Running out of Minsheng Bank

 2004 bank so confusing, Minsheng Bank H-share listed first start the process, due to be explosive, Shareholders re-assembly. rapid growth of the Minsheng Bank, the history can leave with a non-listed overseas, the interests of rights disputes, and embarked on standardized and mature development of the road.
9 22 morning, the Beijing cemetery, a dense mass The memory of people along the corridors of silence before the yard line, before the mourning hall, four in a row, accompanied by funeral music, order entry, bowed to the portrait goes on thin, genteel face goodbye.
8 days ago portrait of the old man, 91-year-old Jing Shuping, chairman of Minsheng Bank's first death.
mixed joy and sorrow. after a decade of planning Minsheng Bank, the second start of the H share offering plan by China Banking Regulatory Commission approval, and in August 18 submitted to the Hong Kong Stock Exchange listing application.
2009 years, the Minsheng Bank, the destined to be a troubled .3 months, the largest shareholder, New Hope Group chairman Liu Yonghao after a lapse of three years back on board; August, two directors jointly launch an attack, questioning the Asia Standard mid-year report, Department of relevance without making loans to explain the problem; September, listed in Hong Kong re-start the occasion, ten years ago, a founding shareholder of Minsheng Bank sued again assembly; and after the death of the old, but also brought back a lot of people past hh
dusty hearts of many events, the impact of overseas listings is undoubtedly the most far-reaching. accomplishing a hundred years old hope, it was sadly lamented, it was cold contempt.
This initiated by the National Federation of Industry, China's first to invest in non-public enterprises as the mainstay, there are many well-known private enterprises Gangster infested private banks, was established more than ten years, never no lack of eye-catching story talks owned. In the rapid development of the industry-leading process, the shareholders game, property disputes, related loans, high-level infighting, when the time is now hidden.
market situation since the eve of a
the industry do not seem to Like the listing process so complicated and confusing .2004 Minsheng Bank, China Minsheng Bank H-share listed first start the process, due to be explosive, ; for the third quarter with the announcement, originally scheduled 22 public hearings in Hong Kong Minsheng Bank, or to postpone the hearing to 29 on Friday, initially expected in November can be listed in Hong Kong. , the Minsheng Bank also approved another press statement, phone call: Hong Kong Stock Exchange listing application the day before, Aug. 17, two directors, and Zhang Hongwei, Chen Minsheng Bank in the mid-year report 2009, voting, and cast a negative vote on the ground that Asia Standard holding the To verify clear Fook Holdings, Orient Home 7 companies or individuals. in which the association Asia Standard holding loans amounting to 1.056 billion yuan, accounting for all related party loans Minsheng Bank to 53%. The consolidation of this loan is associated with previous Grand Beijing German high property and property Beijing Ruihua 6.57 billion and 399 million two loans. connected transaction of the main changes, in the mid-year report does not explain, causing shareholders questioned.
for historical reasons, the Minsheng Bank has been there are important shareholders and related parties associated with loans. In 2003 and 2004, China Minsheng Bank, China Banking Regulatory Commission has been strict requirements for rectification, Asia Standard system requires repaying loans associated .2006 nearly 3.0 billion, the fourth in Minsheng Bank Governor Wang Tong Ren Ren has been the world's first annual report, the main shareholder in Minsheng Bank in 2006 reached 4.238 billion yuan associated with loans. Among them, Asia Standard Holdings and its affiliates in 2006, the association Minsheng Bank loans up to 3.386 billion yuan, accounting for the proportion of loans related to 79.9%, accounting for Minsheng Bank 19.57% of net capital (end of 2006, Minsheng Bank net capital of about 17.3 billion). and in accordance with the relevant provisions of China Banking Regulatory Commission, this ratio should be strictly controlled in below 10%.
in the loans, the best quality Asia Standard are effective asset as collateral. legal system. having these thoughts is not surprising: I invested in the bank is my somewhat related loans, how can not. Then, slowly everyone is mature, aware that banks want to be industry to operate, we must regulate, to know how the industry the rules. self-evident, shareholder loans are also convenient.
for the shareholder loans, Minsheng Bank president Cai Lulun second set of the principle of rights, in addition, no other rights in the interest.
Minsheng Bank, Feng Lun, the attitude of the former shareholders is simple: do not care association is not associated with, and care about compliance irregularities.
his view, the association Minsheng Bank The reason why loans arouses concern is Dong Wenbiao interview has been contact, but was repeatedly delayed, the reasons given by public relations from the ;.
Dong Wenbiao dodge, as three years ago, the last re-election in the treatment of Minsheng Bank board of directors, Shuping from the board of directors want to retire because of illness. New Hope, Eastern Group, the Asia Standard Group, as well as between the three systems and the management of three Department of the balance of power between the face is broken. Yonghao in this game become the biggest losers.
fourth in the July 2006 board election, the rumors of the chairman of the board, as the largest shareholder of the Board Liu did not last not even go in, replacing Lu Zhiqiang Liu Asia Standard Group as vice chairman of Minsheng Bank.
accidental loss of board seats of Mr Liu Some strenuously .2007, by Minsheng Bank's private placement, Mr Liu rely on a solid financial resources to its nearly 10.5% of the total share capital. Lo Chi-keung of Asia Standard line subscription only 1.2 million shares, and Zhang Hongwei, Department of the East gave up due to financial constraints the allotment Option.
Asia Standard Group was also in November 2007 to January 2008 Minsheng Bank has sold a total of approximately 288 million shares, representing about 2% of the company's total shares, 4.5 billion cash. As of June 30, 2008, Asia Standard Group holds a stake of only 3.09% of Minsheng Bank, the tenth largest shareholders.
again served as vice chairman.
overtaken by events, Minsheng Bank directors, executive vice president of New Hope King Air in an interview with magazine, do not want to mention the years the competition has provoked much discussion control of things. In his view, shareholders come now, give each other a sense of security is very important, should not some of the things brought out before then, the otherwise embroiled in endless internal friction. he did that, Minsheng Bank shareholders have both the idea of another Power Therefore, the shareholders and the board of directors and corporate governance within the reach a certain equilibrium. He even praised the people's livelihood, thus the bank board, said he had experienced the most powerful board of directors.
Feng Lun is said: would like to drive fast, to comply with traffic rules to OK. the private interests of the shareholders out of power, and actively compete for the right to speak nothing wrong. in the program within the game is a good thing. time.
Past grievances
source at the press pursued the course of Minsheng Bank, called parent. to the National Federation, led to some positive in the initial preparation of the Minsheng Bank any to a very unpleasant female voice: . but its members are quite well known, Liu, Lo Chi-keung, Shi Yuzhu, etc., are all members of the organization. Taishan is not widely known to the outside world, it is important because of its not recorded, speak their minds, what to say. Group Federation Vice-President Hu Deping, also attended the meeting. Corey for president earlier in his hometown of Nanchang Zheng Yuewen have had the three credit unions, is in the trade, was entrusted to organize all this.
28 December the same year, Zheng organized and completed the establishment of a private bank to declare the relevant documents, the contents of special emphasis on authorities, then the material forwarded by Hu Deping Jing Shuping. is the end of the year, the National Federation of the newly elected President of Jing Shuping.
the story behind the well-known: In early 1994 the State Council Chinese New Year Gathering at the meeting, Jing Shuping the file submitted to the Vice Premier, Zhu Rongji, China's central bank governor, who personally instructed > two words. The original All-China Federation of Industry and Deputy Secretary-General, former first vice president of Minsheng Bank's Xieqiu Han recalled that the National Federation of ever thought of setting up a finance company, but the general end of 1993, just after President Federation by Shuping that called them home, give clear that to strive for the establishment of a joint-stock bank.
1994 年 1 12, the National Federation of Bamboo Garden Hotel in Beijing, Minsheng Bank held the formation meeting, set up a . Taishan will be responsible for raising 8 stock funds, health extension, Stone, Beijing, Shanghai, Kehai, accessible, giant, through P, Corey 8 members are the 8 shares subscribed capital; the National Federation of 4 members responsible for raising funds shares . It Xieqiu Han recalled, the actual start-up capital in place is 250 million, 10 companies subscribe.
the dateline for the July 1994 ; preparation of the Minsheng Bank, led by the Federation of Industry and co-sponsored by 10 private enterprises established the first private joint-stock banks in China. clearly, this member of the Mount investment company plans to build a 1 billion investment in China Minsheng Bank, the proportion of its 5% stake.
Special Building, May 6 In 1995, the State Council issued the letter (1995), No. 32, officially approved the establishment of Minsheng Bank. Secretary Chen Jing Zheng Yuewen deputy head of the new replacement. Chen Jing was appointed the new chief supervisor of Minsheng Bank. magazine interviewed every person familiar with both the year after founder, said in Minsheng Bank to seek to do so from the preparatory process, Zheng Yuewen first particularly active. However, when the He can control his affirmation, but later approved by the State Council, led by the Federation, he may feel that the administrative means too strong. When quite lost Zhengyue Wen choose to give up. Later, Zheng Hua Xia Bank shares had.
It Xieqiu Han speaking, to get set up approval, the Federation had convened on the second floor auditorium of the founder of Minsheng Bank will promote the mobilization, the current Dong Wenbiao, chairman of first appearance. attended the meeting, the Board formally joined the group in the preparation, Scitech Tower.
preparatory period, Scitech Tower received a lot of investors who come here. Xieqiu Han clear I remember the Mu Qizhong NEG materials are also holding a basket visited, said the value of their own piece of land in Manchuria and so many million. provides eligible shares is to have 3 years of enterprise profits, as well as foreign investment shall not exceed the sum of the net assets of the enterprise 50%.
Wantong Building a door, second floor. give money to him, and he sub-over shares. So he joined the 74.06 million yuan, there is a fraction. registration of the establishment of Minsheng Bank, the registered capital of 13.80 billion yuan. The total share capital of 138 million shares of 1 each. 59 founding shareholders, equity is extremely fragmented. According to the 1994 People's Bank of China issued Interim Provisions screening provisions, opening the door, there can be no preferential type of business. 8 preparatory funds to pay members of Tarzan, only Hangzhou General Electric Company and Asia Standard & Poor Group (former Mastery Group) end up in the name of the shareholder of Minsheng Bank, the list of 59 sponsors.
promoters in Taishan Qin, one of the leather seems that Tai Shan will be the When Kang said he had intended to subscribe for 1,000 shares of Billiton, but the higher authorities 502 private enterprises in leading investment funds that did not guarantee safety, did not approve the investment plan. In this regard, he has not already regret.
central bank preparation of approval issued forth, Minsheng Bank's president and vice president to be appointed by the Central Bank, chairman of the board appointed by the Federation. Taishan members, general manager Chen Qingzhen Kehai accept the dissatisfaction: We take the money, you have to decide, we have opinions. Later, when injected, many people (Taishan members) do not subscribe, and Corey, Lenovo, Kehai belong to this. Liu's interpretation of the correspondents did not specifically mention the reasons for this level, he just say: Source building suffered financial chain crisis, Shi Yuzhu also in trouble due to build giant buildings, but also gave up shares. in an exclusive interview, the history frankly, when he was actively involved in founding, but shares in the final funding needed, the giant building crisis broke out. However, in 2002, Feng Lun Shi Yuzhu from the hands of the transferee of the Minsheng Bank shares, Seems like, as Minsheng Bank's shareholders and directors.
According to Chen Qingzhen say, a few years later, Minsheng Bank to advance funds to organize 25 million investment However, no shares of the company and later returned the money to organize fees.
until the establishment of Minsheng Bank, the first president, have no doubt that the head fell Jing Shuping. In the captain's leadership, the people's livelihood Bank of the boat set sail. on board the ship were in fact under the mind Face.
who did not get tickets, not without regret. The people who got tickets in the future 13 years, is also not can have the last laugh all the way.
top game
the bottom of most of China in the market, kinds of system genes. hybrid system, the various collisions, conflicts occur more.
addition to those opportunities, but to give up shares of the entrepreneurs, the more people a stake in a private bank in droves. Ultimately, a founding shareholder of Minsheng Bank, the total number up to 59 the number of directors up to 19 people (including directors holding 12 people), and 8 people (including holding supervisors 7) as a supervisor. to say that commercial banks for the dispersed ownership that should be a good thing: the hands can prevent big shareholders get voting rights associated with improper loans, even as the bank decision-making efficiency. as the the annual general meeting voting delegate to the Federation of 30% (this particular policy was abolished on the eve of Minsheng Bank listed), on behalf of the exercise by the Jing Shuping. This orchestrated governance structure, to be Dong Wenbiao brilliantly summarized as follows: government of the people , state, party control. Today, the Board is the chairman and party secretary, who is also.
Minsheng Bank is defined ourselves that some genes, precisely this gene, resulting in the following years in the management of Minsheng Bank layer and higher level institutions, shareholders, and management between the Board and management had emerged within the complex interests and power game. Shuping always trying to compete in these deep-rooted in the balance, but also to maintain himself, absolute veto authority.
indisputable chairman, can pick out the many shareholders in a vice, is difficult. the Central United Front Work Department recommended candidates are Mr Liu. Liu was just where the thirteenth Hope Group major shareholders, the shareholders more money than he cast some. shareholders Seven eight languages, is not convinced. then United Front Work Department of the leaders of the directors said the word, nothing to fight, this is the private entrepreneurs, became the first member of the CPPCC National Committee, and in the same year was elected Vice-China Federation of Industry, politically reliable, enterprise-run was also good. Mr Liu was elected first vice chairman then do so.
Cai Lulun Mr Liu's assessment of the two words: sub.
not say that Mr Liu, the chairman of the board is not good even when Jing Shuping. Minsheng Bank, the largest concentration of early prominent internal contradictions, manifested in the loss and the chairman and president. IV 3 years for any president. have different views, is normal, but this is not a matter of principle. The key question is, who is in charge. Tong Zengyin, the Department of the People's Bank of China deputy governor from the position of transfer, only a year; second president of the People's Bank of China Cai Lulun from the position of president of Hunan Branch transfer, since July 28, 1997 to April 29, 2000 for a term of 2 years and 9 months. they were not next term of three years. Only the third president of Dong Wenbiao term of 6 years and was promoted to chairman of the board since 2006.
again Minsheng Bank to see the first management team, in addition to child Zengyin president, the vice president of the initial ranking is: Weisheng Hong (from the People's Bank of China), Dong Wenbiao (from Hai Tong Securities), Xieqiu Han (from the National Federation of ), Zhou Shaohua (from the State Commission). However, a few months later, Weisheng Hong Dong Wenbiao quietly with the reversed order. A person familiar with evasive manner, br> Informed sources have said that in the business issues, child and by a sense of differences, the departure of Beijing because of his livelihood in the establishment of property and livelihood safe and Shanghai Minsheng coins and other companies without timely notification to the board, and not to investment in Minsheng Bank shareholders equity during the preparations for the interest income generated 26.75 million yuan returned to shareholders. But Children also seem to these questions do not constitute a big threat.
In fact, shareholders, directors and management in Minsheng Bank was founded at the beginning of the year, largely at peace. not very concerned about, care is also no channel. is not open what will be, what to send a briefing. . directors found that disclosure of Minsheng Bank Annual Report 1996, only a little bit of profit (after tax net profit of 7.82 million yuan). year treasury bonds, earn a lot of buying and selling. But I do not know at the time to do Daoxing account for what the leadership thought, do not go the whole. the main reason?
reporter in the multi-interview that the real reason for leaving child was Minsheng Bank is an insider report anonymously, said that his interests and Minsheng Bank was 500 million in 1996 to pay less tax, there are violations. the person gave each of directors, supervisors distribute the relevant materials. Cai Lulun second term governor candidate; and instructions for the whistleblower who was Board of Supervisors made a public briefing.
was privately commented, He also wanted to stay on point Minsheng Bank funds for development. But the most important thing is not able to control the management to live. 30, secretly visited Beijing Tong Zengyin old leadership, would like to know he was about to walk into the bank, powerful, and they (the directors) of the things you have, basically did not say good, everyone should prick. But behind the scenes say that this old man can. out, had never seen such a posture. but I thought well, we must establish the concept of the Board, establish the concept of shareholders, which is, I have a painful process. beyond the operational level, which say which of the. Let Cai headache or body issues.
mix of organic, must be experts, politicians, entrepreneurs, bankers. a beginning, not the entire management of the core to form a governor-led. .
Cai Lulun come from the People's Bank of 1992,1993 of the losses caused by the financial turmoil, leaving the troubles fresh. After careful consideration, made shortly after taking office Cai that for you. The mechanism, they must build their own. that we were engaged in private banks that, like the internal constraints will automatically generate and encourage these things. but there system is not the same mechanism, I had this impression is too deep. ;
According to Cai recalls 80s of last century, he presided over the financial work in Hunan, when many people set up credit cooperatives, in fact, the embryonic form of private banks. , credit unions really refreshing way of doing business, such as they are proposed, from eight in the morning to the evening at eight, eight pairs of eight-business. gains and losses. This system should be very good, but not a few good urban credit cooperatives. It's problem is not to establish the appropriate mechanisms, in particular, do not establish a binding mechanism. urban credit cooperatives, I feel the organizers of the first world one. money, got a few to the world, but I want to give it to make a foundation, this foundation is the mechanism. told him,
He also led his unit to the China Merchants Bank, Shenyang Branch of the study. came back, put forward in the mechanism of the construction of four systems: First, the incentive of profit-centered system; Second, asset quality and safety for the Center internal control system; third, market-focused business organization system; four to customer-centered service system. Cai believes that now the greatest achievements of Minsheng Bank is the first system, the second system is also improved. Cailu Lun as Minsheng Bank to lay the foundation really is obvious.
introduced to the profit incentive system for the center is formed at the time, the core is > However, the Minsheng Bank's costs have been high, the primacy in the same industry. to reduce costs not only of concern to Tsai, and Dong Wenbiao partner or even fourth term of office, Governor Wang Tong world's most persistent pursuit of the goal. < br> 1999 year-end, total assets of Minsheng Bank 36.39 billion yuan, Tsai took office more than 7 at the end of 1997 and an additional 240 billion yuan, up 194%, while growth in deposits and loans were 353% and profit up 445% year 1999 an increase of 47%. However, Minsheng Bank gradually in stable and mature development path, the CAI was out. the surface because there are several single-Minsheng Bank billion investment on the Board is not informed in time.
Cai Lulun and his predecessor, not immune to the personnel disputes.
Since 1998, he said, shareholders have high expectations of the market, but not the same as Tsai's view, he thought mainly to improve the livelihood of the people listed banks quality, must work to create the conditions not be so anxious. not to declare the. Tsai was 60 years old, the 80-year-old Cai felt between the two mm International Finance Corporation (IFC), Cai This is the Minsheng Bank to set something before, the old original is also very positive. until the IFC sent a large delegation came when, after throwing the old one was Doutou cold water. Later, IFC bought from the hands of the people's livelihood options Zhang Hongwei, this is what happened after the listing.
many differences and so forth. ... to their relationship completely