In the past 2021, for the shareholders of some small and medium-sized securities companies, life was not calm. This year, the equity of some securities companies was not “fragrant”. Nearly 100% of the equity of new era securities has been transferred, and the nature of the company has changed from private to a subsidiary of a central enterprise. The controlling interest of Huarong securities is also being transferred. At present, the final buyer has not been announced. Of course, there are more securities companies such as Debang securities transferring equity.
This year, some securities companies were going bankrupt and reorganized. There is no final news about the bankruptcy reorganization of Wangxin securities.
This year, some shareholders of securities companies continued to increase their capital. Shareholders of Kaiyuan securities increased their capital by 4.85 billion yuan for asset management, proprietary trading and other businesses. JPMorgan Chase, Goldman Sachs and other foreign investors acquired the remaining equity of joint venture securities companies to realize 100% control of JPMorgan Chase securities and Goldman Sachs Gaohua respectively.
With regard to the transfer of equity of small and medium-sized securities companies, a non bank analyst in Beijing told reporters that there are many reasons. At the financial level, the return on net assets is too low to make money, and shareholders have better investment choices; It may also be that the business has potential risks and is eager to get rid of it; It may also be the decline in the value of brokerage licenses. If the shareholder is a state-owned financial holding platform, it may sell non main business assets based on the requirements of focusing on the main business.
new era Securities: a drama of securities M & a
The equity transfer of new era securities lasted three months. After several buyers withdrew, it was finally under the command of China Chengtong revenue, a central enterprise, and became a subsidiary of the central enterprise. This equity transfer event, mixed with the expectation of interbank acquisition, is the most concerned equity change in the securities industry this year.
In September last year, the Beijing Equity Exchange posted the equity transfer information. Eight shareholders of new era securities transferred a total of 98.24% of their equity, with a transfer reserve price of 13.135 billion yuan. Before long, Western Securities Co.Ltd(002673) said it planned to form a consortium with Beijing financial holding to participate in the acquisition of 98.24% equity of new era securities with its own funds. Among them, Western Securities Co.Ltd(002673) independent capital contribution shall not exceed 13 billion yuan, which shall be paid in cash in installments. In October, Western Securities Co.Ltd(002673) announced that the company terminated the joint acquisition of the equity quotation of new era securities.
Dongxing Securities Corporation Limited(601198) also signed up to participate in the equity transfer of new era securities. Dongxing Securities Corporation Limited(601198) announced that it is agreed that the company and China Chengtong will jointly acquire 2858872097 shares (98.24% equity) of new era securities listed in Beijing Equity Exchange through public delisting. Among them, the company plans to invest with its own funds to obtain 34.385% equity of new era securities.
Later, Dongxing Securities Corporation Limited(601198) announced that after registering the transfer intention, the company had conducted several rounds of consultations and repeated communication with China Chengtong, the counterparty and relevant parties on the details of the acquisition transaction. Up to now, the company and relevant parties have failed to reach an agreement on acquisition conditions. Based on the principle of prudence, in order to safeguard the interests of the company and shareholders, after communicating with all parties and considering various factors, the company decided to withdraw from this acquisition.
Finally, China Chengtong acquired 98.24% equity of new era securities. The big play of interbank M & A did not succeed, but withdrew one after another. New era securities has changed from private securities companies to subsidiaries of central enterprises.
Before the equity of new era was publicly transferred, new era securities was taken over by the CSRC. In July 2020, the CSRC said that the takeover of new era securities, Guosheng securities and Guosheng futures belongs to a case of risk disposal due to concealing the actual controller or shareholding ratio and corporate governance imbalance. The takeover is to standardize the equity and governance structure of relevant companies, prevent risk spillover, and is more conducive to the healthy and stable development of the securities and futures industry.
Huarong Securities: looking forward to the final buyer
China Huarong is seeking asset clearance, and Huarong securities has naturally become the object of asset clearance.
On the morning of December 3 last year, China Huarong announced on the Hong Kong stock exchange that, according to relevant regulatory requirements, China Huarong released the equity transfer information and relevant materials of Huarong securities at the Beijing financial assets exchange. The transfer target is 71.99% of the equity of Huarong securities held by the company, with a listing price of RMB 10.93 billion. The evaluation results have been filed with the Ministry of finance.
Earlier, there was news that China Huarong planned to sell Huarong securities. There have also been rumors in the market that China Guoxin holdings is the intended transferee. On September 16 last year, Huarong securities explained this.
Huarong Securities said that recently, the company was concerned about market rumors that China Guoxin holdings was negotiating with China Huarong, the controlling shareholder of Huarong securities, on the acquisition of Huarong securities. This year, under the guidance of the regulatory authorities to “return to the origin and focus on the main business”, China Huarong has actively implemented the regulatory requirements, further focused on the main responsibility and main business, steadily promoted the downsizing of institutions, continued to integrate non-financial subsidiaries with no advantages, and continuously optimized the license layout of financial subsidiaries. If there is further progress in relevant work, the company’s shareholder China Huarong will timely fulfill the obligation of information disclosure.
Just after the public listing and transfer of the equity of Huarong securities, the latest news said that an insurance company was preparing to acquire the equity of Huarong securities. However, it has not been confirmed by Huarong securities. The market is also looking forward to whom the equity of Huarong securities will eventually be transferred.
wechat Securities: bankruptcy reorganization
on July 16 last year, Shenyang intermediate people’s court ruled on the reorganization of Wangxin securities according to law, and appointed Guohao law firm (Beijing) and Beijing Deheng Law firm to jointly act as the manager of Wangxin securities on July 28. The manager publicly recruits reorganization investors in accordance with the enterprise bankruptcy law of the people’s Republic of China and relevant laws and regulations.
After the news release, Haomai wealth, Beijing Compass Technology Development Co.Ltd(300803) , Ruida Futures Co.Ltd(002961) and other investors signed up to participate in the public recruitment and selection of investors in the bankruptcy reorganization of wechat securities.
On December 24 last year, Ruida Futures Co.Ltd(002961) announced that according to the results of the company’s due diligence on wechat securities, after careful evaluation, it decided not to participate in the public recruitment and selection of investors in the bankruptcy reorganization of wechat securities. So far, the fate between Ruida Futures Co.Ltd(002961) and Wangxin securities ended abruptly after less than half a year.
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. holds 42.29% of the equity of Wangxin securities, and Shenyang Hengxin Leasing Co., Ltd. holds 2.10% of the equity of Wangxin securities.
At present, the recruitment of restructuring investors of Wangxin securities has not produced the final result. The market is full of expectations.
open source Securities: shareholders’ capital increase of 4.85 billion yuan
Last November, the results of the eighth capital increase of Kaiyuan securities showed that the new and old shareholders increased their capital by 4.85 billion yuan. After the capital increase, the latest registered capital was 4.6 billion yuan, and the net capital reached about 14 billion yuan as of October 30.
Reviewing the equity structure of the company before this capital increase, we can see that the equity structure of open source securities is diversified. Among the top ten shareholders, Shaanxi state-owned enterprises account for the majority of the shares, as well as state-owned enterprises and private capital from Shunde, Guangdong, and natural person shareholders.
In this round of capital increase, three “old shareholders” increased their holdings, namely the largest shareholder Shaanxi Coal Industry Company Limited(601225) Chemical Group Co., Ltd., Shaanxi Finance Investment Management Co., Ltd. and Guangdong Shunde Holding Group Co., Ltd. Among them, Shaanxi coal group has increased its capital to Kaiyuan securities eight times in 15 years, with a total investment of 8.6 billion yuan.
In addition to the above three, there are six new shareholders of open source securities through capital increase, namely Xi’an Weiyang Urban Construction Group Co., Ltd., Xi’an Beilin urban development and Construction Investment Co., Ltd., Chang’an Huitong Investment Management Co., Ltd., Xi’an Qujiang culture and finance holding (Group) Co., Ltd., Shaanxi Financial Asset Management Co., Ltd Xi’an high tech Industry Venture Capital Co., Ltd.
It is understood that the purpose of this capital increase includes asset management business, self operated business, two financing business, etc.
JPMorgan Securities: the first wholly foreign-owned securities firm
Foreign shareholders of joint venture securities companies seek 100% controlling position.
On August 6 last year, JPMorgan announced that the CSRC had approved the filing of the transfer of equity held by five domestic shareholders to JPMorgan International Finance Co., Ltd., the controlling shareholder of JPMorgan securities (China) Co., Ltd., as the sole shareholder of JPMorgan securities (China).
At present, JPMorgan securities (China) has become the first securities company wholly controlled by foreign capital in China. Data show that JPMorgan securities had total assets of 781 million yuan and net assets of 493 million yuan at the end of June this year; In the first half of the year, the operating revenue was 203 million yuan and the net profit loss was 43.06 million yuan.
After JPMorgan Chase, Goldman Sachs announced similar progress. On October 18 last year, Goldman Sachs announced that the CSRC had approved the filing of Goldman Sachs as the sole shareholder of its Chinese joint venture Goldman Sachs Gaohua Securities Co., Ltd. (hereinafter referred to as “Goldman Sachs Gaohua”). Goldman Sachs will acquire the equity of Goldman Sachs Gaohua, which is not yet owned.
Goldman Sachs Group said that this marks a new chapter for Goldman Sachs 17 years after its establishment of a joint venture in China. Acquiring all the equity of Goldman Sachs Gaohua will provide a better positioning for Goldman Sachs’s long-term development and success in China. The business unit operated by Beijing Gaohua is now moving to Goldman Sachs Gaohua. After this process is completed, Goldman Sachs Gaohua will be renamed Goldman Sachs (China) Securities Co., Ltd.
(brokerage China)
