On February 7, the Chinese reporter of the securities company exclusively reported the article "deep integration signal shows that Ping An department plans to airborne the executives of its subsidiaries to Founder Securities Co.Ltd(601901) ", which attracted extensive attention of the two parties and the market. Among them, Founder Securities Co.Ltd(601901) denied the news, saying that "there is no relevant personnel arrangement at present".
It needs to be emphasized again that this appointment is a "future time", and the reporter also clearly stated in the above report that the personnel deployment is undergoing relevant procedures and procedures, and has yet to be approved by the supervisor. The reporter will continue to pay attention to the progress of this personnel change.
In fact, behind the personnel changes, a deeper issue may be more valuable to explore - at present, when the restructuring plan of controlling shareholders has entered the implementation stage, the beneficial integration of the new shareholder Ping'an system and founder system, in fact, all parties have appropriate expectations. So when can the integration of equity management start?
Oolong or time?
According to the Chinese reporter of the securities firm, an executive from a subsidiary of Ping An department will go to Founder Securities Co.Ltd(601901) as an executive. This personnel deployment is currently going through the relevant procedures. After obtaining the regulatory approval, Founder Securities Co.Ltd(601901) senior management seat will welcome a Ping An cadre with rich experience.
This news can be interpreted as that Ping An department is brewing to moderately intervene in the management of Founder Securities Co.Ltd(601901) from the personnel level ("moderately" because it occupies few executive seats), and "new founder system" may start to absorb the professional support of new shareholders from the operation level.
However, Founder Securities Co.Ltd(601901) denied this, saying that "there is no relevant personnel arrangement at present. The company will promote the change of the controlling shareholder and actual controller of the company in strict accordance with the relevant requirements in accordance with the law. At present, the relevant matters still need the approval of the CSRC, and the time for completing the change is uncertain."
here, the reporter fully respects the official caliber of Founder Securities Co.Ltd(601901) , and all discussions will focus on the settled facts. This paper attempts to explore the maturity and rationality of new shareholders' appropriate participation in the company's operation and management in the future.
For a long time, Ping An investors have adhered to the status of "Observer" and do not express opinions or participate in decision-making. On April 30, 2021, Ping An Group, Zhuhai HUAFA (on behalf of Zhuhai state-owned assets) and other investors signed the reorganization investment agreement with five companies of founder and submitted the draft reorganization plan to the court. The parties agree that the entry of investor observers must be approved by the manager, and will not express opinions or participate in decision-making. The time limit is within the pre transition period before the court's ruling. This is the first time that Ping An Department has entered the market as an investor observer.
On July 5, 2021, more than two months later, the reorganization plan of Founder group was officially ruled by the court, and Ping An investors still did not express their opinions and participate in decision-making.
In November 2021, more than four months later, Founder Securities Co.Ltd(601901) Dong Jiangao, including President Gao Li, resigned, three of whom retired because of normal age. Founder Securities Co.Ltd(601901) told reporters at that time: Dong Jiangao continued to perform his duties after reaching the retirement age because of the requirements of personnel stability during the reorganization period. When the current controlling shareholder's reorganization plan enters the implementation stage, the relevant personnel can go through the retirement procedures.
This statement is very important. It conveys a message that the restructuring plan of the current controlling shareholder of Founder Securities Co.Ltd(601901) has entered the implementation stage. Therefore, the "frozen period" of the original team has actually been "unfrozen" since that time, and the job vacancies caused by the resignation of relevant personnel for various reasons also occur immediately. However, Founder Securities Co.Ltd(601901) still emphasized again in its reply to reporters at that time: Investor observers did not express opinions or participate in decision-making.
From this, we can clearly know that Ping An investors have been sitting on the "observation seat" for at least seven months, during which they do not intervene in any decision-making of Founder Securities Co.Ltd(601901) .
but just before the Spring Festival holiday, one thing made it clear that after obtaining the regulatory approval, it was natural for shareholders to intervene in management by obtaining a seat on the board of directors:
The 8.62% equity held by the second largest shareholder of Founder Securities Co.Ltd(601901) Beijing Zhengquan Holdings (holding 21.86%) was awarded to China Cinda by the court for debt repayment, which made China Cinda a shareholder of Founder Securities Co.Ltd(601901) . This identity was approved by the CSRC in September 2021. On January 28 this year, China Cinda, which became a shareholder, immediately nominated Luan Peng, deputy general manager of the third Department of China Cinda's strategic customers, as a candidate for Founder Securities Co.Ltd(601901) director. At present, this nomination has been deliberated and approved by the Founder Securities Co.Ltd(601901) board of directors, which still needs to be deliberated and approved by the general meeting of shareholders.
Therefore, to push back the integration of Ping An system and founder system, it may be able to go deeper to the level of operation and management more smoothly after obtaining the permission of the CSRC. The latest development is: before the Spring Festival holiday, the cbcirc approved Ping An Life's application to invest in xinfangzheng group. At present, the CSRC remains to approve the change of Founder Securities Co.Ltd(601901) controlling shareholder and actual controller.
another objective fact that cannot be ignored is that the new controlling shareholder of Founder Securities Co.Ltd(601901) new Founder Group has already welcomed the investor's representative: the legal representative of new Founder group is Lu Jun, and Lu Jun is the general manager of post investment management of Ping An Insurance (Group) Company Of China Ltd(601318) group.
the change of the board seat of "core assets" is still in suspense
Among the equity of new Founder group transferred by Ping An department, Founder Securities Co.Ltd(601901) has attracted much attention as the core of Founder's high-quality assets and financial sector.
In terms of performance, Founder Securities Co.Ltd(601901) belongs to the subsidiary of Founder system. Although the company has received less support from shareholders in recent years due to shareholder restructuring and other reasons, the company still achieved good performance in 2021.
Founder Securities Co.Ltd(601901) it is expected to realize the net profit of 1.645 billion yuan to 1.865 billion yuan in 2021, with a year-on-year increase of 549 million yuan to 769 million yuan, with a year-on-year increase of 50% to 70%; In 2021, its brokerage business income and proprietary income increased compared with the previous year.
It is worth mentioning that the new controlling shareholder of Founder Securities Co.Ltd(601901) xinfangzheng group is gradually settled, but the remaining 13.24% equity of Founder Securities Co.Ltd(601901) second largest shareholder Zhengquan holdings is still uncertain.
According to public information, the 13.24% equity of Founder Securities Co.Ltd(601901) held by Zhengquan holdings was auctioned on Alibaba judicial platform on June 20 and August 1, 2021, with bids of 9.437 billion yuan and 8.87 billion yuan respectively, but both were sold because there was no bid.
Therefore, the future ownership of this part of Founder Securities Co.Ltd(601901) equity of Zhengquan holdings also adds suspense to the change of Founder Securities Co.Ltd(601901) future board seats.
