浙江东方控股集团斥资逾9亿元收购杭州联合银行4%股权，深化金融协同布局
浙江东方控股集团股份有限公司（600120.SH）于2026年5月22日发布公告，拟以自有资金9.29亿元人民币（约92,887.72万元）从控股股东浙江省国际贸易集团有限公司（简称“省国贸集团”）收购杭州联合农村商业银行股份有限公司（简称“杭州联合银行”）4%的股份，每股转让价格10.65元，涉及87,218,518股。本次交易完成后，浙江东方控股集团将合计持有杭州联合银行7.94%的股份。
交易关键信息与流程
- 本次交易构成关联交易，省国贸集团为浙江东方控股集团的控股股东，持股41.14%。
- 交易价格基于万邦资产评估有限公司出具的市场法评估结果，评估基准日为2025年12月31日，评估价值为2,322,065.31万元，较账面归母净资产价值折价42.86%。
- 付款安排：交易协议生效后5个工作日内一次性全额支付。
- 本次交易需经公司股东大会审议批准，省国贸集团需回避表决，并需获得国家金融监督管理总局或其派出机构审批。
对公司及股东影响
- 本次收购有利于公司打造一流金融投资集团，深化与银行板块的协同，提升金融生态圈资源配置效率。
- 并不会导致公司合并报表范围变化，所持杭州联合银行股份将继续采用权益法核算。
- 本次交易属于权益性交易，所带来的可辨认净资产公允价值份额超出收购成本的部分将计入资本公积，不影响当年非经常性损益。
- 未来将持续获得来自杭州联合银行的权益法投资收益，增强公司盈利能力。
- 交易完成后不会形成同业竞争，也不会新增控股子公司，控股股东及其关联人不会形成非经营性资金占用。
杭州联合银行基本情况及财务数据
- 创立于2005年6月3日，注册资本21.80亿元，注册地址为杭州市上城区建国中路99号。
- 2025年末总资产约5,863.7亿元，净资产约496亿元，2025年实现净利润约49.1亿元，营业收入约112.8亿元。
- 本次交易前浙江东方持有3.94%股份，完成后增至7.94%，进入前十大股东行列。
- 杭州联合银行无控股股东，前十大股东合计持股48.09%。
交易定价合理性及评估逻辑
- 本次定价完全基于第三方专业资产评估机构评估结果，市场法评估价值2,322,065.31万元，低于归母净资产，体现当前银行业外部监管及市场环境风险压力。
- 评估机构、方法、评估假设均具备独立性、合理性，符合国有资产交易相关监管要求。
- 交易价格公平公允，不存在损害上市公司及中小股东利益的情形。
潜在风险及需关注事项
- 本次交易尚需国家金融监督管理总局或其派出机构审批，存在审批不确定性，能否最终交割存在变数。
- 受让方获得的杭州联合银行股份不会导致实际控制权变动，参考中国银保监会相关规定，单一非金融机构及其关联方合计持股不得超过10%。
- 过渡期损益由受让方享有或承担，转让方承诺过渡期内合理合法行使股东权利。
董事会独立意见与审议流程
- 董事会6票全票通过，关联董事沈旗回避表决，独立董事一致认可该交易对公司发展有利，交易价格公允、程序合规。
- 股东大会尚未召开，省国贸集团将回避表决。
投资者关注要点（可能影响股价的敏感信息）
- 本次大额关联交易显著提升公司在银行板块的话语权与资源整合能力，有望带来持续的投资收益，增强金融板块协同，有助于估值体系重构。
- 交易价格显著低于净资产价值，反映出外部环境对银行板块估值的压力，亦体现公司谨慎的投资风控。
- 需密切关注监管审批进度及后续交割进展，如审批不通过或延迟，可能影响公司战略布局及短期市场信心。
历史关联交易回顾
过去12个月，公司与省国贸集团已发生多笔投资及资金往来，包括共同设立产业发展公司、医药基金及控股子公司获得13亿元借款额度，均已履行相关决策与披露程序。
结论
本次收购杭州联合银行4%股份，既是浙江东方控股集团金融协同战略的重要落子，也是公司资产配置向银行核心牌照靠拢、增强综合金融实力的关键举措。交易价格基于第三方评估，程序合规，具备鲜明的战略意义。投资者需重点关注监管审批进度及后续交割安排，相关进展或将对公司股价产生直接影响。
免责声明： 本文仅据公开信息整理，不构成任何投资建议。投资者据此操作，风险自担。请密切关注上市公司后续公告及监管审批动态。
English Translation
Zhejiang Orient Holdings to Acquire 4% Stake in Hangzhou United Rural Commercial Bank for Over RMB 929 Million, Deepening Financial Synergy
Zhejiang Orient Holdings Group Co., Ltd. (600120.SH) announced on May 22, 2026, that it plans to use its own funds to acquire 4% equity (87,218,518 shares) of Hangzhou United Rural Commercial Bank Co., Ltd. (Hangzhou United Bank) from its controlling shareholder Zhejiang International Trade Group Co., Ltd. (ZJITG) at a price of RMB 10.65 per share, totaling RMB 929 million (approx. RMB 92,887.72 million). After completion, Zhejiang Orient Holdings’ stake in Hangzhou United Bank will rise from 3.94% to 7.94%.
Key Transaction Details and Process
- This constitutes a related-party transaction as ZJITG holds 41.14% of Zhejiang Orient Holdings’ shares.
- Pricing is based on an independent market-based valuation by Wanbang Asset Appraisal Co., Ltd., as of December 31, 2025, valuing the bank at RMB 23.22 billion, a 42.86% discount to book NAV.
- Cash payment within 5 working days after contract takes effect.
- Transaction subject to shareholder meeting approval (with ZJITG abstaining), and final regulatory approval from the National Financial Regulatory Administration or its local branch.
Impact on Company and Shareholders
- This acquisition strengthens Zhejiang Orient’s position as a top-tier financial investment group, deepens banking synergy, and optimizes resource allocation.
- Does not change consolidation scope; Hangzhou United Bank stake continues to be accounted for as long-term equity investment using the equity method.
- This is treated as an equity transaction, with any excess of identifiable net assets over purchase cost credited to capital reserves, not affecting non-recurring profit/loss for the year.
- The company expects stable investment returns from Hangzhou United Bank moving forward, boosting profitability.
- No issues of intra-industry competition, no new subsidiaries, and no non-operating capital occupation by controlling shareholders or related parties post-transaction.
Hangzhou United Bank Profile and Financials
- Founded June 2005, registered capital RMB 2.18 billion, located in Shangcheng District, Hangzhou.
- As of end-2025: total assets approx. RMB 586.4 billion, net assets RMB 49.6 billion; 2025 net profit approx. RMB 4.91 billion, operating income RMB 11.28 billion.
- Post-transaction, Zhejiang Orient becomes the third-largest shareholder with a 7.94% stake.
- No actual controlling shareholder; top 10 shareholders hold 48.09% of shares in total.
Valuation Rationale and Pricing Fairness
- Pricing strictly follows third-party appraisal, reflecting current regulatory and market risks for banking sector assets.
- The appraisal firm, methodology, and assumptions are independent and reasonable, complying with state-owned asset transaction regulations.
- The transaction price is fair, with no infringement on the interests of the company or minority shareholders.
Key Risks and Investor Focus Points
- Regulatory approval is pending; if not granted or delayed, the company’s banking sector strategy and short-term market sentiment may be affected.
- Per CBIRC rules, non-bank financial institutions and their affiliates cannot hold over 10% in rural commercial banks, so no control will be acquired.
- Transitional profit/loss from assessment date to closing will be borne/entitled by the acquirer. Transferor must exercise rights lawfully during this period.
Independent Director Opinions and Decision Process
- Board approved unanimously (6 votes); related director abstained. Independent directors agree transaction is strategic, fairly valued, and procedure compliant.
- Shareholder meeting pending; controlling shareholder will abstain from voting.
Price-Sensitive Information for Investors
- This sizable related-party acquisition significantly increases the company’s banking sector exposure and resource integration, promising recurring investment returns and potentially boosting valuation.
- Acquisition price is well below NAV, reflecting both market pressure on the banking sector and prudent risk management by the company.
- Investors should closely monitor regulatory approval progress; any setbacks or delays could impact the company’s share price.
Historical Related Transactions
In the past 12 months, Zhejiang Orient and ZJITG have cooperated on multiple investments and funding arrangements, all duly disclosed and approved by the board/shareholders.
Conclusion
This transaction is a major strategic move for Zhejiang Orient Holdings, deepening its financial synergy and reinforcing its banking sector footprint. The deal’s price is based on independent appraisal and complies with all procedures. Investors should pay close attention to subsequent regulatory approvals and final closing, which could have a notable impact on the company’s share price.
Disclaimer: The above is based on publicly disclosed information and does not constitute investment advice. Investors are advised to pay attention to subsequent company announcements and regulatory developments. All risks remain with investors.
