"Starting at half price, multiple shares of Beijing Rural Commercial Bank appear on Alibaba Auctions"

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On February 27, Xin Feng noticed that Beijing Rural Commercial Bank quietly launched 10 equity shares on the Alibaba Assets Auction Platform;

Statistics show that all 10 of these shares on "the shelf" are held by natural persons, with each transfer ranging from 50,000 to 100,000 shares, including equity certificates and dividend gains for 2025;

Notably, the starting auction price for these shares is set at 3.8-4 yuan per share.

Auction data shows that as of the end of the third quarter of 2025, the net asset value per share of Beijing Rural Commercial Bank was 8.37 yuan. This means that the starting auction price for these natural person shares is more than 50% discounted compared to the net asset per share—almost a "half-price" fire sale.

Why are these individual shareholders choosing to cash out at such a steep discount?

The prolonged IPO counseling period may be the main reason for draining patience. As the only trillion-yuan Rural Commercial Bank in China that has not yet gone public, Beijing Rural Commercial Bank’s road to the capital market has been particularly bumpy.

As early as 2011, the bank established an IPO leadership group, and in September 2018, it formally accepted IPO counseling. However, after eight years, while several rural commercial banks that began the process at the same time have already listed on A-shares, Beijing Rural Commercial Bank is still stuck in the counseling period.

The liquidity of shares in unlisted small and medium-sized banks is naturally restricted, lacking a public market pricing mechanism. Coupled with the typical issues of rural commercial banks such as dispersed equity structure and historical legacy problems, small shareholders often can only seek buyers through large discounts when facing capital turnover needs.

Behind the discounted equity sell-off, Beijing Rural Commercial Bank's fundamentals have also experienced some pressure recently.

Although its asset scale continues to expand steadily—the total assets exceeded 1.35 trillion yuan by the end of the third quarter of 2025, firmly ranking among the top rural commercial banks nationwide—some profitability and asset quality indicators have fluctuated;

In the first three quarters of 2025, its non-performing loan ratio rebounded from 0.96% at the end of 2024 to 1.19%, provision coverage ratio dropped to 250.24%, and core and capital adequacy ratios also declined compared to the previous year.

Even more notable is that amid performance pressure and slow IPO progress, Beijing Rural Commercial Bank is undergoing intensive senior management reshuffles.

In January 2026, former chairman Guan Wenjie, who had only been at the helm for a year and a half, was suddenly reassigned to become Party Secretary at Beijing Bank—a larger institution in the same city. With a career spanning state-owned banks, joint-stock banks, and rural commercial banks, Guan Wenjie’s abrupt departure after a brief tenure sparked discussions in the outside world over the continuity of Beijing Rural Commercial Bank's strategy.

Nevertheless, the bank quickly completed the "top leader" replacement.

In early February, former president Bai Xiaodong was promoted to Party Secretary and elected by the board of directors as the new chairman, with former vice president Tian Hui appointed as the new president.

Unlike his predecessor’s “parachuting in,” Bai Xiaodong is a veteran who has worked in Beijing Rural Commercial Bank for decades, serving since the earliest rural credit cooperative reform in 2005. His internal promotion maximizes continuity and stability in operational management.

For the new leadership team, the current challenges are self-evident.

How to stabilize asset quality and find new sources of profit are the primary tasks facing Bai Xiaodong’s team. Meanwhile, according to the latest counseling report disclosed by the bank, it still needs to focus on foundational areas like equity compliance and internal control system construction to advance rectifications—removing obstacles to listing remains a long and arduous task.

With natural person shares offered at half-price, whether the market will ultimately be willing to pay for this trillion-yuan rural commercial bank undergoing internal restructuring is something Xin Feng will continue to monitor.

Risk Warning and DisclaimerThe market has risks, and investment requires caution. This article does not constitute personal investment advice, nor does it take into account individual users’ specific investment goals, financial situation, or needs. Users should consider whether any opinions, views, or conclusions in this article fit their particular circumstances. Investment based on this is at your own risk. ```