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chong hing bank ltd (1111) Details

Chong Hing Bank Limited provides banking and related financial services in Hong Kong, Mainland China, Macau, and internationally. The company offers fixed deposits, current and savings accounts, lending and trade finance facilities, auto financing, consumer financing, overdraft facilities, provident fund services, credit cards, and personal wealth management services. It also provides automated telephone and Internet banking services; and other banking services, including remittance and money exchange, safe deposit boxes, autopay, and direct debit services. In addition, the company offers inter-bank placement and deposit transactions, and centralized cash management services, as well as foreign exchange trading and forward contracts; securities trading, stockbroking, and futures broking services; and insurance products and other investment advisory services; as well as engages in the property investment activities. Further, it provides nominee, electronic data processing, and credit card management services. The company operates through a network of 43 branches in Hong Kong. The company was formerly known as Liu Chong Hing Bank Limited and changed its name to Chong Hing Bank Limited in December 2006. Chong Hing Bank Limited was founded in 1948 and is based in Central, Hong Kong. Chong Hing Bank Limited operates as a subsidiary of Yuexiu Enterprises (Holdings) Limited.

Founded in 1948

chong hing bank ltd (1111) Top Compensated Officers

Chief Executive Officer, Deputy MD & Executiv...
Total Annual Compensation: $8.8M
Deputy Chairman & MD
Total Annual Compensation: $15.4M
Deputy Managing Director and Executive Direct...
Total Annual Compensation: $6.2M
Compensation as of Fiscal Year 2016.
chong hing bank ltd
Chong Hing Bank Limited Announces Exchange Offer to Holders of its $225,000,000 6.000% Subordinated Notes Due 2020

Chong Hing Bank Limited announced exchange offer to holders of its $225,000,000 6.000% subordinated notes due 2020 to offer to exchange their existing notes for new USD Denominated 3.876%. Tier 2 subordinated notes due 2027 (ISIN: XX1649885974) to be issued by the company. The company announced that the exchange offer has settled and the new notes (including the New Exchange Notes and the New Money Notes) were issued on 26 July 2017. The aggregate principal amount of New Notes issued by the company on the settlement date, being the aggregate principal amount of new exchange notes issued aggregated with the aggregate principal amount of New Money Notes issued, was $382,903,000. Pursuant to the exchange offer, the company exchanged $20,976,000 in aggregate principal amount of Existing Notes for New Exchange Notes. Following the settlement of the Exchange Offer, $204,024,000 in aggregate principal amount of the Existing Notes remains outstanding. In relation to the Exchange Offer, each Holder whose Existing Notes were accepted for exchange has received: (i) an aggregate principal amount of New Exchange Notes equal to the product of (a) the aggregate principal amount of such Holder's Existing Notes validly accepted and (b) the exchange Ratio of 1.092263, rounded down to the nearest $1,000; (ii) the Accrued Interest Payment; and (iii) the Cash Rounding Amount (if any).

Chong Hing Bank Limited Announces Offering of USD 360,000,000 Tier 2 Subordinated Notes Due 2027

The board of directors of the Chong Hing Bank Limited announced that the offering of USD 360,000,000 Tier 2 Subordinated Notes due 2027 (the New Money Notes) on 17 July 2017. The New Money Notes have a fixed distribution rate of 3.876% per annum payable semi-annually, subject to reset as set out in the terms and conditions of the New Money Notes. The New Exchange Notes (if any) to be issued in exchange for Existing Notes pursuant to the Exchange Offer will be in addition to any New Money Notes to be issued on the Settlement Date. The New Money Notes will be consolidated and form a single series with the New Exchange Notes subject to the completion of the Exchange Offer. The Board of the Issuer accordingly announces that, in relation to the Exchange Offer, the Maximum Acceptance Amount is USD 36,620,000, the Exchange Ratio is 1.092263, the Existing Notes Exchange Price is 109.23%, the Existing Notes Exchange Yield is 3.016%, the New Exchange Notes Coupon is 3.876%, the New Exchange Notes Yield is 3.876% and the New Exchange Notes Spread is 203 bps. The New Exchange Notes Amount will be no greater than the Maximum Acceptance Amount and will be determined after the Exchange Offer Deadline and announced by the Issuer in the Announcement of Exchange Offer Results. The Existing Notes U.S. Treasury Rate, being the yield of the UST 1.500% due June 2020, is, as at the Pricing Time, 1.516% and the New Exchange Notes U.S. Treasury Rate, being the yield of the UST 1.750% due June 2022, is, as at the Pricing Time, 1.846%. As a significant part of the Existing Notes is no longer recognized as Tier 2 capital, and further de-recognition will continue over the remaining life of the Existing Notes as a result of the Basel III transitional arrangements, the Issuer proposes to issue the New Exchange Notes and to invite holders of Existing Notes to exchange their securities for the New Exchange Notes under the Exchange Offer. The New Exchange Notes are due to qualify as Tier 2 capital in accordance with the Banking (Capital) Rules (Cap. 155L) as amended by the Banking (Capital) (Amendment) Rules 2015 (together, the Capital Rules) and are intended to support the Issuer's capital position by replacing legacy Tier 2 capital with an increased principal amount of better quality Basel III-compliant Tier 2 capital for the purposes of the Capital Rules. The replacement of the Existing Notes is due to be effected on conditions that are sustainable for the income capacity of the Issuer. Furthermore, the issuance is intended to improve the Issuer's total capital adequacy ratio.

Chong Hing Bank Limited Provides Consolidated Earnings Guidance for the Six Months Ended June 30, 2017

Chong Hing Bank Limited provided consolidated earnings guidance for the six months ended June 30, 2017. The Board currently expects a decline in the group's net profit before taxation, in the region of approximately 16%, for the six months ended 30 June 2017, while the overall operating profit of the group before impairment allowances is expected to remain largely the same as the corresponding period last year. The expected decline is mainly attributable to the preliminary assessment of (i) an increase in impairment allowances on loans and advances made during the first six months of 2017 in the region of HKD 180 million mainly due to one credit relationship; and (ii) a translation loss of approximately HKD 25 million from the non-Renminbi net monetary assets maintained in the Mainland branches whereas the corresponding translation gain from consolidation is recorded under the other comprehensive income, and a translation loss of approximately HKD 62 million arising from the translation of Renminbi net monetary liabilities at the Head Office due to the appreciation of Renminbi in the first half of 2017.

 

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Valuation 1111 Industry Range
Price/Earnings 8.0x
Price/Sales 3.5x
Price/Book 0.6x
Price/Cash Flow 7.2x
TEV/Sales NM Not Meaningful
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