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EAST ASIA SECURITIES COMPANY LIMITED

9/F, 10 Des Voeux Road Central, Hong Kong.

Dealing:

3608 8000

Research:

3608 8097

Facsimile: 3608 6132

Analyst: Paul Sham

  •   

    Research

HONG KONG RESEARCH 3rd December 2010

Chongqing Rural Commercial Bank Co., Ltd. [Stock Code:03618]

Joint Sponsors, Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers

:

Nomura

Morgan Stanley

Sector

: Banking

Business : Commercial banking and retail banking services in Chongqing

Total share offer: *2,185,509,601 H shares (24.28% of the enlarged share capital)

Business of Chongqing Rural Commercial Bank (“CRCB”)

Public Offer Placing: Greenshoe:

:

163,914,000 shares (7.5%) 2,021,595,601 shares (92.5%) 327,826,440 shares

*Comprising 2,000,000,000 New shares and 185,509,601 Sale Shares

CRCB is the largest bank in terms of total assets and total deposits in Chongqing. As of 30th June 2010, its deposits represented approximately 14.8% of total deposits of all banking institutions in Chongqing. It was also the fourth largest bank in terms of total loans, with 11.6% of total loans of

all banking institutions in Chongqing.

Price: HK$4.50 – HK$6.00 Market Cap: HK$40.5 billion – HK$54.0 billion

Net profit estimate for FY10: RMB2.85 billion

Pro forma fully diluted FY10E PER: 11.86x – 15.81x

Adjusted NTA per share: HK$2.55 – HK$2.88 Staffing: 12,423 (As of 30th June, 2010)

CRCB

was

the

first

provincial

level

rural

commercial bank established in Western China and the third provincial level rural commercial bank in China after those in Beijing and Shanghai. It is also the 3rd largest amongst rural commercial banks in the PRC and the 21st largest bank in China in terms of total assets.

With nearly 60 years’ operating history in Chongqing, CRCB underwent a series of corporate reorganizations to become a joint stock limited company and a commercial bank in June

2008.

HK Public Offer period: 3rd December 2010 – 8th December 2010

Receiving banks: Bank of China (Hong Kong) HSBC Wing Lung Bank

Share registrar: Computershare Hong Kong Investor Services Ltd.

Listing date: 16th December 2010

This report has been prepared solely for information purposes and we are not soliciting any action based upon it. Neither this document nor its contents shall be construed as an offer, invitation, advertisement, inducement or representation of any kind or form whatsoever. The information is based upon information, which we consider reliable, but accuracy or completeness is not guaranteed. Opinions expressed herein are subject to change without notice. At time of this report, East Asia Securities Company Limited has no position in securities of the company or companies mentioned herein, while its group companies may from time to time have interests in securities of the company or companies mentioned herein.

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