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Introduction: On the evening of June 28th, the Postal Savings Bank pre-disclosed the A-share prospectus in the CSRC. As the youngest state-owned bank, the return of Postal Savings Bank to A is a milestone: this is the "A+H" listing of six state-owned banks.

Source: 2 1 Century Business Herald (ID: jjbd 2 1)

Reporter Wang Xiao

Editorial week

On the evening of June 28th, the high-profile China Postal Savings Bank made great progress in returning to A-share listing: the Postal Savings Bank pre-disclosed the A-share prospectus in the CSRC.

As the youngest state-owned bank, the return of Postal Savings Bank to A is a milestone: this is the "A+H" listing of six state-owned banks. The number of A shares issued by the Postal Savings Bank this time does not exceed 565,438+73 million shares, and it is expected that the amount of funds raised will exceed 20 billion yuan, and it will also become a strong competitor of the largest IPO of A shares during the year.

Zhang Jinliang, chairman of the Postal Savings Bank, said at the 20 18 annual performance conference that "the Postal Savings Bank is actively and orderly promoting the A-share IPO, which will help to further improve the corporate governance system, open up domestic and foreign capital markets, enhance its ability to resist risks, and provide strong support for future business development."

CICC and China Post Securities are the joint sponsors of Postal Savings Bank, while CICC, China Post Securities, UBS Securities and CITIC Securities are the joint lead underwriters. After deducting the issuance expenses, all the raised funds will be used to enrich the capital, which is expected to promote the further rapid development of the postal savings bank business.

Figure/worm

2 1 Century Business Herald comprehensively combed this and extracted ten highlights:

1, the state-owned bank "A+H" went public.

Since 2003, China's large banks have successively started the process of financial restructuring and stock reform and listing, and entered the process of modernization transformation and high-quality development. With the 20 10 China Agricultural Bank landing on A+H shares, all the five state-owned banks with diplomatic relations between workers and peasants have completed the listing of A+H shares and completed the construction of domestic and foreign capital platforms.

Listing not only supplements the capital strength of state-owned banks, but also lays a foundation for improving corporate governance, strengthening risk management and internal control, and building a market-oriented operating mechanism. In 20 19, the Postal Savings Bank was officially upgraded from the previous supervision to a large state-owned commercial bank. After 20 16 completed the listing of H shares, the process of its return to A has been concerned. The formal disclosure of the A-share prospectus means that it has taken a substantial step towards the return of A.

2. The biggest IPO competitor this year

According to the prospectus, the A shares to be issued by the Postal Savings Bureau shall not exceed 565,438+73 million shares (not exceeding 6% of the total share capital after the issuance of A shares). Previously, the CBRC agreed in principle to issue no more than 5.948 billion shares.

Although the issue price has not yet been determined, we can roughly estimate the amount of funds raised by the Postal Savings Bureau through several indicators. Postal savings bank (0 1658. HK) closed at HK$ 4.64 per share on June 28th, with a P/B ratio of 0.72. Based on this, it is estimated that the Postal Savings Bank is expected to raise more than 2 1 100 million yuan, while the valuation of A-share banks is generally higher than that of H-shares, so the financing amount of Postal Savings Bank will exceed 2 1 100 million yuan. At present, the net assets per share of the Postal Savings Office reach 6.08 yuan. If the price is not lower than the net assets, it is estimated that the fund-raising amount will reach 310.50 billion yuan.

Although the final pricing is still to be given by the market, there is no doubt that the Postal Savings Bank will remain a strong competitor for the biggest IPO this year. When 20 16 was listed on the main board of the Hong Kong Stock Exchange on September 28th, it raised HK$ 5,965,438+500 million, making it the largest H-share IPO since 20 1 1.

Figure/worm

3, the stock price stability plan escort

According to the prospectus, the Postal Savings Bank has formulated a plan to stabilize the stock price within three years after listing.

If A shares are listed within three years due to force majeure, after the closing price of A shares is lower than the net assets per share for 20 consecutive trading days, the controlling shareholder (i.e. Postal Group) will increase its holdings by no less than 50 million yuan. If the controlling shareholder does not increase its holdings, the board of directors will issue a plan to stabilize the stock price, and the repurchase amount will not be less than 50 million yuan. If the above plan is not passed, the independent directors, directors and senior managers will be punished for their obligation to increase their holdings. The cumulative shareholding of relevant directors and senior management personnel shall not be less than 10% of the total remuneration (after tax) received in the postal savings office in the previous year.

In fact, "breaking the net" also plagues banking stocks. And such a plan to stabilize the stock price is expected to greatly enhance the confidence of investors.

4. Ant, Tencent, UBS and Li Ka-shing are all shareholders.

20 15 12, Postal Savings Bank introduced 10 well-known institutions at home and abroad as strategic investors, and raised funds of 45 10 billion yuan. They are UBS, China Life Insurance, China Telecom, Canadian Pension Fund Investment Company, Ant Financial, JPMorgan Chase (the shareholder is JPMorgan Chase China Investment Co., Ltd. II), Temasek (the shareholder is FMPL), IFC, DBS Bank and Shenzhen Tencent.

By the end of 20 18, its top ten shareholders were: (Note: HKSCC is Hong Kong Securities Clearing (Agency) Co., Ltd.)

However, the reporter of 265438+20th Century Business Herald noticed that due to different display caliber, UBS held 4.22% of the total share capital before issuance, Canada Pension Fund Investment Company held 1.0 1%, Temasek FMPL held 0.6 1%, and DBS Bank held 0.49%, which did not appear in the top ten. In addition, on the occasion of the listing of the Postal Savings Bank, Li Ka-shing, Li Zeju and their three charitable funds purchased shares of the Postal Savings Bank by subscribing for stock-linked notes, and said that Li Ka-shing has absolute confidence in the Postal Savings Bank and regards this project as a long-term investment. The annual report shows that its shareholding has not changed.

The Postal Savings Bank has carried out various business cooperation and collaboration with strategic investors. At present, it has formed 26 strategic cooperation plans in 13 categories with Ant Financial, and defined 23 cooperation contents in 9 categories with Tencent. While cooperating with Ant Financial and Tencent to provide online consumer financial services and build a new offline retail experience center, we will comprehensively promote in-depth cooperation in the fields of electronic payment, open payment platform, consumer finance, microfinance, corporate deposits and loans, and technological innovation.

5. Iron is always the biggest single borrower.

At present, China Railway Corporation is still the largest single borrower of Postal Savings Bank. At the end of 20 18, the loan balance was1768.03 million yuan, accounting for 4. 13% of the loans issued and 29.78% of the net capital of postal savings. This seems to have broken through the provisions on the loan amount of a single borrower, but it is actually a historical reason: the Postal Savings Bank has provided 240 billion credit lines to Tiezong in history. This quota has also been recognized by the regulatory authorities. During the special construction period, the support of Postal Savings Bank played an important role in the construction of railways and high-speed railways in China. At present, the loan balance of Tiezong under the quota approved by the regulatory authorities is 654.38+065 billion yuan. After deducting this 65.438+065 billion yuan, the balance of the total loan of the Postal Savings Bank to Tiezong accounted for 654.38+0.99% of the net capital.

Last year, it paid nearly 85 billion yuan for the postal group.

Based on the unique "self-operated+agent" model, the Postal Savings Bank has the largest number of outlets and the widest coverage. Among the nearly 40,000 outlets, there are 7,962 self-operated outlets and 3 1 757 agency outlets. This model is proprietary and uncertain, and neither the Postal Savings Bank nor the Postal Group has the right to terminate the agency relationship of the Postal Savings Bank. This relationship has also been exempted by the Hong Kong Stock Exchange.

Agency outlets can absorb deposits for the Postal Savings Bank, act as agents for settlement business such as off-site transactions and remittances, and act as agents for insurance, funds, national debt and asset management plans.

According to the prospectus, in 20 18, the Postal Savings Bank paid the postal group 730. 12 billion yuan in savings agency fees, 7.958 billion yuan in savings settlement agency fees and 3.822 billion yuan in agency sales and other commission fees. From 2065438 to 2008, the Postal Savings Bank paid 84.792 billion yuan to the postal group.

Agency outlets also contributed 75.99% of personal deposits to the Postal Savings Bank on 20 18. Relying on its strong channel advantages, the Postal Savings Bank handles insurance, fund, brokerage asset management, national debt and other businesses through outlets, online banking and mobile banking. Since 20 1 1, the insurance agency business has been at the top of the big banks, and 2010331000 million yuan has been used to sell funds to brokers for asset management.

The reporter of 265438+20th Century Business Herald also noticed that under the premise of strictly controlling risks, the Postal Savings Bank has piloted agency outlets to assist microfinance business in six provinces, while paying attention to smart terminal procurement and technology investment, and plans to promote this model nationwide. This is expected to further improve the service efficiency of agency outlets.

7. Nearly 600 million individual customers, with deposits of 7.47 trillion yuan, are the main force in inclusive finance.

By the end of 20 18, the number of individual customers of Postal Savings Bank reached 578 million, covering 40% of the total population. The total amount of AUM (the total financial assets of individual customers managed by banks) reached 9.27 trillion, ranking first in the industry.

By the end of 20 18, the total assets, loans and deposits of Postal Savings Bank were 9.52 trillion yuan, 4.28 trillion yuan and 8.63 trillion yuan respectively, ranking sixth, sixth and fifth among China commercial banks. By the end of the first quarter of this year, the assets of the Postal Savings Bank had exceeded 10 trillion yuan, reaching 10. 14 trillion yuan.

62.67% of the income of Postal Savings Bank comes from personal banking. Thanks to its nationwide business network and strong storage capacity, the fund has obvious advantages in scale and stability. Its personal deposits reached 7.47 trillion yuan, ranking fourth among domestic peers, accounting for 10.3 1% of the market. In 20 18, 20 17 and 20 16 years, its new personal deposits ranked fourth, first and first respectively. And the cost of capital is lower than the average. The average interest rates in 20 18, 20 17 and 20 16 years are 1.46%, 1.44% and 1.6 1% respectively.

Postal savings bank also plays a prominent role in microfinance services. By the end of 20 18, the loans of small and micro enterprises of postal savings (below100000 yuan) reached 544.992 billion yuan, ranking second in total. Pratt & Whitney small and micro enterprise customers with loan balance of1457,700 households rank first in the industry. Personal business loans totaled 557,654.38+0.26 billion yuan, ranking first among large commercial banks.

Based on its financial advantages, Postal Savings Bank is also one of the most active traders in the interbank market. In 2065438+2008, the transactions settled through China Bond Board reached 565438+95 million yuan, ranking second in the industry. The contribution of fund business to income is 15.90%.

Figure/Xinhua News Agency

8. The financial map of the postal group appeared.

As the controlling shareholder of the Postal Savings Bank, the prospectus also disclosed the current financial map of the Postal Group.

According to the prospectus, the financial business-related enterprises under the Postal Group also include: China Post Life Insurance (total assets at the end of the year14124,800 yuan, net profit of 5160,000 yuan); China Post Capital Management Co., Ltd. (total assets 26.062 billion yuan, net profit-533 million yuan); China Post Securities (total assets 91680,000 yuan, net profit1kloc-0/0,000 yuan) and China Post Electronic Payment Service Company (electronic payment platform project development, electronic payment system software development, total assets 9677 1400 yuan, net profit-672,300 yuan). In addition, the postal group also controls 14 companies, including insurance agency business. Only five companies, including Hubei Tian Hong Insurance Agency Co., Ltd., Henan Post Insurance Agency Co., Ltd., Yunnan Post Insurance Agency Co., Ltd., Hunan Post Insurance Agency Co., Ltd. and China Post E-commerce Co., Ltd., are actually engaged in insurance agency business.

At the end of 20 18, the total assets of postal group were 98 1 trillion yuan and the net profit was 4491700 million yuan.

9.20 18 Dividends account for 30% of the profits.

Before the war, the Postal Savings Bank paid a special dividend of 9 billion yuan to the postal group with the profits generated during the 20 15 operation period. The cash distribution in 20 16 was 5.972 billion yuan, and 0.737 yuan was distributed per 10 share, accounting for 15% of the net profit. 201192 billion yuan was distributed in cash, and every 10 share was distributed in cash/.471yuan, accounting for 25% of the net profit.

In 20 18, it is planned to distribute cash156.96 million yuan and cash 10 share/0.937 yuan, accounting for 30% of the net profit.

Postal employees 10 and 17, with an average age of 36, doubled the number of scientific and technological personnel at the end of the year.

Postal savings bank employees 1.7 million (excluding labor dispatch). Different from the outside impression, the personnel structure of Postal Savings Bank is very young. According to the prospectus, the average age of postal employees is 36 years old, with bachelor degree or above accounting for 70.7 1% and graduate degree or above accounting for 5.64%.

Nowadays, the Postal Savings Bank is also more eager for talents. Among the risk factors in the prospectus, the risk of failing to recruit or retain a sufficient number of outstanding talents in the future is mentioned, and it is pointed out that "the Bank faces fierce competition in recruiting or retaining such talents. The future success of banks depends to a large extent on the experience, professional knowledge and marketing ability of key employees including senior management. "

In this regard, the Postal Savings Bank proposed to continuously improve the incentive system with market competitiveness and optimize the mechanism of selecting and employing people. "People can go in and out, jobs can go up and down, and salaries can be high or low", which fully stimulates organizational vitality. Recently, apart from openly recruiting talents from various business departments, the Postal Savings Bank has also attracted attention by openly recruiting senior management positions such as the chairman of China Post Finance, a wealth management subsidiary, and the general manager of the financial business department of Postal Group Company.

The Postal Savings Bank is gradually raising the salary level of its employees. In 20 18, the staff expenses of the Postal Savings Bank were 44.92 billion yuan, up 7.43% year-on-year. In terms of scientific and technological talents, the Postal Savings Bureau proposed to continuously increase investment in science and technology. By the end of 20 19, the size of the information technology team of the head office will double, and by the end of 2020, the size of the information technology team of the whole bank will double. We are actively introducing IT talents such as software research and development, system operation and maintenance, and recruiting high-end talents such as information technology experts and architects.

2 1 June

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