As the leading private bank, MYbank is undergoing a reshuffle of its shareholder lineup.
On the evening of June 21, leading hand tool manufacturer Great Star Industrial Co., Ltd. (SZ: 002444) announced its intention to acquire a 1.54% stake in MYbank for approximately 325 million yuan at a price of 3.2 yuan per share. Upon completion of the transaction, Zhejiang industrialist Qiu Jianping's combined shareholding in MYbank, held through Great Star and its related party Hangcha Holding, will increase to 6.42%.
The sellers in this transaction are Hangzhou Heboshi E-commerce Co., Ltd. (Heboshi), controlled by Shi Yuzhu, and Wanxiang Sannong Group Co., Ltd. (Wanxiang Sannong), helmed by Lu Weiding. The simultaneous divestment by these two veteran capital magnates and the increased investment by Qiu Jianping place MYbank at a subtle inflection point.
Two Strategic Moves in Under a Year: Qiu Jianping's Industrial Calculus
Great Star's investment in MYbank marks the second company under Qiu Jianping's control to acquire a stake in the bank.
In 2025, MYbank introduced its first new shareholder in nearly 11 years of operation, with Hangcha Holding becoming the fifth-largest shareholder with a 4.88% stake. The registration for this equity transaction was completed in December.
Hangcha Holding is a key component of Qiu Jianping's "Great Star" industrial empire, serving as the largest shareholder of the listed company Hangcha Group Co., Ltd. (SH: 603298), holding a 41.13% stake. Hangcha Holding itself is controlled by Great Star Holdings Group Co., Ltd., whose ultimate controller is Qiu Jianping. Qiu Jianping directly holds approximately 30.86% of the shares in Hangcha Group.
Great Star Holdings Group is an international manufacturing giant spanning tools, forklifts, tires, robotics, and diesel engines. It already controls four A-share listed companies: Great Star Industrial Co., Ltd., Hangcha Group Co., Ltd., Xinchai Co., Ltd. (SZ: 301032), and Zhongce Rubber Group Co., Ltd. (SH: 603049), which listed in June 2025. The combined market capitalization of these four companies exceeds 100 billion yuan.
In this latest investment, Great Star Industrial is acquiring a 0.68% stake from MYbank's second-largest shareholder, Wanxiang Sannong, and a 0.86% stake from its sixth-largest shareholder, Heboshi, totaling a 1.54% share acquisition. The transaction price is 3.2 yuan per share, with a total consideration of approximately 325 million yuan. Wanxiang Sannong and Heboshi will cash out 143 million yuan and 182 million yuan, respectively.
After the transaction, the combined shareholding of the two companies under Qiu Jianping in MYbank will rise to 6.42%, creating a "brothers in arms" shareholder structure and positioning them among the bank's significant shareholders.
Why Hangcha Holding and Great Star Industrial? Their primary businesses have distinct focuses.
Hangcha Holding is a domestic leader in the forklift industry, with nearly 70 years of experience in industrial vehicles. Great Star Industrial is a global leader in hand tools and power tools, with annual revenue exceeding 10 billion yuan. Its business is primarily export-oriented, with cross-border e-commerce being a core growth engine.
Qiu Jianping's push for consecutive investments by these two companies has clear objectives: industrial synergy and financial investment.
Regarding industrial synergy, Great Star Industrial stated in its announcement that the investment in MYbank aims to enhance its cross-border e-commerce competitiveness. The company plans to leverage MYbank's supply chain finance system, the "Wild Goose System," to provide rapid financing services like "Order Loans" and "Supply Loans" to its thousands of domestic upstream suppliers. Simultaneously, it will use MYbank and its overseas partners to provide credit support for overseas distributors, directly boosting product sales.
From a financial return perspective, Great Star Industrial also values MYbank's intrinsic worth as a financial asset. MYbank is highly profitable and is one of the banks at the forefront of applying AI technology in finance. Through this investment, the company aims not only to strengthen its core business competitiveness but also to secure stable investment dividends and financial returns.
In the first quarter of 2026, MYbank's performance rebounded, with total assets reaching 507.587 billion yuan. It achieved operating revenue of 5.355 billion yuan, a year-on-year increase of 9.66%, and a net profit of 1.65 billion yuan, a year-on-year increase of 19.42%. The single-quarter profit already reached half of the full-year 2025 figure. Revenue has returned to a growth trajectory, demonstrating profit elasticity. In 2025, MYbank implemented a dividend distribution of 2 yuan (including tax) per 10 shares based on its 2024 profits, distributing a total cash dividend of approximately 489 million yuan. While the total dividend amount was substantial, the payout ratio remained conservative.
This is not Qiu Jianping's first foray into finance. As early as 2009, Great Star Holdings invested in Zhejiang Youbang Microfinance Company. Subsequently, Great Star Industrial held shares in Ningbo Donghai Bank for a long period until fully divesting in 2025. The direct reason for the exit was the gradual withdrawal of private capital amid regulatory criticism of shareholder violations and state-owned capital-led "wholesale" restructuring. After exiting the city commercial bank, Qiu Jianping turned to private banks. In 2025, he acquired a 9.9% stake in Wenzhou Minshang Bank for 192 million yuan, which was approved in April 2026. Concurrently, he invested in MYbank twice through Hangcha Holding and Great Star Industrial.
Qiu Jianping's financial investment path is clear: exiting traditional city commercial banks under regulatory pressure and increasing stakes in private banks with clearer governance structures. The goal is to empower his manufacturing industry chain through bank investments, building a synergistic ecosystem combining industry and finance.
Shi Yuzhu and Lu Weiding: The Synchronized Retreat of Two Capital Titans
The shares acquired by Great Star Industrial are being sold by Heboshi, controlled by Shi Yuzhu, and Wanxiang Sannong, historically "steered" by the father-son duo Lu Guanqiu and Lu Weiding. The synchronized reduction by these veteran capital magnates presents a stark contrast to Qiu Jianping's consecutive increases.
Heboshi primarily operates in the health supplement business and is one of the important platforms under Shi Yuzhu's Giant Investment Group. Shi Yuzhu's involvement in the financial sector has a long history.
In 2002, Shi Yuzhu helped his friend Duan Yongji repay a debt by acquiring, through Shanghai Giant Life Technology Co., Ltd. (Shanghai Giant), 60 million frozen shares of Huaxia Bank Co., Ltd. (SH: 600015) from the Si Tong Group via a court order, holding them long-term. In 2003, Shi Yuzhu acquired 143 million legal person shares of China Minsheng Bank Corp., Ltd. (SH: 600016) from Feng Lun at a "bargain-basement price," also holding them through Shanghai Giant, with subsequent multiple increases. In 2011, Giant Investment Group held a 9% stake in Guangxi Beibu Gulf Bank, then the bank's third-largest shareholder, later increasing its stake multiple times to briefly become the largest shareholder. In 2015, when MYbank was established, Heboshi was one of the founding shareholders, holding an 8% stake.
However, in recent years, Shi Yuzhu has been gradually scaling back his financial footprint. After the 2022 interim report, his affiliated companies exited the list of top ten shareholders of Huaxia Bank. In 2024, Giant Investment Group reduced its stake in Guangxi Beibu Gulf Bank by 70 million shares, lowering its holding to 5.636%. The sale of a 0.86% stake in MYbank represents another step in this retreat.
Wanxiang Sannong is one of the three major platforms under Lu Weiding's "Wanxiang" conglomerate, focusing on agriculture-related industries while also holding financial assets. Wanxiang Sannong's reduction of its MYbank stake has precedent.
In early 2024, a significant related-party transaction occurred within Lu Weiding-controlled Wanxiang Holdings. Its subsidiary, Minsheng Life Insurance, acquired a 10.96% stake in MYbank from Wanxiang Sannong for 2.196 billion yuan, corresponding to a price of approximately 3.05 yuan per share at the time. Market analysis then suggested that the Wanxiang group intended to build Minsheng Life Insurance into its financial holding platform, gradually injecting financial assets like Wanxiang Trust, Zhejiang Fund Management Co., and Tonghui Futures into it to comply with financial holding company regulations.
However, this transaction has not yet received regulatory approval, and this shareholder structure at MYbank remains unchanged.
This latest reduction by Wanxiang Sannong of 0.68%, lowering its stake from 22.87% to 22.19%, is a continuation of this financial consolidation strategy. Although Wanxiang Sannong continues to reduce its holding, its position as the second-largest shareholder remains solid.
Shi Yuzhu's reduction of bank holdings is part of his overall contraction in the financial sector. Lu Weiding's reduction aims to consolidate dispersed financial assets into Minsheng Life Insurance. In contrast, Qiu Jianping's increase is intended to leverage financial tools to serve his manufacturing industry chain.
The directions are opposite, but the logic for each is sound. For MYbank, however, this exchange signifies a shift in shareholder profile, potentially reshaping the company's governance structure and strategic direction.
Why Does MYbank Need Industrial Allies?
Qiu Jianping's consecutive investment increases appear particularly significant against the backdrop of MYbank's recent performance.
In 2025, MYbank achieved operating revenue of 20.563 billion yuan, a year-on-year decrease of 3.52%, marking its first annual revenue decline since its founding a decade ago.
Net interest income was 15.694 billion yuan, a year-on-year decrease of 1.51%, also the first decline since its opening. The bank has proactively lowered loan interest rates for two consecutive years, passing profits to small and micro customers. Coupled with the industry-wide continuous narrowing of net interest margins, this directly contributed to the revenue decline. Net fee and commission income also faced pressure, decreasing by 3.26% year-on-year.
In the investment domain, investment income and fair value change gains/losses showed a contrasting "one positive, one negative" pattern. Investment income surged significantly by 41.72% to 908 million yuan. However, fair value change gains/losses turned from profit to loss, recording a loss of 283 million yuan in 2025. This reflects the bank's strategy of increasing allocations to higher-yield financial assets to boost profits, but valuation declines in bond holdings due to market interest rate fluctuations eroded part of those gains.
Net profit increased by 3.99% year-on-year to 3.293 billion yuan. The growth primarily relied on a reduction in credit impairment losses, which amounted to 11.174 billion yuan in 2025, a decrease of 886 million yuan year-on-year. In other words, profit growth came from "cost-cutting" rather than "revenue generation."
Regarding asset quality, the non-performing loan (NPL) ratio decreased from 2.3% in 2024 to 2.19%, while the provision coverage ratio increased sharply from 201% to 240.68%, indicating a somewhat strengthened risk foundation. However, compared to the average NPL ratio of 1.68% for private banks, 2.19% is notably high. This is directly related to MYbank's customer base structure, serving small and micro enterprises and "agriculture, rural areas, and farmers" customers, which are subject to significant operational volatility and represent vulnerable segments in the financial ecosystem.
Within the top tier of private banks, a certain gap exists between MYbank and WeBank.
In 2025, WeBank's revenue was 36.284 billion yuan, 1.8 times that of MYbank; its net profit was 11.012 billion yuan, 3.3 times that of MYbank; and its NPL ratio was 1.41%, significantly lower than MYbank's 2.19%.
The root cause lies in differences in customer base and business model. WeBank primarily focuses on individual consumer credit (represented by "Weilidai"), with a large customer base, high profitability, and controllable risks. MYbank serves small, micro, and medium-sized enterprises and operational farmers, characterized by low individual customer value, high risk, and inherently slower commercial returns.
MYbank's management is acutely aware of this. President Feng Liang stated frankly in the annual report: the previous extensive model relying on "traffic" and "hit products" is no longer effective. The bank is shifting towards segmented customer groups, specialized services, and high-quality operations.
Industrial finance is a core lever for this transformation. In 2025, MYbank introduced several new shareholders, including, besides Hangcha Holding, Zhejiang Hangmin Industrial Group Co., Ltd. and Zhejiang Dongheng Petroleum Co., Ltd. Introducing industrial shareholders provides multiple values for MYbank.
First, it expands industrial scenarios. Great Star Industrial's thousands of suppliers and Hangcha Holding's thousands of dealer networks open up more manufacturing-based small and micro customer segments for MYbank. Embedding into the industrial chain through the "Wild Goose System" extends the credit radius from online retail to the manufacturing sector. Second, it provides feedback for risk control data. Operational data from suppliers, such as orders, inventory, and payments, can enhance the accuracy of credit assessments by AI risk control models, offering the potential to bring the NPL ratio closer from 2.19% to the industry average. Third, it restructures governance. Introducing industrial shareholders deeply rooted in the real economy improves a shareholding structure previously dominated by financial and internet capital, enhancing corporate governance effectiveness.
The successive entry of industrial shareholders adds a crucial piece to MYbank's "industrial finance" strategy. However, realizing industrial scenarios, converting risk control data, and improving governance effectiveness are not overnight achievements. With current pressures on revenue and high NPL ratios, whether MYbank can successfully navigate this differentiated path with the help of its industrial allies remains to be tested over time.
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