Haier reduces its stake in Bank of Qingdao for the first time in 25 years, with industrial shareholders retreating and national qualifications gradually taking shape.

25 years ago, Haier participated in the restructuring of the predecessor of Qingdao Bank as an industrial capital investor; 25 years later, this long-term investment finally welcomes its first moment of realization. On June 3rd, Qingdao Bank announced that "Haier-affiliated" Qingdao Haier Industrial Development Co., Ltd. plans to reduce its holdings by 107 million shares through block trading starting June 26; based on the share price on the day of the announcement, the expected cash-out amount is close to 600 million yuan. **This is Haier's first reduction of shares in Qingdao Bank since it invested in 2001.** From investing over 2.3 billion yuan, accompanying the bank through dual listings, to now initiating a reduction, the capital relationship between Haier and Qingdao Bank—spanning a quarter of a century—has seen its first loosening. Behind this move, the value judgment of industrial capital on bank stocks is quietly changing. Let’s go back to 2001. At that time, the Qingdao municipal government launched the restructuring of the original Qingdao Commercial Bank. As a leading local manufacturing enterprise, Haier invested 510.7 million yuan, at one point holding 26.1% of shares. Over the next twenty years, whether it was capital increases in 2011 and 2014, the Hong Kong listing in 2015, the A-share listing in 2019, or the rights issue financing in 2022, Haier consistently followed up, cumulatively investing about 2.335 billion yuan and at its peak holding over 20%. Such long-term commitment is rare among bank shareholders. For a long time, industrial capital investing in local banks was seen as a typical "industry-finance integration" model. Large manufacturing enterprises could share in the bank’s growth dividend, and, as shareholders, strengthen their synergy with the local financial system. **But as the banking industry enters a low-interest cycle, this relationship has started to change.** In recent years, the industry's net interest margin has continued to narrow, and overall profit growth has slowed. Meanwhile, bank stock valuations have remained low for a long time, with most listed banks’ price-to-book ratios persisting below one, and their growth attributes have noticeably weakened. For industrial groups increasingly emphasizing technological research, intelligent manufacturing, and global layout, capital long-seated in financial assets is facing the pressure of reallocation. In 2025, Qingdao Bank’s equity structure saw changes ahead of others; Qingdao Guoxin Development Group, a local state-owned platform, continuously increased its holdings via the secondary market, overtaking Haier with a 19.17% share against Haier’s 18.14%, becoming the largest shareholder. Barely half a year later, Haier’s reduction plan was officially implemented. **According to the announcement, Haier stated that this reduction is a response to national policies encouraging industrial capital to return to the real economy, proactively adjusting its financial asset allocation, and the funds will be used to support long-term growth areas.** From this statement, the reduction does not stem from concerns about Qingdao Bank’s prospects, but rather resembles a capital rotation that has lasted for years. From a financial perspective, this is also a highly profitable long-term investment. Public information shows Haier invested a total of approximately 2.335 billion yuan. Combined with accumulated dividends of about 1.5 billion yuan over the years, Haier's actual holding cost has been substantially diluted. Haier currently still holds about 1.056 billion shares of Qingdao Bank, equivalent to an A-share market value close to 5.9 billion yuan. Even after this reduction, the remaining stake will still exceed 5 billion yuan. Notably, Qingdao Bank’s fundamentals have not changed significantly. The Q1 2026 report shows Qingdao Bank achieved net profit attributable to parent company of 1.524 billion yuan, up 21.16% year-on-year; total assets reached 834.203 billion yuan, up 2.36% from the end of last year; the non-performing loan ratio further declined to 0.96%, remaining at a low level among listed banks. Meanwhile, the bank’s price-to-book ratio has long been below one, making it difficult to replenish capital externally via placement or rights issue. In this context, retaining more profit to supplement core capital becomes the realistic choice. For over two decades, Haier has been one of Qingdao Bank’s most influential industrial shareholders. As Qingdao Guoxin continues increasing its stake and consolidating its position as the largest shareholder, Qingdao Bank has gradually shifted its control center to the local state-owned system. **After this reduction, Haier’s shareholding will further drop to about 16.3%, widening the gap with Qingdao Guoxin to nearly 3 percentage points.** For Qingdao Bank, Haier’s reduction may not change its operational trajectory, but it does mark a new stage in shareholder structure. From an equal focus on industrial capital and local state ownership, to the gradual establishment of state ownership’s leading role; from valuation dominated by growth logic, to a new emphasis on capital constraints and shareholder returns, the development coordinates of this city commercial bank are quietly changing. Risk Warning and Disclaimer There are risks in the market; investment requires caution. 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