On January 13, Citic Securities Company Limited(600030) issued a share allotment announcement. The price of this allotment is 14.43 yuan, and the closing price on Thursday is 26.36 yuan.
The Chinese reporter of securities firm noted that Citic Securities Company Limited(600030) the 28 billion yuan allotment scale is the largest allotment financing in the history of the securities industry. The second is the share allotment financing of RMB 12.7 billion in China Merchants Securities Co.Ltd(600999) 2020.
The allotted shares shall be allotted to all A-share shareholders in the proportion of 1.5 shares per 10 shares. Based on the company’s total share capital of 12.927 billion shares as of December 31, 2020, the total number of shares allotted this time is 1.939 billion, including 1.597 billion A-Shares and 341 million H shares.
The share allotment is expected to raise no more than 28 billion yuan, of which no more than 19 billion yuan is proposed to be used for the development of capital intermediary business. Citic Securities Company Limited(600030) said that the capital intermediary business is the business direction that the company has focused on Cultivating in recent years, and the business scale is in the leading position in the industry. Innovative capital intermediary businesses such as income swap and equity derivatives have become an important business growth point of the company.
Citic Securities Company Limited(600030) said that after the issuance, the company’s main business will remain unchanged, and the company’s capital strength will be further enhanced, which is conducive to enhancing the comprehensive strength at home and abroad, improving and improving the business layout in an all-round way, and actively participating in international competition.
The price of is RMB 14.43 per share, and about 1.6 billion A-Shares are allotted
Citic Securities Company Limited(600030) the total amount of funds raised in this allotment does not exceed 28 billion yuan, of which the total amount of funds raised in A-share allotment does not exceed 23.065 billion yuan and the total amount of funds raised in H-share allotment does not exceed 4.935 billion yuan. The net amount of funds raised after deducting the issuance expenses from the total amount of funds raised in this allotment is intended to be used to develop capital intermediary business, increase investment in subsidiaries, strengthen the construction of information system and supplement other working funds.
After the issuance, Citic Securities Company Limited(600030) main business will remain unchanged, and the company’s capital strength will be further enhanced, which is conducive to enhancing the comprehensive strength at home and abroad, improving and improving the business layout in an all-round way, and actively participating in international competition.
This A-share allotment is based on the total number of shares after the closing of the market on the registration date of A-share allotment, and is allotted to all A-share shareholders at the proportion of 1.5 shares per 10 shares. If the allotted shares are less than 1 share, it shall be handled in accordance with relevant regulations.
Based on the company’s total share capital of 12.927 billion shares as of December 31, 2020, the total number of shares allotted this time is 1.939 billion, including 1.597 billion A-Shares and 341 million H shares. Before the implementation of this share allotment, if the total share capital of the company changes due to the company’s share offering, conversion of capital reserve into share capital and other reasons, the number of shares allotted shall be adjusted accordingly according to the total share capital after the change.
The issue price of the allotment is 14.43 yuan per share. Its pricing is based on the following three principles. First, refer to the valuation indicators such as the price, price to book ratio and P / E ratio of the company’s shares in the secondary market, and comprehensively consider the company’s business development, shareholders’ interests and other factors. Second, consider the capital demand of the investment project with raised funds. Third, follow the principles determined by the board of directors and the sponsor (underwriter) through consultation.
The object of A-share allotment is all A-share shareholders registered in Shanghai Branch of China Securities Depository and Clearing Co., Ltd. after the closing of the market on the registration date of A-share allotment, and the object of H-share allotment is all qualified H-share shareholders determined on the registration date of H-share allotment.
CITIC Co., Ltd., the largest shareholder of the company, has promised to fully subscribe for the distributable shares determined according to the company’s allotment plan in cash according to the number of shares held by the company after the closing of the market on the registration date of this allotment.
According to the relevant provisions of Shanghai Stock Exchange, Citic Securities Company Limited(600030) trading will be suspended from January 19 to January 26, 2022, and will be resumed from the opening of the market on January 27.
no more than 19 billion yuan for capital intermediary business
In Citic Securities Company Limited(600030) This fund-raising, 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 the company in recent years. The company has established a strong competitive advantage in the field of capital intermediary business, and the business scale is in the leading position in the industry. Innovative capital intermediary businesses such as income exchange and equity derivatives have become an important business growth point of the company.
Capital intermediary business is a capital consuming business, and its business scale and profitability depend on a relatively stable long-term capital supply. It is proposed that Citic Securities Company Limited(600030) increase the investment in capital intermediary business through the share allotment 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). In order to promote the group development of the company, build the company’s brand and enhance the synergy between parent and subsidiary companies, the company plans to invest part of the raised funds to provide capital support to Citic Securities Company Limited(600030) Asset Management Co., Ltd. (tentative name) and CITIC Futures Co., Ltd. through diversified ways.
In February last 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, management business of publicly raised securities investment funds and other businesses approved by regulators. After the establishment of the subsidiary, it will inherit the securities asset management business of Citic Securities Company Limited(600030) .
According to the data of the third quarterly report of securities companies last year, the revenue of Citic Securities Company Limited(600030) asset management business in the first three quarters of last year was 8.579 billion yuan, ranking first in the industry. The total net income of Citic Securities Company Limited(600030) asset management and Gf Securities Co.Ltd(000776) asset management has accounted for 45.5% of the total net income of asset management of 41 listed securities companies, accounting for half of the country. In addition, Citic Securities Company Limited(600030) the net income of asset management in the first three quarters of last year has exceeded that in 2020.
According to the monthly average scale ranking of private asset management of securities companies in the third quarter of 2021 disclosed by China Fund Industry Association, Citic Securities Company Limited(600030) ranks first with a monthly average scale of 1044.939 billion yuan.
In terms of 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 level\’ 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.
since 2020, 13 securities companies have completed or issued share allotment plans
Capital scale is one of the important basic forces for securities companies to become bigger and stronger. Under the background of the rapid capital market reform promoted by the registration system, it is increasingly common for securities companies to use share allotment as a means of fund-raising.
According to the data, since 2020, nine securities companies, including Hongta Securities Co.Ltd(601236) , Huaan Securities Co.Ltd(600909) , Guoyuan Securities Company Limited(000728) , have completed the allotment and fund-raising of nearly 57 billion yuan.
In addition to the securities companies that have completed the allotment and fund-raising, there are also China Industrial Securities Co.Ltd(601377) , Caitong Securities Co.Ltd(601108) , Orient Securities Company Limited(600958) , Citic Securities Company Limited(600030) 4 companies that have issued plans for the allotment. Data show that the four securities companies plan to raise no more than 67 billion yuan in total.
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