The largest rights issue in the history of the securities industry ended.
On March 3, Citic Securities Company Limited(600030) announced the allotment of H shares Citic Securities Company Limited(600030) the number of shares available for placement of H shares this time is 342 million. During the initial allotment of H shares, CITIC received 25 valid subscriptions, with 326 million shares subscribed, with a subscription ratio of 95.29%, and about 16.1 million shares remained unsolicited. In the subsequent placement of these 16.1 million shares, 16 applications were received, with a total of 864 million shares subscribed, with an oversubscription of about 53 times - which interested the market participants. Who are these mysterious bosses? The actual distribution proportion was only 1.86%.
The total amount of funds raised from the H-share allotment was HK $6.04 billion (equivalent to about RMB 4.93 billion). The fully paid Citic Securities Company Limited(600030) H shares can be officially listed and traded on March 4. By the end of January, Citic Securities Company Limited(600030) a shares had been allotted and raised about 22.4 billion yuan. Up to now, Citic Securities Company Limited(600030) A-Shares plus H shares have raised about 27.33 billion yuan. Compared with the 28 billion yuan allotment and fund-raising originally planned, 100% of H shares were fully raised and 97.17% of A-Shares were actually raised.
Citic Securities Company Limited(600030) after the completion of A-share allotment and fund-raising, it immediately threw out the announcement of using 8 billion yuan of idle fund-raising funds to buy bank financial management. The event once triggered a heated debate in the market
H-share allotment nearly 2.5 times oversubscribed
On March 3, Citic Securities Company Limited(600030) announced that, with the approval of the CSRC, the company allotted shares to H-share shareholders at the proportion of 1.5 shares per 10 shares in accordance with the H-share rights issue articles dated February 9, 2022. The number of shares available for placement of H shares this time is 341749155, and the actual number of shares placed is 341749155.
Citic Securities Company Limited(600030) this H-share allotment payment has ended on February 23, 2022. As of February 23, 2022, the company has received 25 valid subscriptions from H-share shareholders, and the actual subscribed shares are 325650615 shares, accounting for 95.29% of the number of H-share placeable shares. The actual number of additional H shares that can be allotted this time is 16098540 shares, and 16 valid applications for additional H shares have been received, involving a total of 864344869 shares. There are 1189995484 valid subscription and additional valid applications for H-share allotment, accounting for about 348.21% of the number of H-share placeable shares.
Among them, in the additional valid application, 864344869 additional H-share allotment Shares applied for will eventually be distributed according to the additional actual allotment number of H-shares 16098540 shares, and the distribution proportion is about 1.86%. In the case of over subscription, the underwriter's liability under the underwriting agreement has been relieved.
Citic Securities Company Limited(600030) said that the fully paid H-share allotment shares would be traded on the Hong Kong Stock Exchange on March 4, 2022.
A-Shares allotment subscription rate 97.17%
On January 26, Citic Securities Company Limited(600030) announced that as of the end date of subscription payment for this A-share allotment issue (January 25, 2022) Citic Securities Company Limited(600030) a-share allotment, the effective subscription quantity of A-share allotment was 1.55 billion shares, accounting for 97.17% of the total 1.597 billion shares available for this allotment.
"better than expected. 97% of the subscription ratio is very high. After all, it is a large project of more than 20 billion. Having this subscription ratio shows that shareholders are still optimistic about the future stock price of Citic Securities Company Limited(600030) ." A non bank analyst of a large securities firm told the Chinese reporter of the securities firm
Data show that since 2020, a total of 10 securities companies have completed the allotment. In terms of the subscription proportion of shareholders, it is roughly between 89% and 99% The subscription proportion of Shanxi Securities Co.Ltd(002500) allotment is slightly lower, 89.68% Tianfeng Securities Co.Ltd(601162) is 95.62% Hongta Securities Co.Ltd(601236) , China Merchants Securities Co.Ltd(600999) , Huaan Securities Co.Ltd(600909) and other securities companies have a subscription rate of more than 99%.
the subscription rate of Citic Securities Company Limited(600030) 97.17% is not too high, but the scale of CITIC's allotment and fund-raising is huge. In terms of scale, China Merchants Securities Co.Ltd(600999) ranks behind Citic Securities Company Limited(600030) , but the fund-raising amount of China Merchants Securities Co.Ltd(600999) allotment is only 12.7 billion yuan, almost half of Citic Securities Company Limited(600030) .
invested 8 billion idle funds to buy Wealth Management
At the end of January, Citic Securities Company Limited(600030) completed the allotment and fund-raising of a shares, raising a total of about 22.4 billion yuan.
Citic Securities Company Limited(600030) said that according to the company's A-share allotment fund use plan and the actual fund use rhythm, it is proposed to increase the investment of RMB 5 billion in the subsidiary. Due to the prior approval procedures of the regulatory authorities for the establishment and capital increase of the subsidiary, part of the funds must be approved by the regulatory authorities before they can be used, and the rest must be based on the business capital needs of the subsidiary, After completing the relevant approval process, it is expected that some funds will have a certain idle period.
The 3 billion yuan to be used to strengthen the construction of information system shall be used in batches according to the construction progress of the company's information system.
Citic Securities Company Limited(600030) said that in conclusion, the company expects some A-share raised funds to have a certain idle period. In order to further improve the use efficiency of funds and make rational use of idle raised funds, the company plans to carry out cash management within the maximum amount of 8 billion yuan (including 8 billion yuan) without affecting the company's daily operation and ensuring the safety of raised funds, so as to better maintain and increase the value of the company's funds.
Citic Securities Company Limited(600030) said that the company used part of the idle raised funds for cash management on the premise of ensuring that the investment plan of the raised funds would not be affected, which would not affect the normal turnover needs of the project construction of the raised funds, and there was no behavior of changing the purpose of the raised funds. At the same time, timely cash management of the temporarily idle raised funds can improve the use efficiency of funds, increase the cash investment efficiency of the company and seek more investment returns for the shareholders of the company.
On February 11, Citic Securities Company Limited(600030) announced the financial management progress of 8 billion idle funds Citic Securities Company Limited(600030) plans to invest RMB 8 billion in Hua Xia Bank Co.Limited(600015) time deposits with terms of 61 days, 62 days and 90 days respectively. After maturity, the expected income is about 36.6 million yuan.
fund raising focuses on developing capital intermediary business
in Citic Securities Company Limited(600030) this fund-raising purpose, capital intermediary business accounts for the vast majority. With a total fund-raising amount of no more than 28 billion yuan, no more than 19 billion yuan will be used for capital intermediary business
Citic Securities Company Limited(600030) said that with the acceleration of the financial supply side reform and the two-way opening of the capital market, customers' demand for risk management, global asset allocation and strategic investment has increased rapidly, and the capital intermediary business has become an important carrier for the company to provide customers with one-stop comprehensive services.
Capital intermediary business has the characteristics of extensive customers, rich products, stable interest margin and controllable risk. It is the business direction of Citic Securities Company Limited(600030) in recent years Citic Securities Company Limited(600030) has established a strong competitive advantage in the field of capital intermediary business, and its business scale is in the leading position in the industry. Innovative capital intermediary businesses such as income swap and equity derivatives have become Citic Securities Company Limited(600030) important business growth points.
Capital intermediary business is a capital consuming business, and its business scale and profitability depend on a relatively stable long-term capital supply. Citic Securities Company Limited(600030) plans to increase the investment in capital intermediary business through the share allotment, so as to better meet the requirements of various risk control indicators and ensure the reasonable growth of the scale of capital intermediary business.
It is understood that the capital intermediary business of securities companies includes but is not limited to margin trading, stock pledge, income swap, equity derivatives, bulk commodity derivatives, market making transactions, cross-border transactions, etc.
Citic Securities Company Limited(600030) no more than 5 billion yuan of the raised funds is intended to increase investment in subsidiaries. The company is preparing to establish a wholly-owned asset management subsidiary Citic Securities Company Limited(600030) Asset Management Co., Ltd. (tentative name) Citic Securities Company Limited(600030) plans to invest part of the raised funds to provide financial support to Citic Securities Company Limited(600030) Asset Management Co., Ltd. and CITIC Futures Co., Ltd. through diversified ways.
In February this year, Citic Securities Company Limited(600030) announced that it planned to invest no more than 3 billion yuan (including 1 billion yuan of initial registered capital) to establish a wholly-owned subsidiary Citic Securities Company Limited(600030) Asset Management Co., Ltd. (tentative name) to engage in securities asset management business, public offering securities investment fund management business and other businesses approved by the regulatory authority. After the establishment of the subsidiary, it will inherit Citic Securities Company Limited(600030) the securities asset management business.
On the necessity of this allotment and fund-raising, Citic Securities Company Limited(600030) said it was "responding to the national strategy and building an 'aircraft carrier class' brokerage" Citic Securities Company Limited(600030) said that as a leading enterprise in the securities industry, the company should actively respond to the national strategy, constantly consolidate its own capital strength, seize the development opportunities of the capital market and the securities industry, and further expand, optimize and strengthen.
