Recently, at Jiangsu Jiangyin Rural Commercial Bank's first extraordinary shareholders' meeting of 2025, nine proposals were reviewed, with six proposals unusually facing opposition votes from nearly 10% of shareholders.
The meeting was chaired by the bank's Chairman Song Ping, with six directors, two supervisors, and five senior management personnel in attendance.
While all nine proposals were approved, six proposals encountered opposition from nearly 10% of shareholders. Additionally, proposals (II), (III), (IV), and (V) were special resolution matters requiring approval from more than two-thirds of the voting rights held by shareholders present at the meeting.
Specifically, the first three proposals - "Proposal on 2025 Interim Dividend Arrangement," "Proposal on Discontinuing the Establishment of Supervisory Board Related Matters," and "Proposal on Amending the Articles of Association" - all received approval votes exceeding 99%.
However, the six proposals from the fourth to ninth items faced opposition votes accounting for nearly 10% of the total valid voting shares present at the shareholders' meeting. These included: "Proposal on Amending the Articles of Association," "Proposal on Amending the Rules of Procedure for Shareholders' Meetings," "Proposal on Amending the Rules of Procedure for the Board of Directors," "Proposal on Amending the Independent Director System," "Proposal on Amending the Implementation Rules for Cumulative Voting System at Shareholders' Meetings," "Proposal on Amending the Interim Measures for Equity Management," and "Proposal on Amending the Related Transaction Management Measures."
It is evident that these six proposals with relatively high opposition votes all involved modifications to corporate governance rules, systems, and related transaction management measures, which are closely related to shareholders' interests.
From a shareholder perspective, Jiangsu Jiangyin Rural Commercial Bank has a relatively dispersed ownership structure, operating without a controlling shareholder or actual controller, with its top ten shareholders primarily being local Jiangsu enterprises.
In January last year, Jiangnan Water Company became the bank's largest shareholder through conversion of convertible bonds it held in the bank.
As of June 30, 2025, the bank's top ten shareholders and their shareholding percentages were: Jiangsu Jiangnan Water Co., Ltd. (5.76%), HKSCC Nominees Limited (4.17%), Jiangyin Xinjinnan Investment Development Co., Ltd. (3.69%), Jiangyin Development Zone Shengang Park Investment Co., Ltd. (3.61%), Jiangyin Xinguolian Power Development Co., Ltd. (3.01%), Jiangyin Changjiang Investment Group Co., Ltd. (2.57%), Jiangyin Aiyisi Tuan Cashmere Textile Co., Ltd. (2.51%), Huatai-PineBridge CSI Dividend Low Volatility ETF (2.22%), Jiangyin Meilun Yarn Co., Ltd. (1.75%), and Jiangyin Xinguolian Group Co., Ltd. (1.61%).
Recently, the bank disclosed that the board of directors received a written resignation letter from equity director Mr. Chen Qiang. Due to personal reasons, Mr. Chen Qiang applied to resign from his position as equity director of the bank. Chen Qiang is affiliated with Shuangliang Group, which is related to Shuangliang Technology, a major shareholder of Jiangsu Jiangyin Rural Commercial Bank.
The latest interim report shows that in the first half of 2025, the bank achieved operating revenue of 2.401 billion yuan, a year-on-year increase of 10.45%, and net profit attributable to shareholders of 846 million yuan, a year-on-year increase of 16.63%. However, while both revenue and net profit achieved double-digit year-on-year growth, the bank's net interest income remained under pressure, declining 0.23% year-on-year. The positive revenue growth was mainly attributed to investment income of 881 million yuan, which increased 81.44% year-on-year.
Comments