The third batch of applications for the establishment of financial holding companies have come. On January 30, the people's Bank of China issued the announcement on accepting the application of China Wanxiang Holding Co., Ltd. and Shenzhen Zhaorong Investment Holding Co., Ltd. to establish a financial holding company.
The content shows that according to the decision of the State Council on the implementation of the access management of financial holding companies and the Trial Measures for the supervision and administration of financial holding companies (hereinafter referred to as the financial holding measures), the people's Bank of China has accepted the application of China Wanxiang Holdings Co., Ltd. (hereinafter referred to as "China Wanxiang") for the establishment of a financial holding company Application for administrative license of Shenzhen Zhaorong Investment Holding Co., Ltd. (hereinafter referred to as "Zhaorong investment") for the establishment of a financial holding company.
normalization of financial holding approval
This is the third batch of applications for the establishment of financial holding companies accepted by the central bank following the acceptance of China CITIC Co., Ltd., China Everbright Group Co., Ltd. and Beijing Financial Holding Group Co., Ltd. Dong ximiao, chief researcher of Zhaolian finance, told China first finance that this means that the approval of financial holding companies has stepped into normalization, and financial holding companies will usher in a new stage of licensed operation. In the future, more applications for the establishment of financial holding companies will be accepted and approved.
It is worth noting that there are a large proportion of individual shareholders in the shareholding composition of China Wanxiang. According to the announcement of the people's Bank of China, Lu weiding holds 74.57% of the sponsors or major shareholders and shares of the financial holding company applied for by China Wanxiang; Shanghai guandingze Co., Ltd., holding 20%; Xiao Feng, holding 5%.
According to tianyancha information, the business scope of China Wanxiang involves industrial investment, property management, technology development, financial consultation, etc. Foreign investment involves 21 institutions, including Tonghui Futures Co., Ltd., Beijing wangkuo Technology Co., Ltd., Shanghai Wanxiang blockchain Co., Ltd., Wanxiang Western Development Co., Ltd., Vientiane Leasing Co., Ltd., Wanxiang Trust Co., Ltd., Minsheng Life Insurance Co., Ltd., Shangrao Bank Co., Ltd.
Lu weiding, the major shareholder of China Wanxiang, currently serves as the legal representative of Minsheng Life Insurance Co., Ltd., Puxing Juneng Co., Ltd., Wanxiang Group and other companies.
On the same day, another announcement of the central bank showed that the sponsors or major shareholders and their shares of the financial holding company applied for by China Merchants investment are China Merchants Shipping Co., Ltd., holding 100%.
specific measures to implement the financial control measures
As an enterprise organizational innovation, financial holding companies have developed rapidly in China in recent years. Some large financial institutions in China, such as large commercial banks, carry out comprehensive operations, obtain multiple financial licenses and form financial groups; Some non-financial enterprises or natural persons hold multiple types of financial institutions and become de facto financial holding companies.
Dong ximiao said that financial holding companies are the product of the deep integration of industrial capital and financial capital. On the whole, they can better achieve economies of scale and economies of scope. The diversified business structure of financial holding companies also helps to better resist risks. However, from the perspective of micro operation, the corporate governance of some small and medium-sized financial institutions and local financial holding groups is weak, and the related party transactions are not standardized. In particular, some financial holding groups formed by the investment of non-financial enterprises and natural persons grow savagely, expand disorderly, blindly enter the financial industry, undermine the order of market competition, and even use financial institutions as "cash machines".
In September 2020, the State Council issued the decision on implementing the access management of financial holding companies, and the central bank immediately issued the Trial Measures for the supervision and management of financial holding companies, which will come into force from November 2020. The financial holding measures require qualified institutions to apply to the central bank for the establishment of financial holding companies within 12 months.
Dong ximiao believes that the acceptance of the application for the establishment of a financial holding company by China Wanxiang and Zhaorong investment is a specific measure to implement the financial control measures. In terms of types, CITIC, Everbright and China Merchants finance are initiated and established by large central enterprises or financial institutions, Beijing financial holding is local financial holding, and China Wanxiang is private financial holding. In particular, China Wanxiang is the first private financial holding company accepted, and there are also a large proportion of individual shareholders, which shows that the principle and direction of supporting the development of private economy and private enterprises and guiding private capital to enter the financial industry have not changed.
