Image source: Visual China
Reporter | Zeng Lingjun
On the first trading day after the change of president, the share price of China Merchants Bank (600036.SH; 03968.HK) continued to fall.
On April 19, the share price of China Merchants Bank’s A shares fell 2.97%, leading the decline in bank stocks, and finally closed at 42.1 yuan per share, with a turnover of over 10 billion yuan. The largest intraday decline of the bank was 4.59%, and the lowest hit 41.4 yuan per share. In contrast, the banking sector index rose 0.53% on the day.
The H-shares of China Merchants Bank also fell sharply today due to the previous closure of the market. The intraday decline was close to 12%, and as of press time, it fell by more than 10%.
On the previous trading day (April 18), China Merchants Bank fell sharply at the opening, fell more than 8% during the session, and the stock price hit a minimum of 42.78 yuan per share. In the end, China Merchants Bank closed at 43.39 yuan per share, down 7.35%. This also means that in the past two trading days, the market value of China Merchants Bank has evaporated by more than 100 billion yuan.
This may have something to do with the change of the bank’s president.
On the evening of April 18, China Merchants Bank announced that it agreed to remove Tian Huiyu from the positions of president and director of China Merchants Bank, and to make other appointments; at the same time, it was agreed that Wang Liang would preside over the work of China Merchants Bank, which will take effect from the date of deliberation and approval by the board of directors.
It is reported that Tian Huiyu may serve as the deputy director (executive) of the China Merchants Financial Business Group/Platform Executive Committee, and the vice chairman of China Merchants Financial Group (assistant to the general manager of the group).
Tian Huiyu has been the president of China Merchants Bank for 9 years, and this sudden news shocked the outside world.
Essence Securities released a research report saying that although this personnel change happened suddenly, considering that Tian Huiyu is still expected to have a job arrangement in China Merchants Group, and the board of directors of China Merchants Bank also agreed to remove Mr. Tian Huiyu from the positions of president and director of China Merchants Bank, China Merchants Bank will follow up. The material impact is not expected to be large, and its operating performance is expected to be stable.
The above research report believes that from a fundamental point of view, due to the decisive measures taken by the company’s board of directors, it is expected that this personnel change will have little impact on the fundamentals of China Merchants Bank; from the perspective of stock prices, liquidity, macroeconomic expectations, unexpected events It will affect the short-term stock price trend. The change of the president of China Merchants Bank may cause the short-term volatility of the company’s stock price to increase. However, in the medium and long term, the stock price is basically determined by fundamental factors, and we expect that the core competitiveness of China Merchants Bank will not occur. Changes, the medium and long-term investment value is highlighted.
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