On January 9, the Hebei Financial Regulatory Bureau issued an approval, agreeing for Minsheng Bank to acquire 4 million shares of Ningjin Minsheng Village Bank held by Hebei Ningfang Group Co., Ltd., 3.6 million shares held by Jinglong Industrial Group Co., Ltd., 3.6 million shares held by Yufeng Industrial Group Co., Ltd., 2.4 million shares held by Hebei Wanfang Cable Group Co., Ltd., 2 million shares held by Huatong Road & Bridge Group Co., Ltd., 1.2 million shares held by Hebei Huierxin New Materials Co., Ltd., and 800,000 shares held by Hebei Shenghe Agricultural Machinery Co., Ltd. Following the acquisition, Minsheng Bank will hold a total of 38 million shares in Ningjin Minsheng Village Bank, representing a 95% ownership stake.

The approval requires that Ningjin Minsheng Village Bank strengthen its equity management, further optimize its shareholding structure, strictly control related-party transactions among shareholders, and improve its corporate governance and internal control mechanisms to prevent and mitigate risks.