Mergers And Acquisitions, Integration Or Trend, Brokers Face The Tide Of Listing Restructuring.

< p > IPO is restarting soon. The pace of listing is accelerating.

< /p >

< p > < strong > the road of listing and losing repeatedly fighting is < /strong > /p >

< p > according to the latest news released by the SFC website, as of the end of November, there are 8 brokerages in the queuing enterprises with the a href= "//www.sjfzxm.com/news/list.aspx ClassID=101112107105" > IPO < /a >, and 5 of them have entered the first trial list. They are Guotai Junan Securities, Zhongyuan securities, Zhejiang securities, Huaan securities and first venture securities.

In addition, the audit status of Dongfang securities, Dongxing securities and Guoxin Securities is to implement feedback.

< /p >

< p > the way of listing, all brokerages have been preparing for a long time, but they have been frustrated repeatedly.

From 2006 to 2007, as a result of the explosive growth of performance and the popularity of the stock market, many brokerages began to pave the way for IPO in this period.

At that time, the number of domestic listed brokerages was very small, and only the CITIC Group landed A shares in IPO mode.

Guotai Junan Securities and Guoxin Securities seek to visit the capital market in this period.

< /p >

< p > 2007, Guotai Junan put forward a public listing plan. In 2008, Guoxin Securities filed the IPO application for the first time.

Since then, Guotai Junan has been stranded in "one reference and one control", but Guoxin has been stagnant due to its acquisition of Warren securities in 2009, and also because of the "one reference, one control" problem.

< /p >

After P was converted into Limited by Share Ltd in 2003, Dongfang began to sprint.

However, the performance deficit in 2005 and a huge loss of 883 million yuan in 2008 made the listing plan stranded.

Dongxing securities, which was established in May 2008, has set up a three year listing plan at the beginning of its establishment. After entering three successive accounting years, it entered the first trial list, which has been hovering around the list.

< /p >

Compared with P, the listing plan of Zhejiang Merchants Securities started late.

In September 2012, Zhejiang Merchants Securities, which had just been changed to Limited by Share Ltd, handled the registration of guidance and registration to the Zhejiang Securities Regulatory Bureau in late October of that year.

Half a year later, Zhejiang Merchants Securities listed on the latest IPO on the list of listed companies.

< /p >

< p > apart from the securities companies that have entered the IPO audit channel, many a href= "//www.sjfzxm.com/news/list.aspx ClassID=101112107107" > second tier securities dealers < /a > are actively planning to go public.

Since the beginning of this year, a number of second tier brokerages including Donghai securities and CAITONG securities have completed the shareholding system reform.

Recently, Xiangcai securities will also complete the shareholding system reform and actively promote the listing.

< /p >

< p > it is worth mentioning that while waiting for IPO, 8 listed brokerages are also seeking other ways to expand their capital.

Among them, Guotai Junan Securities has raised 30 billion 500 million yuan through a variety of debt financing methods such as short-term financing bonds, corporate bonds and subordinated debt.

< /p >

< p > it is worth noting that three of the 8 listed securities companies are involved in the "mutual insurance". They are Guotai Junan and Galaxy Securities, Orient Securities and Everbright Securities, Zhongyuan securities and Qilu Securities, and the three groups are listed on the market.

However, there are investment bankers believe that the listing broker mutual insurance, in fact, part of the preparatory work to be completed by the listed broker themselves, as long as the conditions listed in line with the IPO can be.

< /p >

< p > some industry analysts believe that in the financial sector, asset securitization of brokerages is relatively weak. Under the support of a series of policies of the SFC, as long as the market improves and IPO restarts, the pace of listing of brokers may be significantly faster than that of the city commercial banks or other insurance companies that have already queued up.

< /p >

< p > < strong > merger and integration or trend of development < /strong > < /p >

< p > in addition to landing in the capital market through IPO, mergers and acquisitions become another way for securities companies to seek development.

< /p >

< p > Fangzheng securities issued a resumption notice on September 26th after 30 days suspension. It was initially determined that the company absorbed the merger of national securities through issuing shares.

< /p >

< p > public information shows that the total assets of national securities are thirty-first, and founder securities are ranked eighteenth in the whole industry. After merging, they will surpass Qilu Securities and Ping An Securities, ranking thirteenth.

In terms of net assets, the national securities industry ranked twenty-sixth, Founder Securities ranked thirteenth, and merged to eighth.

In terms of business income, forty-sixth of the national securities industry was ranked in the whole industry, nineteenth were Founder Securities, and 14 will be merged.

< /p >

< p > there should be no accident in founder's merger of national securities. Merger is beneficial to both sides, and basically complementary advantages can be achieved.

A broker in Shanghai believes that "now there are" a href= "//www.sjfzxm.com/" M & a "/a > willing brokers and many, mergers and acquisitions of brokers may be coming.

< /p >

< p > it is understood that listed securities companies such as state Yuan Securities, Changjiang Securities and Southwest Securities have made clear in the latest issuance financing that they will "pick up relevant assets of securities".

At present, unlisted brokerages who are interested in acquiring securities related assets include Hualong securities, AVIC securities, British securities, Ping An Securities, aviation securities and Guoxin Securities.

< /p >

< p > it is worth mentioning that in August last year, the merger and acquisition of Southwest Securities and state capital securities, which lasted for one and a half years, were terminated after consultation.

If the Founder Securities absorbed the merger of national securities can be successfully implemented, it will become the first domestic listed securities mergers and acquisitions.

< /p >

< p > contrary to the leading mergers and acquisitions of Founder Securities of listed securities companies, Hongyuan securities, a listed brokerage company, has become the object of absorption in the "marriage" between Shen Wan and Hongyuan.

On the evening of November 19th, Hongyuan securities announced that it had signed a letter of intent to restructure assets with Shenyin and Wanguo, and the two sides agreed on the obligation of confidentiality and agreed to jointly promote major asset restructuring.

If this merger is successful, < a href= "//www.sjfzxm.com/news/list.aspx? ClassID=101112107108" > Shenyin Wanguo < /a "can be backdoor listed, ranking among the top five brokerages in the country.

< /p >

< p > China Aviation securities Yang Pengfei believes that under the background of deregulation and vigorously developing innovative businesses, the securities industry is changing from traditional channel type represented by brokerage business to "heavy capital" represented by capital intermediary business.

< /p >

< p > in the period of pformation, capital intermediary business has become a key development business for securities companies, and the securities industry will enter the era of "heavy capital".

The channel business of brokers will be gradually liberalized. Under this trend, some brokerages who do not have capital advantages or fail to pform will face the fate of bankruptcy or mergers and acquisitions. Securities companies with competitive and capital advantages can consolidate their competitive advantages or expand new businesses through mergers and acquisitions, and the industry concentration will further increase.

< /p >