Chong Hing Bank Limited (before Delisting From The Hong Kong Stock Exchange: 1111.HK), Formerly Known As Liu Chong Hing Bank Limited, Is A Well-known Small Bank In Hong Kong. It Was Founded By Liao Po Shan In 1948 And Became A Member Of Yuexiu Group On February 14, 2014.
History
In 1948, A Wealthy Businessperson Liao Po Shan Established Liu Chong Hing Savings Bank, Which Was Officially Registered As Liu Chong Hing Bank In 1955. In 1962, The Head Office Building In Central District Was Completed.
There Was A Run On June 14, 1961. Three Days Later, On June 17, With The Support Of The Hongkong And Shanghai Banking Corporation And Standard Chartered Bank, The Run Subsided. Due To An English Translation Error, After Being Mistakenly Resolved By HSBC And Standard Chartered, The Run-out Situation Of Liu Chong Hing Bank Has Been "under Control" (under Control), Translated As Under The Control Of The Two Banks. Due To This Reason, Liao Baoshan, The Founder And Chairperson Of Liu Chong Hing Bank, Was Worried That The Bank Would Be Annexed By The Two Banks, Which Led To Liao Baoshan's Death In July Of The Same Year Due To The Liu Chong Hing Bank Run-out Incident.
In 1988, Chong Hing Bank Established A Representative Office In Shanghai And Opened Its First Mainland Branch In Shantou In 1993.
In 1994, Liu Chong Hing Investment (HKEx: 00194) Spun Off Liu Chong Hing Bank And Listed It On The Stock Exchange Of Hong Kong (now The Hong Kong Exchanges And Clearing).
The Original Liu Chong Hing Bank Was Renamed "Chong Hing Bank Limited" On December 23, 2006. The Bank Explained That It Hoped To Dilute The Family Image, Make The Bank's Corporate Image Tend To Be Younger, And Facilitate Entry Into The Chinese Mainland Market. In Addition, The Chong Hing Bank Centre, Located At The Head Office Of No. 24 Des Voeux Road Central In Central, Was Also Opened On December 27 Of The Same Year After The Reconstruction Was Completed. Chong Hing Bank Centre Is Also Home To The Offices Of Liu Chong Hing Investment Limited And Its Largest Shareholder, Liu's Group Limited.
Currently, Chong Hing Bank Currently Has More Than 30 Branches In Hong Kong, As Well As Branches In Guangzhou, Shenzhen, Shantou, Shanghai And Macau In Guangdong, China. It Has Branches In Tianhe District, Nanhai District, Foshan City, Chancheng District, Nansha And Hengqin, And A Representative Office In San Francisco, USA.
On October 25, 2013, Yuexiu Enterprises And Yuexiu Financial Acquired 75% Of Chong Hing Bank For HK $35.69 (US $4.60, 448 Yen, And £2.84) Per Share Or 326,250,000 Shares For A Total Consideration Of HK $11.644 Billion (US $1.50 Billion, 146.30 Billion Yen, And £929 Million). Upon Completion, They Will Receive An Interim Special Cash Dividend Of HK $4.5195 (US $0.58, 56 Yen, And £0.36) Per Share, While Retaining Their Listing Status. Prior To This, Liu Chong Hing Estates Limited, A Subsidiary Of Liu Chong Hing Investment Limited, Was The Largest Shareholder Of Chong Hing Bank, Holding 50.2% Of The Bank's Shares. Other Shareholders Include The Bank Of Tokyo-Mitsubishi UFJ, Ltd. ( 9.66% Shareholding) And Bauhinia 97 Ltd., A Subsidiary Of COSCO Pacific Limited (20% Shareholding).
On February 5, 2014, The Company And Yuexiu Enterprises Exercised Approximately 97.51% Of The Voting Rights (424,169,961 Shares Of Chong Hing Bank) In The General Meeting Of Shareholders To Accept The Acquisition. Upon Completion Of The Acquisition, Liu Chong Hing Investment Will Hold Approximately 11.59% Of The Issued Share Capital Of Chong Hing Bank.
On December 29, 2014, Chong Hing Bank Announced The Full Use Of The New Logo Incorporated Into The Brand Imprint Of Yuexiu Group, Representing A New Milestone For The Bank After Becoming A Member Of Yuexiu Group On February 14, 2014.
In 2015, Chong Hing Bank Established Branches In Foshan And Nansha. The Following Year, Branches Were Established In Guangzhou, Shenzhen And Hengqin.
On March 20, 2017, The Original Shareholders Of Hong Kong Life, Asia Insurance Company Limited, Chong Hing Bank Limited, OCBC Wing Hang Bank Limited, Shanghai Commercial Bank Limited And Wing Lung Bank Limited, Were Sold To The Mysterious Buyer First Origin International Limited (held By China Pioneer Group) For HK $7.10 Billion. Its Chairperson, Chen Zhiwen (Chen Youqing's Son And Brother Of Chen Zhisi) And General Manager, Zhang Lihui, Said That It Will Continue To Operate Normally After The Sale. Goldman Sachs (Asia) L.L.C. And Nomura International (Hong Kong) Limited Served As Joint Financial Advisors To The Five Shareholders.
In 2021, The Major Shareholder Yuexiu Group Announced The Plan To Privatize Chong Hing Bank, And The Privatization Resolution Was Passed In August Of The Same Year. On September 30, Chong Hing Bank Was Officially Delisted, And Yuexiu Financial Holdings Limited Was The Sole Shareholder Of Chong Hing Bank.
