Jilin Jiutai Rural Bank faces privatization offer, delisting bid

Jilin Financial Holding Group, as the offeror, has made a voluntary conditional general cash offer to acquire all issued H Shares at HK$0.70 each and all Domestic Shares at RMB0.63 each, prompting a proposed delisting of H Shares from the Stock Exchange. The Composite Document, detailing these offers and the delisting proposal, was dispatched on September 10, 2025. The first closing date for acceptances is set for October 24, 2025, with final closing on November 21, 2025, assuming the H Share offer becomes unconditional.

The H Share offer is conditional on independent H Shareholders approving the delisting with at least 75% of votes cast and not more than 10% against, and a minimum of 90% valid acceptances. The offeror will not increase the offer price. These offers provide an exit opportunity for shareholders, as trading in H Shares has been suspended since March 12, 2025, due to the bank’s deteriorating financial performance and difficulties in publishing audited results for the year ended December 31, 2024.

The bank reported a net loss of approximately RMB1,902m for the year ended December 31, 2024, and RMB898m for the six months ended June 30, 2025. The offer price represents premiums over recent trading prices but a significant discount to the net asset value per share. The delisting is expected to reduce compliance costs and allow for strategic adjustments as a private company.