“半價” 起拍，北京農商行多筆股權現身阿里拍賣

On February 27, Xinfeng noticed that Beijing Rural Commercial Bank had quietly listed 10 equity stakes on the Alibaba asset auction platform;

According to statistics, these 10 equity stakes are all held by individuals, with each transfer ranging from 50,000 to 100,000 shares, all including equity certificates and dividends for the year 2025;

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

Auction materials show 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, which means that the starting auction price for the aforementioned individual equity stakes is over 50% lower than the net asset value per share, almost a "half-price" sale.

Why did individual shareholders choose to cash out at a significant discount?

The lengthy IPO guidance period may be the main reason for exhausting the patience of funds. As the only trillion-level rural commercial bank in China that has not yet gone public, Beijing Rural Commercial Bank's path to the capital market has been quite bumpy.

As early as 2011, the bank proposed to establish an IPO leadership group, and in September 2018, it officially accepted IPO guidance. However, after eight years, many rural commercial banks that started their IPO processes at the same time have already listed on the A-share market, while Beijing Rural Commercial Bank has still not exited the guidance period.

The liquidity of unlisted small and medium-sized bank equities is inherently limited, lacking a public market pricing mechanism. Coupled with the common issues of dispersed equity structures and historical legacy problems in rural commercial banks, small and medium-sized shareholders often have to seek buyers through significant concessions when facing funding turnover needs.

Behind the discounted sale of equity, Beijing Rural Commercial Bank's recent fundamental performance is also under certain pressure.

Although the bank's asset scale continues to expand steadily, with total assets exceeding 13.5 trillion yuan by the end of the third quarter of 2025, firmly ranking among the top rural commercial banks in the country, some of its profitability and asset quality indicators have shown fluctuations;

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

More concerning is that under the pressure of performance and the slow IPO process, Beijing Rural Commercial Bank is experiencing intensive high-level "replacements."

In January 2026, the former chairman Guan Wenjie, who had been in office for only a year and a half, was suddenly reassigned to serve as the party secretary of Beijing Bank, which has a larger scale in the same city. Guan Wenjie's experience spans state-owned banks, joint-stock banks, and rural commercial banks, and his hasty departure after a short tenure has led to discussions about the strategic continuity of Beijing Rural Commercial Bank.

However, the bank quickly completed the replacement of its "top leader."

In early February, the former president Bai Xiaodong was promoted to party secretary and elected as the new chairman by the board of directors, while the former vice president Tian Hui was appointed as the new president Unlike the previous "airborne" appointment, Bai Xiaodong is a veteran who has been deeply rooted in the Beijing Rural Commercial Bank system for decades. He has been serving in the bank since the reform of rural credit cooperatives began in 2005, and internal promotions can maximize the continuity and stability of management.

For the new leadership team, the challenges are evident.

Stabilizing asset quality and finding new profit margins are the primary tasks facing Bai Xiaodong's team. At the same time, according to the bank's latest disclosed guidance report, it still needs to focus on rectifying fundamental aspects such as equity compliance and internal control system construction, as clearing the obstacles to listing remains a long and arduous task.

In the face of natural person equity starting at half price, whether market funds are ultimately willing to pay for this trillion-yuan rural commercial bank undergoing internal restructuring will continue to be monitored by Xin Feng.

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