The bankruptcy and reorganization of Wangxin securities, which was contested by many companies, was finally announced.
On February 10, Beijing Compass Technology Development Co.Ltd(300803) announced that the company received the notice from the manager that according to the voting results of the second interim creditors’ meeting of the bankruptcy and reorganization case of wechat securities on February 10, 2022, the manager determined the company as the reorganization investor of wechat securities.
I thought it was a big news. Unexpectedly, the market voted with its feet. In early trading on the 11th, Beijing Compass Technology Development Co.Ltd(300803) once soared by 8%, and then the share price fell rapidly. As of press time, Beijing Compass Technology Development Co.Ltd(300803) fell 3.65%.
next China stock market news?
It is understood that in July 2021, Wangxin securities was ordered to restructure by Shenyang intermediate people’s court. The next month, Wangxin securities issued an announcement on public recruitment and selection of restructuring investors, officially opening the road of restructuring.
So far, Beijing Compass Technology Development Co.Ltd(300803) , Haomai fortune, Shenyang Linlong, Ruida Futures Co.Ltd(002961) four companies have participated in the selection of Wangxin securities. During this period, after due diligence and reverse due diligence, Ruida Futures Co.Ltd(002961) announced its abandonment at the end of 2021.
Finally, Beijing Compass Technology Development Co.Ltd(300803) broke through the siege in the second selection on February 10 and became the reorganization investor of Wangxin securities.
If the reorganization is successful, another Internet brokerage will be added to China’s A-share market.
When it comes to internet securities companies, many people naturally think of China stock market news. Some netizens said that in April 2015, Dongcai’s acquisition of Tibet Tongxin triggered 11 trading limits and expected Beijing Compass Technology Development Co.Ltd(300803) 5 trading limits.
Brokerage analysts are also optimistic. China International Capital Corporation Limited(601995) believes that if Beijing Compass Technology Development Co.Ltd(300803) finally becomes the reorganization investor of wechat securities, the company is expected to provide customers with one-stop comprehensive financial services and create a second growth curve.
Northeast Securities Co.Ltd(000686) the research report believes that if Beijing Compass Technology Development Co.Ltd(300803) successfully acquires wechat securities, combined with the original financial data in-depth mining and technical analysis services, it is expected to develop the business of Internet Securities Companies Based on the Internet platform and existing user groups, benchmarking China stock market news.
So far, the total market value of China stock market news has reached more than 330 billion, while Beijing Compass Technology Development Co.Ltd(300803) is less than 20 billion. However, the share price of Beijing Compass Technology Development Co.Ltd(300803) has reacted recently.
As of February 10, Beijing Compass Technology Development Co.Ltd(300803) shares rose 22.37% in the next four trading days, including 11.79% on February 8.
Tencent’s easy to buy wealth lost
In addition to Beijing Compass Technology Development Co.Ltd(300803) , Haomai wealth and Linlong shares also participated in the public recruitment and selection of investors in the bankruptcy reorganization of Wangxin securities.
Public information shows that the main operator of Haomai wealth is Haomai Wealth Management Co., Ltd., and its wholly-owned subsidiary Shanghai Haomai fund sales Co., Ltd. has a third-party fund sales license.
Yang Wenbin, the legal person and founder of Haomai wealth, once worked in HSBC Jinxin fund management company, Shanghai Investment Morgan fund management company, Hua’an fund management company, etc., and participated in the design and issuance of Hua’an innovation, China’s first open-end fund.
Meanwhile, Tencent industrial investment fund, the largest shareholder of Haomai wealth, holds 25.69%, and Yang Wenbin holds 17.31%, ranking second. Analysts said that the core direction of Haomai wealth is the third-party sales of private equity funds, and self operated fof funds are involved in asset management. If we can win the brokerage license, there will be a lot of imagination in the future.
Another “defeated” Linlong shares, whose main business is the research and development and sales of securities and futures analysis software, financial information services and securities investment consulting services, landed in the new third board market in January 2014.
However, the monetary volume of Linlong shares is small, which can not meet the hard conditions of investing at least 1 billion yuan to repay the company’s debts and help resolve the business risks of Wangxin securities in the restructuring stage. Shenyang hunlong Technology Co., Ltd. and Hunnan Securities Co., Ltd. participated in the reorganization of state-owned assets in the form of Shenyang hunlong Technology Co., Ltd.
a securities firm that has been rated as grade D for three consecutive years
Beijing Compass Technology Development Co.Ltd(300803) mixed
According to public information, Wangxin securities was established on April 18, 1995 with a registered capital of 500 million yuan. At present, United Venture Group Co., Ltd. holds 55.61% equity of Wangxin securities and is the controlling shareholder. Shenyang Shengjing financial holding Investment Group Co., Ltd. and Shenyang Hengxin Leasing Co., Ltd. hold 42.29% and 2.10% equity of Wangxin securities respectively.
Up to now, Wangxin securities has obtained relevant business qualifications such as securities brokerage, securities self operation, securities investment consulting, securities investment fund sales, securities asset management, securities underwriting, consignment of financial products, securities recommendation, margin trading and so on.
According to the unaudited statistics of China Securities Association, in the first half of 2021, wechat securities achieved a revenue of 23.46 million yuan and a net profit loss of 26.48 million yuan, both of which ranked last in the industry. In 2020, the operating income of Wangxin securities was 51.6917 million yuan, the net profit was -59.7981 million yuan, and the total liabilities was 4.279 billion yuan, which was higher than the total assets of 703 million yuan.
In the classification results of securities companies by CSRC in 2018, the rating of Wangxin securities is CCC. However, in the following three years (2019-2021), wechat securities was continuously rated as grade D, ranking the bottom of the whole industry.
Such a brokerage with the lowest business ranking and loss for years has attracted a number of listed companies to participate in the reorganization.
Insiders believe that the license is the most important threshold for securities business. A brokerage license can help the acquirer expand business space and open the door to the era of wealth management.
However, some securities traders said that even if they won the securities license, they only gained “tickets”. At present, the advantages of head securities companies are becoming more and more obvious, and many small and medium-sized securities companies are also seeking survival in the cracks.
On September 16, 2021, 98.24% of the equity of new era securities was publicly listed and sold in Beijing Equity Exchange, with a transfer reserve price of 13.135 billion yuan. At the end of September and early October of the same year, Western Securities Co.Ltd(002673) united with Beijing Financial Holding Group Co., Ltd. (hereinafter referred to as “Beijing Financial Holding”) and Dongxing Securities Corporation Limited(601198) united with China Chengtong respectively expressed their intention to transfer the listed equity of new era securities. But then Western Securities Co.Ltd(002673) , Dongxing Securities Corporation Limited(601198) withdrew from the acquisition one after another. In December 2021, China Chengtong announced the acquisition of 98.24% equity of new era securities.
In September 2021, China Huarong announced that the company planned to liquidate 71.99% of its equity in Huarong securities. On January 27, 2022, China Huarong announced that Guoxin capital had transferred 71.99% equity of Huarong securities, and the two sides had signed a state-owned property rights trading contract on that day, with a transaction consideration of 10.93 billion yuan.
