Founder Securities intends to produce Clearance Securities or become a third foreign wholly -owned securities firm

On September 9, 2022, reporter from Economic Observation Network, Founder Securities announced that it was intended to transfer 49%of the equity of Creditver Credit Securities to Creditses Co., Ltd. (hereinafter referred to as "Credit Suisse"), and the transfer consideration was 1.14 billion yuan Essence At present, Founder Securities and CreditEss hold 49%and 51%of the equity of Creditkin Securities respectively; after the transaction is completed, Creditver will hold 100%of the equity of Creditkin Securities alone, and the latter will also become Jimorgan Chase Securities and Goldman Sachs. After Gao Hua, the third foreign company wholly -owned securities firms.

In July 2019, the Office of the State Council's Financial Stability Development Committee issued the "Relevant Measures on Further expanding the opening of the financial industry to the outside world", which will be scheduled to cancel the time in the 2021 cancellation of securities companies, fund management companies, and futures companies' foreign -funded restrictions to the time in advance to the time in advance to the time in advance to the time in advance to the time in advance to the time in advance 2020. The CSRC also announced that it has been canceled on April 1, 2020 to cancel the restrictions on foreign -funded shares of securities companies.

The cancellation of the restrictions on the proportion of foreign investment in securities companies has set off the third wave of foreign securities companies. In the past, foreign -funded institutions set up brokers joint ventures with domestic institutions due to factors such as stock ratio policy restrictions. As China's capital market further improves the level of opening to the outside world, foreign institutions frequently seek to set up a holding or wholly -owned brokerage in China.

Draw up the equity of Qing Creditver Securities

The predecessor of UBS Securities was established in 2008. It was jointly invested by Founder Securities and Credit. At first, the shareholding ratio was 66.7%and 33.3%, respectively. In June 2020, the shareholding ratio of Creditses rose to 51%after increasing the capital of Creditkin; in June 2021, Creditkin was renamed Creditkin Securities.

Judging from the announcement, Founder Securities 'equity of Qing Creditors' Securities is to revitalize the company's assets, to allocate resources to improve the efficiency of funds. According to the evaluation report, as of December 31, 2021, the evaluation of the evaluation benchmark, the total equity evaluation value of the shareholders of Creditkin Securities was 2.325 billion yuan, the evaluation value -added 809 million yuan, the value -added rate was 53.38%; The value is 1.139 billion yuan.

Founder Securities and CreditEss are based on the above evaluation results. The negotiation determines that the equity transfer consideration is 1.14 billion yuan. After the equity transfer is completed, Credit Suisse will hold 100%equity of Creditkin Securities, and Founder Securities will no longer hold the equity of Creditkin Securities.

Founder Securities stated that the transaction needs to complete the filing procedure in the CSRC, and it is necessary to submit notifications to the Swiss Financial Market Supervision and Administration Bureau, and FINMA has not issued objections.

The announcement also disclosed that in the first half of this year, Credit Suisse Securities achieved revenue of 132 million yuan and net profit of -104 million yuan. Due to the loss of 104 million yuan in the first half of the year, according to the price adjustment mechanism agreed in the equity transfer agreement, Founder Securities is expected to withdraw at least 1.088 billion yuan. According to preliminary estimates, if the delivery date is before December 31, 2022, the equity transfer will increase the net profit of Founder Securities about 290 million yuan this year; if the delivery date is on December 31, 2022, it is held by the company's equity law. The impact of the negative income of the equity of Creditkin Securities, the equity transfer will increase the annual net profit of the Founder Securities Delivery Day of not less than 290 million yuan.

The interim report performance rises against the market

According to the interim report, Founder Securities achieved revenue of 4.076 billion yuan in the first half of 2022, a year -on -year decrease of 0.1%; net profit was 1.421 billion yuan, an increase of 9.29%year -on -year. Reporting the list of A -share listed brokers, which has increased year -on -year profit.

According to Founder Securities Management, running the industry average in the traditional self -operated investment business of securities firms is an important reason for Founder Securities to achieve retrograde growth in the first half of this year. The data shows that the calculation caliber of "investment income+fair value change-to the investment income of joint venture/joint venture+interest income in interest income = self-operated investment income" as of June 30, Founder Securities will realize self-operated investment Income is 1.131 billion yuan.

According to the data of the semi -annual report, in terms of business lines, wealth management is the largest business of Founder Securities, achieving revenue of 2.589 billion yuan. Yuan, 238 million yuan and 107 million yuan; of which, the income of asset management and investment banks increased by 45.24%and 14.16%year -on -year.

In the first half of this year, Founder Securities realized a net income of securities brokerage business 1.487 billion yuan, accounting for 36.48%of operating income; in terms of investment banking business, Founder Securities Investment Bank subsidiary Founder Securities underwritten sponsorship Co., Ltd. achieved operating income of 238 million yuan in the first half of the year, a year -on -year increase of growth, year -on -year increase 14.15%. Among them, the net income of investment banking business was 218 million yuan.

He Yogang, secretary of the board of directors of Founder Securities, introduced at the performance conference that the trend of the balanced development of the entire business effectively resisted the cycle and market fluctuations, especially the downturn in the market this year. Only 50%increased, but income increased by 183%.

Equity structure is clear

In the first half of this year, Founder Securities was also clarifying its own equity disputes. On May 18, 2022, Founder Securities announced that receiving the "Notice" of the Dalian Intermediate People's Court of Liaoning Province, and the Dalian Intermediate People's Court ruled that 1.09 billion shares held by Beijing Zhengquan Holdings Co., Ltd. were recovered and confiscated. The transfer party designated by the Ministry of Finance-under the name of the National Social Security Fund Council. After completing equity transfer registration procedures and social security funds as the major shareholders, Zhengquan Holdings will no longer hold Founder Securities shares. The equity problem that has troubled Founder Securities for many years has gradually become clear. However, the newly -owned Ping An Life is controlled by Ping An of China, which has triggered the issue of whether Ping An Securities and Founder Securities are facing competition in the industry.

In July 2021, the manager of the Founder Group received the "Civil Ruling Book" delivered by the Beijing No. 1 Intermediate People's Court, which ruled that the Founder Group and other five companies such as the Founder Group were reorganized. According to the plan, all Founder Group and its unanimous actor Fang Zhengzheng's Founder Securities shares all transferred to the new Fangzheng Group. China Ping An Life Insurance Co., Ltd. (Ping An Life) or its wholly-owned entity intends to receive 73%-100%equity of Xinfangzheng Group in accordance with a ratio of 70%. Shareholders, Ping An, as the controlling shareholder of Ping An Life, indirectly controlled Fangzheng Securities.

Both Founder Securities and Ping An Securities are controlled by Ping An of China, and the competition between the two of them has attracted particular attention. Shi Hua, chairman of Founder Securities, said that according to the Founder Group's reorganization plan, if the delivery is completed, the company's controlling shareholder intends to change to Xinfangzheng Group, and Ping An of China will indirect control of Founder Securities. Founder Securities will carry out related work in accordance with the regulations and guidance of the financial regulatory authorities with investors and other parties.

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