanxi coal chemical industry group, Shaanxi nonferrous metals holding group, Dongling group and Yulin Xingchang Investment Co., Ltd., with shareholding ratios of 20%, 20%, 12%, 6.1% and 5.78% respectively.
In 2019, Bank of Changan achieved an operating revenue of 6.641 billion yuan, an increase of 24.1% year on year, and a net profit of 1.383 billion yuan, a decrease of 8.5% year on year.
The reporter noted that the main reason why the income of Changan bank did not increase was that the asset impairment loss in 2019 increased by more than 70%, reaching 2.672 billion yuan, which made the banks operating expenditure increase by 1.4 billion yuan year on year. Changan bank said it was mainly due to the increase in loan write off and collection, and the substantial increase in loan loss reserves.
By the end of 2019, the total assets of Changan bank were 287.737 billion yuan, up 16.35% year-on-year, the non-performing loan rate was 1.77%, the provision coverage rate was 191.68%, and the capital adequacy rate was 11.61%, all of which met the regulatory requirements.