Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Jilin Jiutai Rural Comm Bank / Event-Driven

<ul>
<li>Back on the 3rd July 2025, Jilin Province Trust must a voluntary Offer at HK$0.70/share (~0.23x P/B!!) for troubled rural commercial bank <a href="https://www.smartkarma.com/entities/jilin-jiutai-rural-comm-bank" target="_blank" data-smartkarma-citation="entities:23735:1" rel="noopener">Jilin Jiutai Rural Comm Bank (6122 HK)</a>. </li>
<li>Shares have been suspended since 12th March. Jilin Jiutai have yet to publish their 2024 annual results. It's doubtful shares will resume trading. Ever. </li>
<li>
The Composite Doc Booklet is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0910/2025091000391.pdf" target="_blank" rel="noopener">out</a>, with a H-share class meeting on the 24th October, the same day as the first close. The IFA (Gram) says "fair &amp; reasonable".</li>
</ul>


Back on the 3rd July 2025, Jilin Province Trust must a voluntary Offer at HK$0.70/share (~0.23x P/B!!) for troubled rural commercial bank Jilin Jiutai Rural Comm Bank (6122 HK). 
Shares have been suspended since 12th March. Jilin Jiutai have yet to publish their 2024 annual results. It's doubtful shares will resume trading. Ever. 

The Composite Doc Booklet is now out, with a H-share class meeting on the 24th October, the same day as the first close. The IFA (Gram) says "fair &amp; reasonable".


Jilin Jiutai Bank (6122 HK): Take The Offer. It Is What It Is

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>On 3 July, <a href="https://www.smartkarma.com/entities/jilin-jiutai-rural-comm-bank" target="_blank" data-smartkarma-citation="entities:23735:1" rel="noopener">Jilin Jiutai Rural Comm Bank (6122 HK)</a> disclosed a voluntary conditional offer and delisting proposal by Jilin Province at HK$0.70. IFA opines it is fair and reasonable. </li>
<li>The IFA analysis is flawed, and the offer is unattractive. Nevertheless, the offer represents the best-case scenario for minorities, as the timeline for resuming trading remains uncertain.</li>
<li>While the 24 October vote on the delisting proposal should pass, the satisfaction of the minimum acceptance condition (90% of independent H shares) poses a challenge.</li>
</ul>


On 3 July, Jilin Jiutai Rural Comm Bank (6122 HK) disclosed a voluntary conditional offer and delisting proposal by Jilin Province at HK$0.70. IFA opines it is fair and reasonable. 
The IFA analysis is flawed, and the offer is unattractive. Nevertheless, the offer represents the best-case scenario for minorities, as the timeline for resuming trading remains uncertain.
While the 24 October vote on the delisting proposal should pass, the satisfaction of the minimum acceptance condition (90% of independent H shares) poses a challenge.


Jilin Jiutai RCB (6122 HK): Minorities Out of Options as the Offer Opens

<ul>
<li>After <a href="https://www.smartkarma.com/entities/jilin-jiutai-rural-comm-bank" target="_blank" data-smartkarma-citation="entities:23735:1" rel="noopener">Jilin Jiutai Bank (6122 HK)</a> was suspended, again, I mused in<a href="https://skr.ma/3ANmU" target="_blank" rel="noopener"> Jilin Jiutai Bank (6122 HK): Now Is The Time To Be Delisted</a> an expected Offer from Jilin Province Trust.</li>
<li>Jilin Province has now made a voluntary Offer at HK$0.70/share (~0.2x P/B!), below my HK$0.80/share estimate. Apart from a Scheme-like vote, this Offer has an onerous 90% acceptance condition. </li>
<li>And IF the Offer fails and IF Jilin Jiutai cannot resume trading, in accordance with Rule 6.01A(2)(b) of the Listing Rules, Jilin Jiutai may be delisted.</li>
</ul>


After Jilin Jiutai Bank (6122 HK) was suspended, again, I mused in Jilin Jiutai Bank (6122 HK): Now Is The Time To Be Delisted an expected Offer from Jilin Province Trust.
Jilin Province has now made a voluntary Offer at HK$0.70/share (~0.2x P/B!), below my HK$0.80/share estimate. Apart from a Scheme-like vote, this Offer has an onerous 90% acceptance condition. 
And IF the Offer fails and IF Jilin Jiutai cannot resume trading, in accordance with Rule 6.01A(2)(b) of the Listing Rules, Jilin Jiutai may be delisted.


Jilin Jiutai Bank (6122 HK): Another Hobson's Choice

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jilin-jiutai-rural-comm-bank" target="_blank" data-smartkarma-citation="entities:23735:1" rel="noopener">Jilin Jiutai Rural Comm Bank (6122 HK)</a> has disclosed a voluntary conditional offer and delisting proposal by Jilin Province at HK$0.70 per H Share, a 70.7% premium to the undisturbed price.</li>
<li>The key conditions are H Shareholder approval of the delisting proposal and a minimum acceptance condition (50% of outstanding and 90% of H shares).</li>
<li>Minorities are caught between a rock and a hard place, as the offer is unattractive, but the timeline for lifting the trading suspension is uncertain.  </li>
</ul>



Jilin Jiutai Rural Comm Bank (6122 HK) has disclosed a voluntary conditional offer and delisting proposal by Jilin Province at HK$0.70 per H Share, a 70.7% premium to the undisturbed price.
The key conditions are H Shareholder approval of the delisting proposal and a minimum acceptance condition (50% of outstanding and 90% of H shares).
Minorities are caught between a rock and a hard place, as the offer is unattractive, but the timeline for lifting the trading suspension is uncertain.  


Jilin Jiutai RCB (6122 HK): A Conditional VGO Puts Minorities Between a Rock and a Hard Place

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jilin-jiutai-rural-comm-bank" target="_blank" data-smartkarma-citation="entities:23735:1" rel="noopener">Jilin Jiutai Rural Comm Bank (6122 HK)</a>, a small bank focusing on rural and small business lending,  is suspended pursuant to the Takeovers Code.</li>
<li>Jilin Jiutai was initially suspended on the 12th March. Then on the 31st March, it indefinitely postponed its FY24 results. The share price is down 61% in the past year. </li>
<li>My guess is that Jilin Province Trust will put Jilin Jiutai out its misery via an Offer by way of a Merger by Absorption.  Pricing? Perhaps HK$0.80/share.</li>
</ul>



Jilin Jiutai Rural Comm Bank (6122 HK), a small bank focusing on rural and small business lending,  is suspended pursuant to the Takeovers Code.
Jilin Jiutai was initially suspended on the 12th March. Then on the 31st March, it indefinitely postponed its FY24 results. The share price is down 61% in the past year. 
My guess is that Jilin Province Trust will put Jilin Jiutai out its misery via an Offer by way of a Merger by Absorption.  Pricing? Perhaps HK$0.80/share.


Jilin Jiutai Bank (6122 HK): Now Is The Time To Be Delisted

China

Jilin Jiutai Rural Commercial Bank Co., Ltd. operates as a commercial bank. The Company provides deposits, credit loans, mortgage loans, international trade financing, foreign currency exchange, card issuing, and other bank related services. Jilin JiuTai Rural Commercial Bank serves clients in China.

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Jilin Jiutai Rural Comm Bank (6122 HK)

Jilin Jiutai Bank (6122 HK): Take The Offer. It Is What It Is

Jilin Jiutai is suspended, so there is nothing to be done, if not in. If you hold shares, vote for the Offer, then tender. It is what it is. The...

David Blennerhassett

Jilin Jiutai RCB (6122 HK): Minorities Out of Options as the Offer Opens

While light, the offer represents the best-case scenario for minorities, as the timeline for resuming trading remains uncertain. Satisfaction of...

Arun George

Jilin Jiutai Bank (6122 HK): Another Hobson's Choice

Jilin Jiutai is, and will remain suspended. A Hobson's choice is a free choice in which only one thing is offered. In this instance, each outcome...

David Blennerhassett

Jilin Jiutai RCB (6122 HK): A Conditional VGO Puts Minorities Between a Rock and a Hard Place

Minorities are caught between a rock and a hard place, as the offer is unattractive, but the timeline for lifting the trading suspension is uncertain.

Arun George

Jilin Jiutai Bank (6122 HK): Now Is The Time To Be Delisted

My guess is that Jilin Province Trust will put Jilin Jiutai out its misery via an Offer by way of a Merger by Absorption. Pricing? Perhaps HK$0.80...

David Blennerhassett

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52-week Range

Market Cap (USDm)

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