Chengdu Bank's Top Leadership Finalized with Huang Jianjun's Return to the Helm; 8 Billion Yuan Convertible Bonds "Replenish Blood" to Solidify Trillion-Yuan Asset Base

AI · Intercity Bank Executives Swap: What Regional Financial Considerations Are Behind the Move?

Changjiang Business Daily News ●Reporter Xu Jia

After months of adjustments, the leadership of two trillion-yuan commercial banks within Sichuan Province has been finalized.

Recently, Chengdu Bank (601838.SH) announced that the Sichuan Regulatory Bureau of the China Banking and Insurance Regulatory Commission (hereinafter referred to as “Sichuan Financial Regulatory Bureau”) has approved Huang Jianjun’s qualification to serve as Director and Chairman of Chengdu Bank.

Changjiang Business Daily noticed that for Huang Jianjun, leading Chengdu Bank marks his return to his former employer after six years. In 2020, Huang transferred from Chengdu Bank to Chengdu Rural Commercial Bank, where he became Chairman. Now, Huang has officially succeeded Wang Hui as the top leader of Chengdu Bank, while Wang Hui was approved on the same day to become Chairman of Chengdu Rural Commercial Bank. The two intercity banks, each with trillions in assets, have completed a leadership swap.

Notably, besides the leadership change, Chengdu Bank has also recently been approved to modify its registered capital, becoming the first bank in 2026 to raise capital through convertible bond conversion.

Earlier, Chengdu Bank redeemed its convertible bonds early, with 8 billion yuan of convertible bonds achieving a 99.94% conversion rate. After approval, Chengdu Bank’s registered capital will increase to 4.238 billion yuan, providing additional support for its steady development.

As of the end of September 2025, Chengdu Bank’s total assets reached 1.39 trillion yuan.

Two Intercity Trillion-Yuan Banks Complete Leadership Swap

In August 2025, due to organizational restructuring and other appointments, Wang Hui resigned as Chairman, Director, and head of the Strategic Development Committee and Credit Approval Special Committee of Chengdu Bank. Shortly thereafter, Huang Jianjun was elected as the eighth Chairman of Chengdu Bank.

Recently, Chengdu Bank announced again that the Sichuan Financial Regulatory Bureau has approved Huang Jianjun’s qualification to serve as Director and Chairman. After obtaining this approval, Huang also took on roles as Director, Chairman, head of the Strategic Development Committee, and head of the Credit Approval Special Committee of Chengdu Bank.

Changjiang Business Daily observed that this personnel change essentially represents a swap of positions between Wang Hui and Huang Jianjun within the two banks in the same city. For Huang Jianjun, leading Chengdu Bank is his return to his old employer after six years.

According to available information, 50-year-old Huang Jianjun initially served as Director of the Secretariat Office of Chengdu Commercial Bank, Deputy Director of the Office and Director of the Target Supervision Office, Secretary of the Board of Directors, General Manager of the Corporate Business Department, General Manager of the SME Department; then as President of Chengdu Bank’s High-tech Branch, General Manager of the Corporate Business Department, Party Secretary and President of Xi’an Branch; later as Secretary of the Board of Chengdu Commercial Bank, Assistant to the President of Chengdu Bank, member of the Party Committee, Vice President, including a stint as Deputy Director of the Foshan Financial Bureau in Guangdong Province.

In June 2020, Huang joined Chengdu Rural Commercial Bank as Deputy Party Secretary, Acting Chairman, Director, and President, also serving as Party Secretary and Chairman.

Wang Hui had worked at Chengdu Bank for 20 years. He joined in 2005 and served as Party Committee Member and President. From 2018 to August 2025, he was Party Secretary and Chairman of Chengdu Bank, described by the bank as a “founder, witness, and leader” of its development, driving the bank’s rapid growth in scale, efficiency, and quality.

During Wang Hui’s tenure, Chengdu Bank was renamed from Chengdu City Commercial Bank. It was listed on the A-share market in early 2018.

As of the end of September 2025, Chengdu Bank’s total assets were 1.39 trillion yuan. Chengdu Rural Commercial Bank also announced that its total assets surpassed 1 trillion yuan at the end of 2025, ranking among the top rural commercial banks with assets over a trillion.

On the same day Huang Jianjun’s qualification was approved, the Sichuan Financial Regulatory Bureau also approved Wang Hui’s qualification as Director and Chairman of Chengdu Rural Commercial Bank.

Registered Capital Approved to Increase to 4.238 Billion Yuan

In addition to the smooth leadership transition, Chengdu Bank has recently supplemented its capital through convertible bond conversion.

Recently, Chengdu Bank announced that it received approval from the Sichuan Financial Regulatory Bureau. The bureau agreed to increase Chengdu Bank’s registered capital from 3.736 billion yuan to 4.238 billion yuan. The bank will handle the relevant registration procedures for the capital increase according to regulations.

This makes Chengdu Bank the first bank in 2026 approved to raise capital via convertible bond conversion.

Changjiang Business Daily noted that in March 2022, Chengdu Bank issued 80 million A-share convertible bonds with a total amount of 8 billion yuan, with a 6-year term. In April 2022, the bonds were officially listed as “Chengdu Silver Convertible Bonds” (“成银转债”) and could be converted into common A-shares starting September 9 of that year.

Between November 7 and December 17, 2024, due to the stock price of Chengdu Bank being at or above 130% of the conversion price of 12.23 yuan per share for 15 trading days, the bonds triggered a conditional redemption clause. In December 2024, Chengdu Bank decided to redeem the bonds early.

In February 2025, Chengdu Bank redeemed the bonds at 100.652 yuan per bond, successfully delisting the bonds. By then, a total of 7.995 billion yuan of bonds had been converted into shares, totaling 626 million shares, with a conversion rate of 99.94%, aiding the bank’s capital replenishment.

As of the end of September 2025, Chengdu Bank’s capital adequacy ratio was 14.39%, and Tier 1 capital adequacy ratio was 10.52%, both improved from the previous year. However, the core Tier 1 capital adequacy ratio decreased from 9.06% to 8.77%.

Besides external capital infusion, Chengdu Bank also has strong internal capital generation capacity. Data shows that in the first nine months of 2025, the bank achieved operating income of 17.761 billion yuan, up 5.2 billion yuan or 3.01%; net profit attributable to shareholders of the parent was 9.493 billion yuan, up 454 million yuan or 5.03%; the annualized return on assets was 0.96%, and the weighted average return on equity was 11.40%.

Chengdu Bank stated that its fundamental purpose is to serve the real economy, actively implement new development concepts, deeply integrate into national and provincial strategies, focus on the “five major articles” of finance, continuously enhance value creation and market competitiveness, and promote steady progress in operations.

As of the end of September 2025, the bank’s total deposits reached 986.432 billion yuan, an 11.35% increase from the previous year-end; total loans were 847.481 billion yuan, up 14.13%. Deposits accounted for 76.86% of total liabilities, maintaining a stable operational structure.

In terms of asset quality, as of September 2025, Chengdu Bank’s non-performing loan ratio was only 0.68%, with a loan loss reserve coverage ratio of 433.08%.