On March 14, Guotai Junan Securities Co.Ltd(601211) announced that recently, the company received the reply from the CSRC and approved Shanghai SDIC Asset Management Co., Ltd. (hereinafter referred to as “SDIC”) to transfer its 15% equity of Hua’an fund to Guotai Junan Securities Co.Ltd(601211) .
As disclosed in this announcement, the transaction has yet to be registered by Hua’an fund for industrial and commercial change.
Guotai Junan Securities Co.Ltd(601211) first held 20% of the equity of Hua’an fund. This acquisition of equity is the second acquisition of the equity of Hua’an fund launched by Guotai Junan Securities Co.Ltd(601211) within two years.
In March 2021, Guotai Junan Securities Co.Ltd(601211) disclosed that it had received the reply from the CSRC and agreed that Shanghai Jinjiang International Investment Management Co., Ltd. would transfer its 8% equity of Hua’an fund to the company. After the equity transfer, the equity ratio of Hua’an fund held by Guotai Junan Securities Co.Ltd(601211) was changed from 20% to 28%.
Seven months later, on October 8, 2021, Guotai Junan Securities Co.Ltd(601211) again disclosed that Guotai Junan Securities Co.Ltd(601211) was approved by the third interim meeting of the sixth board of directors to transfer 15% of the equity of Hua’an fund held by Shanghai investment management through non-public agreement, and the transaction price was no more than 1.812 billion yuan.
On October 27, 2021, Guotai Junan Securities Co.Ltd(601211) signed the above equity transfer agreement, and the transaction price was determined to be 1.812 billion yuan. After the completion of the transaction, Guotai Junan Securities Co.Ltd(601211) will increase the equity ratio of Hua’an fund from 28% to 43%.
Up to now, Guotai Junan Securities Co.Ltd(601211) announced the reply notice of the CSRC.
For this acquisition, Guotai Junan Securities Co.Ltd(601211) said that the increase in equity of Hua’an fund is another important measure to improve the core competitiveness of public asset management business after Guotai Junan Securities Co.Ltd(601211) transferred 8% equity of Hua’an fund in 2021 and asset management company was granted public offering license and issued public offering products. It is also Guotai Junan Securities Co.Ltd(601211) practicing the strategic path of “three years and three steps”, Promote the important phased achievements of the strategic goal of “laying a foundation and making up for weaknesses”, and further improve the strategic layout of the company’s asset management business.
Guotai Junan Securities Co.Ltd(601211) said that it would take the opportunity of this increase in the equity of Hua’an fund to actively open up the chain of wealth management and asset management services, actively meet the wealth management needs of customers in different levels and classifications, comprehensively improve the allocation capacity of global high-quality assets, and actively innovate products and services in the fields of public REITs, green low-carbon and the “third pillar” of pension, Build an asset management business system with Guotai Junan Securities Co.Ltd(601211) characteristics.
As for whether there is a further acquisition plan for the equity of Hua’an fund in the future, Guotai Junan Securities Co.Ltd(601211) told reporters that it is inconvenient to reply to relevant questions.
“Maybe it’s worth looking forward to. Guotai Junan Securities Co.Ltd(601211) once had a guolian’an fund, but it was sold in 20172018, so Guotai Junan Securities Co.Ltd(601211) ‘s public offering business will have some deficiencies compared with its peers. It can be seen that Guotai Junan Securities Co.Ltd(601211) asset management has been actively at the forefront of the industry in the development of public offering business in recent years. In fact, it also hopes to quickly develop its public offering business.” A person close to Guotai Junan Securities Co.Ltd(601211) said.
As early as January 2017, Guotai Junan Securities Co.Ltd(601211) disclosed that in order to optimize the layout of investment management business, the company would publicly transfer 51% of the equity of guolian’an fund held by the company in Shanghai United equity exchange, and The Pacific Securities Co.Ltd(601099) asset management became the equity transferee with an offer of RMB 1.045 billion and paid all funds.
In March 2018, the CSRC approved the transaction. Subsequently, in April 2018, guolian’an fund completed the industrial and commercial change registration procedures for the above equity transfer. The investment income generated from the disposal of the United Nations Security Fund in that year accounted for 6.99% of the total annual profit of Guotai Junan Securities Co.Ltd(601211) 2018.
Subsequently, Guotai Junan Securities Co.Ltd(601211) has a weaker public offering business than many peers. In the 2019 annual report, Guotai Junan Securities Co.Ltd(601211) of the fund management business, there is only one territory of Hua’an fund with a shareholding of 20%.
Another related to public offering is to actively develop the public offering business of Guotai Junan Securities Co.Ltd(601211) asset management company. For example, in 2019, Guotai Junan Securities Co.Ltd(601211) asset management won the pilot qualification for the public offering transformation of Daji in the first batch, and took the lead in completing the public offering transformation of the first collective product in the industry.
\u3000\u3000 “Looking back, it can be said that Guotai Junan Securities Co.Ltd(601211) this series of trading actions are closely related to regulatory policies. From 2017 to 2018, before the sale of guolian’an fund, Guotai Junan Securities Co.Ltd(601211) controlled guolian’an fund and participated in Hua’an fund, which is in line with the regulation of” one participation and one control “. However, at this time, the asset management business of the securities industry is facing transformation problems. If you want to develop the public offering business of asset management , it may conflict with the “one participation and one control” regulation at that time, so Guotai Junan Securities Co.Ltd(601211) chose to sell the equity of guolian’an fund, so that it can develop the public offering business of Guotai Junan Securities Co.Ltd(601211) asset management without worrying about the risk of violation. So this is an important reason why Guotai Junan Securities Co.Ltd(601211) sold the equity of the United Nations Security Fund. ” A coupon merchant said.
Facts have proved that Guotai Junan Securities Co.Ltd(601211) does have greater enthusiasm for its own asset management company and Hua’an fund than guolian’an fund, the “first Sino foreign joint venture fund management company in the industry”. For example, Guotai Junan Securities Co.Ltd(601211) asset management has always been at the forefront of the industry in the development of public offering business, including actively carrying out the public offering transformation of large collection products and actively winning the public offering fund license.
\u3000\u3000 “However, in July 2020, the regulation relaxed the restriction on ‘one participation and one control’, and some large companies can ‘one participation, one control and one card’, that is, the same entity is allowed to control a fund company and a public offering Licensee at the same time, and participate in a fund company at the same time. For Guotai Junan Securities Co.Ltd(601211) for example, since all the shares of guolian’an fund have been sold, it might as well The policy of Hua’an fund to take the dividend quickly. Therefore, we can see that Guotai Junan Securities Co.Ltd(601211) has acquired the equity of Hua’an fund twice in a row since 2021. ” The aforementioned brokerage said.
