According to the information on the official website of the CSRC, the application materials for the approval of the disposed securities companies to resume normal operation submitted by new era securities have been received by the CSRC on May 23.
This may mean that in the near future, new era securities will end its takeover and resume normal operation. In July 2020, new era securities, Guosheng securities and Guosheng futures were taken over by the CSRC due to concealing the actual controller or shareholding ratio and unbalanced corporate governance.
After new era securities was taken over, 98.24% of its equity was publicly transferred. The central enterprise China Chengtong Holding Group Co., Ltd. (hereinafter referred to as “China Chengtong”) transferred this part of the equity. New era securities has also become a subsidiary of central enterprises, and its development will open a new chapter.
application for resumption of normal operation
After a series of major changes, new era securities finally applied to the regulator to resume normal operation recently. After the regulatory approval, the new era securities, which is operating normally again, will be reborn and will reappear with a new image.
As early as July 2020, new era securities was officially taken over by the CSRC. It is understood that at that time, in view of the fact that new era securities, Guosheng securities and Guosheng futures concealed the actual controller or shareholding ratio and the imbalance of corporate governance, in order to protect the legitimate rights and interests of investors and maintain the order of the securities market, the CSRC took over new era securities, Guosheng securities and Guosheng futures according to relevant regulations.
The takeover goal is to maintain the operation stability of the three companies and standardize the company’s equity and governance structure. The taking over period is from July 17, 2020 to July 16, 2021, and then extended to July 2022.
From the date of taking over, the takeover group shall exercise the operation and management rights of the company under takeover, and the leader of the takeover group shall exercise the functions and powers of the legal representative of the company. The general meeting of shareholders, the board of directors, the board of supervisors and the management of new era securities, Guosheng securities and Guosheng futures stopped performing their duties.
During the takeover period, the takeover group and the custody group will take effective measures to maintain the safety of customers’ funds, continue to maintain the stability of the company’s operation, and standardize the company’s equity and governance structure. Guosheng securities, futures brokerage, inter-bank securities brokerage and other businesses. Customers’ securities trading and futures trading are not affected, and the transfer in and transfer out of customers’ funds are carried out normally; Various business contracts between the company and customers continue to be performed, and the application for redemption of asset management products is carried out normally.
Soon, if the CSRC approves the application of new era securities, it means that new era securities will end the takeover state that has lasted for nearly two years.
last year, new era securities achieved a revenue of 1.049 billion yuan, a year-on-year increase of 33%; The net profit was 371 million yuan, a year-on-year increase of 122%. By the end of last year, the total assets of the company were 19.269 billion yuan, of which the total assets of the parent company were 18.5 billion yuan and the net capital was 7.438 billion yuan
major shareholder has changed from private to central enterprise
In April this year, new era securities completed the equity change procedures and released the latest list of shareholders. China Chengtong holds 98.24%, Guangdong Overseas Chinese trust and investment company holds 0.7%, and Fujian Pingtan weiding Guji Investment Management Co., Ltd. holds 0.21%.
Previously, at the end of March, the CSRC approved China Chengtong to become the main shareholder of new era securities and the actual controller of financing fund, and had no objection to China Chengtong’s legal transfer of 2.859 billion shares of new era securities (accounting for 98.24% of the total shares). The CSRC said that new era securities should go through the formalities for the change of the above-mentioned equity according to law within 30 working days from the date of issuance of this reply. From the end of March to the end of April, it’s almost just a month.
Earlier, at the end of December last year, the “signing ceremony of equity transfer project of new era Securities Co., Ltd.” was successfully held in Beijing Equity Exchange. The equity transferor (including the entrusting institution of the transferor) signed the property right transaction contract with China Chengtong, which acquired 98.24% of the equity of new era securities. New era securities takeover group, Huida asset custody Co., Ltd., new era Trust Co., Ltd. and China Chengtong attended the signing ceremony.
According to the official website of China Chengtong, China Chengtong is the first batch of pilot enterprises of the SASAC to build and standardize the board of directors and the first pilot enterprise of state-owned assets management company. In February 2016, China Chengtong was identified as a pilot state-owned capital operation company of a central enterprise. The main businesses of the group are fund investment, equity operation, asset management, financial services, comprehensive logistics services, production, development and utilization of Forest Pulp and paper, new energy batteries, etc.
At present, China Chengtong operates the equity of listed companies with a market value of more than 70 billion. At the same time, it is the main shareholder of many first-class central enterprises such as national pipe network and China green development. By integrating the financial equity of central enterprises, establishing factoring companies, and continuously exploring the establishment of small currency foreign currency swap mechanism of central enterprises, we will actively cultivate the financial service ability with Chengtong characteristics.
One of the reasons why China Chengtong can become the controlling shareholder of new era securities is that new era securities has been listed for public transfer of equity. In September 2021, Beijing Equity Exchange announced the listing and transfer of 98.24% equity of new era securities.
At that time, there were many companies competing for the equity of new era securities.
Western Securities Co.Ltd(002673) announced that it plans to form a consortium with Beijing Financial Holding Group Co., Ltd. to participate in the acquisition of 98.24% equity of new era securities Dongxing Securities Corporation Limited(601198) announced that it plans to jointly acquire 98.24% equity of new era securities listed on Beijing Equity Exchange with China Chengtong through public delisting.
Later, Western Securities Co.Ltd(002673) announced the termination of the acquisition, indicating that before the deadline for the listing announcement of the underlying equity transfer project, the internal decision-making document that Beijing Financial Holding has completed the legal procedures has not been received. On December 14 last year, Dongxing Securities Corporation Limited(601198) announced that the company had conducted several rounds of consultations and repeated communication with relevant parties on the details of the acquisition transaction. So far, the company and relevant parties have failed to reach an agreement on the acquisition conditions. Based on the principle of prudence and comprehensive consideration of various factors, the company decided to withdraw from this acquisition.
China Chengtong finally acquired 98.24% equity of new era securities
