Twenty-five years after participating in the restructuring of the precursor to Bank Of Qingdao Co.,Ltd. as an industrial capital investor, Haier Electronics is taking its first step to realize returns on this long-term investment.

On June 3, Bank Of Qingdao Co.,Ltd. announced that Qingdao Haier Industrial Development Co., Ltd., part of the "Haier Group," plans to sell 107 million shares via block trades starting June 26. Based on the share price on the announcement date, the expected cash proceeds are close to 600 million yuan.

This marks Haier's first reduction of its stake in the bank since its initial investment in 2001. From a cumulative investment exceeding 2.3 billion yuan to accompanying the bank through dual listings in Hong Kong and mainland China, and now initiating a stake sale, this move represents the first loosening in the quarter-century-long capital relationship between Haier and the bank.

This action also signals a subtle shift in how industrial capital values bank stocks. The story began in 2001 when the Qingdao municipal government initiated the restructuring of the former Qingdao City Commercial Bank. As a leading local manufacturing enterprise, Haier invested 510.7 million yuan, at one point holding a 26.1% stake.

Over the next two decades, through capital increases in 2011 and 2014, the bank's 2015 Hong Kong IPO, its 2019 A-share listing, and a 2022 rights issue, the Haier group consistently followed up with additional investments, accumulating a total outlay of approximately 2.335 billion yuan and reaching a peak shareholding exceeding 20%.

Such long-term commitment is relatively rare among bank shareholders. For a long period, industrial capital investing in local banks was seen as a classic model of "industry-finance integration." Large manufacturing firms could benefit from the bank's growth while leveraging their shareholder status to strengthen ties with the local financial system.

However, as the banking sector entered a low-interest-rate cycle, this dynamic began to change. In recent years, the banking industry's net interest margin has continued to narrow, with overall profit growth gradually slowing.

Concurrently, bank stock valuations have remained low, with most listed banks trading persistently below 1x price-to-book value, significantly weakening their growth appeal. For industrial groups increasingly focused on technology R&D, smart manufacturing, and global expansion, capital long tied up in financial assets is also facing pressure for reallocation.

In 2025, the shareholding structure of Bank Of Qingdao Co.,Ltd. saw a leading change; Qingdao Guoxin Development Group, a local state-owned asset platform, continuously increased its stake in the secondary market, surpassing the Haier group's 18.14% with a 19.17% holding to become the largest shareholder.

Just half a year later, Haier's reduction plan has been formally implemented. According to the announcement, Haier stated the move responds to national policy guidance for industrial capital to refocus on the real economy, proactively adjusting its financial asset allocation, with the funds to be used to support long-term growth areas.

This statement suggests the reduction is not due to concerns over Bank Of Qingdao Co.,Ltd.'s business prospects but rather resembles a long-anticipated capital rotation. From a financial perspective, it has also been a highly rewarding long-term investment.

Public information shows the Haier group's cumulative investment was approximately 2.335 billion yuan. Factoring in cumulative dividend income of about 1.5 billion yuan over the years, its effective holding cost has been significantly reduced. Haier still holds about 1.056 billion shares in the bank, corresponding to an A-share market value of nearly 5.9 billion yuan.

Even after completing this reduction, the market value of its remaining stake will exceed 5 billion yuan. It is worth noting that the fundamental performance of Bank Of Qingdao Co.,Ltd. has not shown significant deterioration.

Its Q1 2026 report showed net profit attributable to shareholders of 1.524 billion yuan, a year-on-year increase of 21.16%; total assets reached 834.203 billion yuan, up 2.36% from the end of the previous year; and the non-performing loan ratio further declined to 0.96%, remaining among the lower levels for listed banks.

Simultaneously, with the bank's price-to-book ratio long below 1x, raising external capital through methods like private placements or rights issues is challenging. In this context, retaining more profit to supplement core capital has become a relatively practical choice.

For over two decades, Haier has been one of the most influential industrial shareholders in Bank Of Qingdao Co.,Ltd.. With Qingdao Guoxin's continuous share purchases solidifying its position as the largest shareholder, the bank has gradually completed a shift in control towards the local state-owned asset system.

After this reduction, the Haier group's stake will fall further to about 16.3%, widening the gap with Qingdao Guoxin to nearly 3 percentage points. For Bank Of Qingdao Co.,Ltd., Haier's reduction may not alter its operational trajectory, but it signifies the shareholder structure has entered a new phase.

The development coordinates for this city commercial bank are quietly shifting: from a balance between industrial capital and local state-owned capital to the gradual establishment of state-owned dominance, and from growth logic driving valuation to capital constraints and shareholder returns becoming new focal points.