After the release of the 2021 annual report, Tianfeng Securities Co.Ltd(601162) equity has ushered in major changes.
On April 1, Tianfeng Securities Co.Ltd(601162) announced that the shareholder Humanwell Healthcare (Group) Co.Ltd(600079) who holds more than 5% shares intends to transfer all the equity of 7.85% of the current total share capital of the company, and the transferee is Hubei Hongtai Group Co., Ltd. under the Department of finance of Hubei Province, with a transfer price of 2.124 billion yuan.
Tianfeng Securities Co.Ltd(601162) after the completion of this equity change, it means that the “contemporary Department” that has held shares for many years will basically withdraw, and all shareholders holding more than 5% of Tianfeng Securities Co.Ltd(601162) shares will become shareholders with state-owned assets background, and its mixed ownership ownership ownership ownership structure dominated by state-owned capital will be more clear.
“contemporary Department” retired, Hubei state owned assets advanced
According to the announcement, Humanwell Healthcare (Group) Co.Ltd(600079) plans to transfer Tianfeng Securities Co.Ltd(601162) 680087537 shares (accounting for 7.85% of Tianfeng Securities Co.Ltd(601162) total share capital) held by Humanwell Healthcare (Group) Co.Ltd(600079) to Hubei Hongtai group (hereinafter referred to as “Hongtai group”) through agreement transfer. The price is calculated according to 90% of the closing price of Tianfeng Securities Co.Ltd(601162) secondary market on the date of signing the agreement. The transfer unit price is 3.123 yuan / share, and the total transfer price of the subject shares is 2.124 billion yuan.
In the market, Humanwell Healthcare (Group) Co.Ltd(600079) , Wuhan Sante Cableway Group Co.Ltd(002159) , contemporary group and others are known as the enterprises under the “contemporary Department”. However, since this year, the “contemporary Department” has been reducing its holdings of Tianfeng Securities Co.Ltd(601162) .
On February 25 this year, Wuhan Sante Cableway Group Co.Ltd(002159) reduced the shareholding of Tianfeng Securities Co.Ltd(601162) by 0.23% through block trading. After the reduction, Humanwell Healthcare (Group) Co.Ltd(600079) and its persons acting in concert held Tianfeng Securities Co.Ltd(601162) shares in total, accounting for 11.14% of the total share capital of the company at that time.
From February 25 to February 28 this year, contemporary group reduced Tianfeng Securities Co.Ltd(601162) 113651600 shares through block trading, with a reduction ratio of 1.31%. After the reduction, Humanwell Healthcare (Group) Co.Ltd(600079) and its persons acting in concert held Tianfeng Securities Co.Ltd(601162) 852036749 shares, accounting for 9.83% of the total share capital of Tianfeng Securities Co.Ltd(601162) at that time.
If the Humanwell Healthcare (Group) Co.Ltd(600079) transfer of Tianfeng Securities Co.Ltd(601162) equity goes smoothly, it means that “contemporary Department” still holds Tianfeng Securities Co.Ltd(601162) 11.37% before February 19 this year, while after March 31, contemporary department holds only 1.98% in total.
According to the data, Hongtai group, which acquired 7.85% of Tianfeng Securities Co.Ltd(601162) 7.85% of Tianfeng Securities Co.Ltd(601162) held by Humanwell Healthcare (Group) Co.Ltd(600079) this time, is a 100% holding enterprise of Hubei Provincial Department of finance. It is the main body of centralized holding of state-owned equity (capital) authorized by Hubei provincial government, the main body of provincial state-owned capital operation, and the orderly advance and retreat channel of provincial state-owned capital.
According to the official website of Hongtai group, the company actively explores the four business models of “equity management, capital operation, financial investment and combination of industry and finance”, and directly governs 11 wholly-owned and holding subsidiaries and 1 listed company; Strategic shareholding in Bank of Hubei and other financial institutions, with more than 10 financial licenses such as local AMC, private equity fund, commercial factoring and microfinance, has initially formed a full license financial holding group structure with centralized financing resources within the province.
It is worth mentioning that Changjiang Securities Company Limited(000783) , which is located in Hubei with Tianfeng Securities Co.Ltd(601162) , is also the sixth largest shareholder of Hubei Hongtai group, which directly holds Changjiang Securities Company Limited(000783) 3.22%.
Tianfeng Securities Co.Ltd(601162) said that there were no controlling shareholders and actual controllers before the equity change, and there would be no controlling shareholders and actual controllers after the equity change. Therefore, the change of shareholders’ equity does not involve the change of the company’s control, nor will it lead to the change of the company’s single largest shareholder.
state owned assets led mixed ownership structure is becoming more and more obvious
With the gradual retreat of the “contemporary Department” of private shareholders, with many state-owned background shareholders invested by Hubei state-owned assets and introduced in early stage financing, Tianfeng Securities Co.Ltd(601162) in the ownership structure, the state-owned assets dominated mixed ownership structure is also gradually obvious.
In April last year, Tianfeng Securities Co.Ltd(601162) completed a fixed increase of 8.18 billion yuan. The fixed increase targets include central enterprises and local state-owned platforms including Guangdong Hengjian, Qujiang financial holding, Wuhan financial holding, Xi’an free trade port and Sichuan state-owned assets. A total of 15 institutions including China Galaxy Securities Co.Ltd(601881) , Shenwan Hongyuan Group Co.Ltd(000166) , open source securities, Donghai securities and Federal Reserve securities also participated.
The Chinese reporter of the securities firm noted that Tianfeng Securities Co.Ltd(601162) shares are relatively scattered. After Hongtai capital takes over Humanwell Healthcare (Group) Co.Ltd(600079) shares this time, it means that Tianfeng Securities Co.Ltd(601162) holds more than 5% of the shares, and the top three shareholders have all become shareholders with state-owned assets background, with shareholding ratios of 8.78%, 7.85% and 5.99% respectively. The shareholders are Wuhan commerce and trade group, which is 100% owned by Wuhan municipal government, and Hongtai group, which is 100% owned by Hubei Provincial Department of finance, And Hubei United Development Investment Group Co., Ltd., a subsidiary of Hubei provincial government.
Tianfeng Securities Co.Ltd(601162) 2021 annual report shows that the proportion of China’s capital of its top ten shareholders has reached 68.52%. If the equity transfer is completed, the proportion will rise to 89.18%.
Industry analysts believe that Tianfeng Securities Co.Ltd(601162) is now a typical state-owned capital led mixed ownership securities firm. In addition to the stable strategic cooperative relationship with state-owned shareholders such as Guangdong Hengjian, a series of actions, including the introduction of Hongtai group, can be seen that Tianfeng Securities Co.Ltd(601162) is intended to carry out in-depth industrial and financial coordination with central enterprises and local state-owned platforms, and create a business coordination and sharing mechanism with pan-bank financial institutions, Extend business tentacles.
According to the 2021 annual report, Tianfeng Securities Co.Ltd(601162) achieved an operating revenue of 4.406 billion yuan, a year-on-year increase of 1.06%; The net profit attributable to shareholders of listed companies was 586 million yuan, a year-on-year increase of 28.91%.
In terms of operating revenue, Tianfeng Securities Co.Ltd(601162) in 2021, the net brokerage fee income was 1.049 billion yuan, up 33.00% year-on-year; The net income from investment banking service charges was 861 million yuan, a year-on-year decrease of 15.99%; The net fee income from asset management business was 989 million yuan, up 18.23% year-on-year.
