Since this year, the allotment financing of securities companies has accelerated, and the four securities companies have made new progress. However, the feedback from the secondary market to the stock allotment of securities companies is not positive. While large-scale financing, securities companies are also under the pressure of falling stock prices.
year stock allotment by securities companies
are fully supported by major shareholders
Under the background that the regulatory authorities encourage securities companies to expand their capital strength in an orderly manner in accordance with the law, since this year, the refinancing of securities companies has continued to speed up, and the form of share allotment is very popular with securities companies. The three securities companies that conduct share allotment are expected to reap more than 10 billion yuan of fund-raising. Compared with the situation that securities companies are often unable to raise funds in full, the subscription proportion of securities companies' allotments has been more than 97% since last year.
At the end of January this year, Citic Securities Company Limited(600030) a-share allotment was successfully implemented, with a total fund-raising of 22.396 billion yuan, setting a new high in the scale of allotment financing in the securities industry in the A-share market Orient Securities Company Limited(600958) followed by the A-share allotment, the trading of the shares was suspended from April 21 to 28, and the proposed fund-raising was no more than 14.333 billion yuan. If the allotment is successful, Orient Securities Company Limited(600958) will become the runner up in the scale of allotment financing in the securities industry in the A-share market. On April 18, China Industrial Securities Co.Ltd(601377) allotment application was approved by the CSRC, and the fund-raising scale is planned to be no more than 14 billion yuan. If the allotment is issued, it will become the third runner up in the financing scale of allotment in the securities industry in the A-share market.
Major shareholders promise to subscribe for the allotted shares in full, which will undoubtedly inject a "booster" into securities companies China CITIC Co., Ltd., the largest shareholder of Citic Securities Company Limited(600030) company, fulfilled its commitment to fully subscribe for A-share allotment, and the subscription ratio of Citic Securities Company Limited(600030) allotment was 97.17% Orient Securities Company Limited(600958) the largest shareholder Shenneng (Group) Co., Ltd. and the controlling shareholder of China Industrial Securities Co.Ltd(601377) Fujian Provincial Department of finance also promised to fully subscribe for the allotted shares determined in the allotment plan in cash.
In addition to the above three securities companies, on April 12, Caitong Securities Co.Ltd(601108) also completed the issuance of A-share allotment, with a fund-raising amount of 7.172 billion yuan and a subscription ratio of 97.96%. Its controlling shareholder Zhejiang Financial Holding fully subscribed for Caitong Securities Co.Ltd(601108) distributable shares.
allotment favored
can guarantee the stability of equity structure
Securities companies supplement capital through share allotment, which can not only improve financing efficiency, but also ensure the stability of equity structure. From the perspective of fund-raising and investment, securities companies have carried out targeted "blood replenishment" according to their own business structure, focusing on improving their core competitiveness. For example, China Industrial Securities Co.Ltd(601377) plans to invest 50% of the fund-raising to develop the margin trading business Orient Securities Company Limited(600958) plans to invest 36% of the funds raised for investment banking and 36% for wealth management and securities finance Citic Securities Company Limited(600030) plans to invest 68% of the fund-raising to develop capital intermediary business Caitong Securities Co.Ltd(601108) plans to invest 56% of the funds raised to develop investment and trading businesses.
Capital strength has become a key factor affecting the development space of securities companies. In the environment of constant strength of the strong in the securities industry, stock allotment can help securities companies solve the capital bottleneck and help small and medium-sized securities companies overtake in the corner Caitong Securities Co.Ltd(601108) said after the completion of the allotment that the supplementary capital of more than 7.1 billion yuan will not only significantly improve the net capital ranking of Caitong Securities Co.Ltd(601108) but also provide hard support for Caitong Securities Co.Ltd(601108) consolidating the main financial industry and improving its risk resistance.
Chen Mengjie, chief strategist of YueKai securities, said in an interview with Securities Daily, "The capital scale restricts the upper limit of the development of securities companies to a great extent. On the one hand, the capital scale of securities companies determines the business scale of securities companies. The more sufficient the capital is, the more business and income can be brought; on the other hand, the larger the capital scale of securities companies, the stronger the profitability and anti risk ability, and the more external capital can be attracted."
"The thickening of capital is conducive to the improvement of securities companies' comprehensive and various business rankings, as well as the application of innovative business pilot." " Orient Securities Company Limited(600958) this fund-raising is mainly invested in businesses with good growth, such as investment banking, wealth management and capital intermediary. The thickening of capital will enhance its long-term competitive advantage," said Gao Gao Gao, chief analyst of non bank financial industry of Kaiyuan securities
allotment triggered a sharp drop in share price
only because some shareholders don't buy
The refinancing of securities companies is for long-term development, but from the performance of the secondary market, some minority shareholders do not seem to buy the allotment of securities companies. On April 17, Orient Securities Company Limited(600958) official announcement of allotment of shares will be implemented soon. The next day, Orient Securities Company Limited(600958) of A-Shares directly fell by the limit, leading the decline among individual stocks in the securities sector on that day. On April 18, China Industrial Securities Co.Ltd(601377) share allotment was approved by the CSRC. The next day, the China Industrial Securities Co.Ltd(601377) share price fell by more than 7%, which was also led by individual stocks in the securities sector on that day. Since the beginning of this year, the stock prices of Orient Securities Company Limited(600958) , China Industrial Securities Co.Ltd(601377) have fallen by more than 30%.
Since this year, the stock price of securities companies has fallen sharply after the official announcement of allotment, The chief analyst of a listed securities firm, non bank, told the reporter of Securities Daily: "When the market fluctuates sharply, the stock allotment is usually interpreted as bad news by the market. The stock allotment is implemented for the original shareholders. Some shareholders may not be willing to continue to pay for the stock, but if they do not buy, the original equity will be diluted. In this case, they can only choose to sell directly. If more stocks are sold, the stock price will naturally fall. The extent of the stock price decline mainly depends on the pessimism of investors."
