Strategic Analysis Report on Hangzhou Bank's Tech Finance

Based on the collected information, I will provide you with an in-depth analysis report on the appointment of Hangzhou Bank’s new president Zhang Jingke and its tech loan business.

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On the evening of January 12, 2026, Hangzhou Bank (Stock Code: 600926.SH/600926.SS) issued an announcement stating that the board of directors unanimously passed a resolution with 11 votes in favor, approving the appointment of Vice President Zhang Jingke as the new president, whose term will expire when the 8th Board of Directors concludes [1][2]. His appointment is subject to approval by the Zhejiang Office of the State Administration of Financial Regulation. Before the approval is obtained, Zhang Jingke will continue to perform his duties as Vice President [3].

Zhang Jingke’s appointment marks that Hangzhou Bank’s entire executive team has entered the “post-1970” era. Song Jianbin, Party Secretary and Chairman of Hangzhou Bank, is a post-1970 executive who has served Hangzhou Bank for over 20 years; other members of the executive team, including Vice Presidents Wang Lixiong, Li Xiaohua, Chen Lan, Li Jiong (also Chief Information Officer), Pan Huafu, Zhang Jianfu, as well as Business Director and Secretary of the Board of Directors Wang Xiaoli, are all post-1970 members [3]. This younger and professionalized configuration balances management vitality and professional experience, providing core support for the bank’s high-quality development.

Born in August 1978, Zhang Jingke graduated from Fudan University and Zhejiang Gongshang University, with a postgraduate degree, a Master of Project Management, and the title of Senior Economist. He has worked at Hangzhou Bank for over 20 years, having experienced complete training from frontline positions to core management [1][2][3]:

• 2001
  : Joined Hangzhou Bank and served as a corporate account manager at the Head Office Business Department
• 2009
  : Appointed to prepare for the establishment of Hangzhou Bank’s Tech Branch and served as its Vice President
• 2013
  : Prepared for the establishment of the Cultural and Creative Branch and served as its President
• After 2016
  : Successively held key positions including General Manager of the Asset Management Department, Party Secretary and General Manager of the Tech and Cultural Creative Finance Division, and General Manager of the Human Resources Department
• July 2023
  : Appointed as Vice President, and his qualification as Vice President was officially approved in September of the same year

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As of the end of June 2025, Hangzhou Bank’s tech loan balance reached

, an increase of RMB 20.595 billion compared to the end of the previous year, representing a significant growth [1][2]. This data fully reflects Hangzhou Bank’s achievements in deepening its layout in the tech finance sector. Since Hangzhou Bank established the first exclusive tech branch in Zhejiang Province in July 2009, sci-tech innovation finance has become its “signature business” [1].

Hangzhou Bank has achieved remarkable results in the sci-tech innovation finance sector [2][3][4]:

Indicator	Data	Remarks
Tech Loan Balance	RMB 115.18 billion	As of end-June 2025
Custodial Scale of Sci-Tech Innovation Private Equity Investment Funds	RMB 188.931 billion	As of end-June 2025
Cumulative Nurtured Listed Companies	327	Nearly 100 on STAR Market
Served Tech-Enabled Enterprises	Over 23,000	Over 16,000 in Zhejiang Province
Customers Served by “Listing Gold Engine”	1,867	Capital Market Clients
Coverage Rate of Unicorn List	90%	2025 Hangzhou Unicorn List

Zhang Jingke divides Hangzhou Bank’s tech finance business into three development stages [1][2]:

: Focused on cooperating with the government and industrial parks to build service platforms and realize risk sharing. Relying on policy tools such as policy-based guarantees and risk pool funds, it solved the first-loan problem for tech startups in their early stages.

: Focused on cooperating with venture capital institutions to strengthen information exchange and build a venture capital ecosystem. Through the “bank-investment joint loan” model, it converted equity investment signals into credit basis.

: Focuses more on the dual-drive of “data + professionalism”, concentrates on segmented tracks, builds industry-specialized teams, leverages the advantages of massive market data, taps into the value of industry data, and explores relatively standardized enterprise evaluation models.

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Hangzhou Bank has established a unique risk management system for tech finance [4][5]:

: A specialized sci-tech innovation approval center was established to ensure both approval independence and improve approval efficiency.

: Separate risk tolerance indicators are issued for sci-tech innovation finance business, and adjusted dynamically based on business conditions and market environment.

: Adheres to the development philosophy of “exclusive operation, focus, professionalism, innovation”, focusing on exclusive institutional operation, industry focus, professional teams, and product innovation.

By extracting multi-dimensional data such as “industry, team, technology, capital, policy”, Hangzhou Bank has initially formed the “Sci-Tech Enterprise Growth Evaluation Model” [2][4]. The currently established sci-tech enterprise database covers 285 data dimensions, and this digital risk control capability has greatly improved the bank’s professional judgment on the development of sci-tech enterprises.

Peng Bin, Assistant General Manager of the Corporate Finance Department of Hangzhou Bank, stated that the bank takes industrial chain research as the foundation of its services. By establishing “refined industrial chain portraits”, it ensures that financial resources are accurately and differentially invested in node enterprises that truly master core technologies [2]. Taking Hangzhou’s artificial intelligence industrial chain as an example, after in-depth research, Hangzhou Bank found that Hangzhou’s structure is “strong in the midstream and application sectors” but relatively weak in “upstream hardware and industrial scenarios”. Therefore, in the next 3-5 years, it will carry out a full-chain systematic layout for key links such as computing power hardware, basic software, industrial scenarios, and embodied intelligence.

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According to the data in Hangzhou Bank’s 2025 Third Quarterly Report [2][3]:

Indicator	Data	YoY Change
Total Assets	RMB 2,295.424 billion	+8.67%
Total Loans	RMB 1,025.573 billion	+9.39%
Operating Income	RMB 28.88 billion	+1.35%
Net Profit Attributable to Parent	RMB 15.885 billion	+14.53%
Basic Earnings per Share	RMB 2.31	—
Non-Performing Loan Ratio	0.76%	Industry Low
Provision Coverage Ratio	513.64%	First Tier of Listed Banks

Hangzhou Bank’s profit growth rate ranks among the top among listed banks, and it maintains industry-leading asset quality. With a non-performing loan ratio of only 0.76% and a provision coverage ratio as high as 513.64%, it demonstrates strong risk offset capability.

The 2025 interim dividend plan is to distribute a cash dividend of RMB 0.38 per share (tax included), with a total cash dividend of RMB 2.755 billion, a year-on-year increase of over 24%. Since its listing, Hangzhou Bank has accumulated cash dividends of over RMB 21.8 billion, and shareholder returns have been steadily improving [2][3].

As of January 14, 2026, Hangzhou Bank’s closing price was USD 15.62 (corresponding to a market capitalization of approximately RMB 11.323 billion), with a 52-week trading range of USD 13.58-17.85 and a price-to-earnings (P/E) ratio of 6.13x, which is in the middle of its historical valuation range [0].

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1. Policy Support
   : The Central Financial Work Conference listed tech finance as the top priority among the “five key areas”, providing policy guarantees for the development of tech finance.
2. Regional Advantages
   : Zhejiang has a vibrant private economy and abundant sci-tech innovation resources, providing a favorable foundation for Hangzhou Bank to deepen its tech finance business.
3. First-Mover Advantage
   : With 16 years of experience in deepening tech finance, it has accumulated rich industry data and customer resources.
4. Team Advantages
   : A younger and professionalized management team ensures the consistency of strategy implementation.

1. Economic Cycle Risk
   : Tech-enabled enterprises are greatly affected by economic cycles, requiring a balance between business growth and risk control.
2. Asset Quality Pressure
   : The non-performing loan ratio of tech loans may be higher than that of traditional loans, requiring continuous attention to changes in asset quality.
3. Intensified Competition
   : As more banks lay out their businesses in the tech finance sector, Hangzhou Bank faces increasingly fierce market competition.

Hangzhou Bank will continue to focus on the “five key areas” of finance, and deepen digital transformation and specialized operation [3]. In the tech finance sector, it will continue to:

• Anchor the goal of “self-reliance and self-improvement in science and technology”
• Deepen supply-side structural reform in finance
• Support sci-tech innovation with more precise products, more innovative mechanisms, and more professional services
• Channel financial resources to precisely nurture the fertile ground of sci-tech innovation

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The appointment of President Zhang Jingke marks that Hangzhou Bank has entered a new development stage. With his profound accumulation and professional background in the tech finance sector, Hangzhou Bank is expected to continue to maintain differentiated competitive advantages in its tech loan business. Facing the scale of RMB 115.1 billion in tech loan balance, the bank needs to continue its efforts in the following aspects:

1. Strengthen Risk Management System
   : Further optimize the risk control model driven by the dual wheels of “data + professionalism”, and improve the professional judgment on the development of sci-tech enterprises.
2. Deepen Industrial Chain Financial Services
   : Provide more precise full-chain financial services around advanced manufacturing clusters.
3. Maintain Strategic Focus
   : Continue to deepen its layout in the tech finance sector, polish this “golden signature business”, and create greater value for shareholders, customers, employees, and society.

Hangzhou Bank’s development experience in tech finance shows that through differentiated organizational structure, professional talent teams, innovative products and services, and precise risk management, city commercial banks can take a sustainable and characteristic development path in the tech finance sector.

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[1] 21st Century Business Herald - “Post-1975” Zhang Jingke Promoted to President of Hangzhou Bank, Appointment Subject to Regulatory Approval (https://www.21jingji.com/article/20260112/herald/378eaeb6a196e9fcf6136f11eec56c41.html)
[2] Securities Times Network - Internal Promotion! Hangzhou Bank’s New President is Confirmed! (https://www.stcn.com/article/detail/3588210.html)
[3] Hangzhou Net - Hangzhou Bank’s New President is Confirmed: “Post-1975” Zhang Jingke! (https://hznews.hangzhou.com.cn/jingji/content/2026-01/14/content_9161725.htm)
[4] Zhejiang Banking Association - Hangzhou Bank Innovates “Guarantee-Loan Linkage” to Promote In-depth Integration of “Technology-Industry-Finance” (https://www.zjabank.org/Mobile/info?article_id=107615)
[5] Hangzhou Bank - From “Unicorn Partner” to “Potential Dragon Incubator”, Hangzhou Bank Empowers New-Quality Productive Forces with Sci-Tech Innovation Finance (https://www.zjabank.com/Index/info?article_id=108339)
[0] Jinling API Data