(Yicai Global) Oct. 20 -- China Guangfa Bank, one of the first joint-stock commercial banks in the country, will have a second adjustment in its shareholders this year through an online auction of a 3.5 percent stake.

AVIC Investment Holdings, a unit of AVIC Industry Finance Holdings, intends to auction off the shares for at least CNY6.9 billion (USD953.5 million), according to information disclosed on the National Equity Industry Information Comprehensive Services Platform today. The seller is required to disclose information about the deal to the public by Nov. 16.

The process has several stages. After passing a review, the potential buyer should pay a CNY600 million (USD82.9 million) cash deposit in three days. After that, it will sign a contract with AVIC Investment in five days. It will need to pay the rest in five days.

This is Guangzhou-based CGB's second shift in its ownership structure this year as state-owned State Grid Yingda International Holdings Group transferred 1.1 billion shares to the finance ministry for free on July 27.

CGB has been turning increasingly profitable as it reported a 27 percent hike in net profit last year from 2020 after a 10 percent boost a year before that.

AVIC Industry, a Beijing-based securities and leasing service provider, became one of the more than 30-year-old lender's shareholders via its unit after revealing its plan in July 2018 to subscribe to CNY5.3 billion worth of CGB's shares.

The bank is familiar with ownership changes as China Life Insurance claimed its position as CGB's single biggest shareholder in 2016 with holdings exceeding 40 percent.

Editor: Emmi Laine, Xiao Yi