After nearly nine years in the Hong Kong stock market, JIUTAI RCB (06122.HK), the first rural commercial bank in Northeast China, has officially delisted. The bank announced that its H-shares were withdrawn from the Hong Kong Stock Exchange on November 24, following approval under listing rules.

The delisting stems from a takeover bid initiated by local state-owned capital. In July, Jilin Financial Holding Group Co., Ltd. (Jilin Financial Holding) and its affiliates proposed acquiring all issued H-shares and domestic shares of JIUTAI RCB at HKD 0.70 per share and RMB 0.63 per share, respectively. The total cash consideration amounts to approximately HKD 677 million (for H-shares) and RMB 2.588 billion (for domestic shares), exceeding RMB 3 billion in total.

Originally established as the Jiutai Rural Credit Cooperative in 2008, JIUTAI RCB became the first rural commercial bank in Northeast China. It listed in Hong Kong in January 2017 as the second rural commercial bank from mainland China to do so. Post-delisting, the bank plans to continue its localized operations in Jilin Province, focusing on core business areas.

With the delisting of JIUTAI RCB, Jinzhou Bank, and Shengjing Bank, Harbin Bank (06138.HK) remains the only listed bank in Northeast China.

"JIUTAI RCB’s delisting reflects a strategic decision driven by market conditions, operational pressures, and restructuring needs," noted Tian Lihui, Dean of the Institute of Financial Development at Nankai University. He highlighted the bank’s persistently low valuation and liquidity in Hong Kong, rendering its listing status ineffective for financing. The move also allows the bank to reduce compliance costs and refocus on local operations.

The takeover bid represents a premium, with the H-share offer price 70% higher than the last closing price of HKD 0.41. JIUTAI RCB’s shares had been suspended since March 12, 2025, after trading between HKD 0.33 and HKD 0.50 in the preceding 46 sessions. The bank cited declining investor confidence and limited fundraising capacity as key reasons for delisting.

Financially, JIUTAI RCB projected a net loss of RMB 1.7–1.9 billion for 2024, attributed to reduced interest income from fee cuts supporting borrowers and higher provisions for credit risks. Its Q3 2024 report showed total assets of RMB 262.058 billion and liabilities of RMB 242.862 billion, with a net loss of RMB 86 million.

The acquisition aligns with broader reforms in Jilin’s rural credit system. In July, the provincial government issued RMB 26 billion in special bonds to recapitalize small and medium banks, with funds channeled through Jilin Financial Holding. In August, Jilin Rural Commercial Bank was established as the fifth provincial-level rural commercial bank in China, consolidating 13 local institutions.

Analysts view JIUTAI RCB’s delisting as a strategic step in Jilin’s financial reforms, enabling resource integration under state-led, market-driven models to enhance rural financial services. Post-delisting, the bank will transition to state-controlled ownership, with its branches and rural banking assets absorbed into the provincial framework.

With this exit, only Harbin Bank remains listed among Northeast China’s banks, following the earlier delistings of Jinzhou Bank and Shengjing Bank.