The bonded shareholding shares have become a 27 billion yuan fundraising plan

Economic Observation Network Reporter Liang Ji Headian Brokerage Differential Dating shares "replenished blood". On September 14, 2022, CICC (601995.SH) issued an announcement that the proposed shares raised for not more than 27 billion yuan (RMB, the same below); After 100 million yuan, the border management plan for fundraising is high.

CICC said that the distribution plan is to optimize the business layout and lay the foundation for long -term development. In addition, CICC's controlling shareholder Central Huijin Investment Co., Ltd. (hereinafter referred to as "Central Huijin") promised that it will subscribe for the total shareholding item according to the number of shares in accordance with the number of shares. , Optimize the business layout, thereby improving the company's full value chain comprehensive service capabilities, realizing the balanced business layout and diversified income structure; and to improve the capital strength to promote the company's continuous meetings of net capital supervision and improving risk resistance capabilities, promote the company Outdoor derivatives and other institutions have accelerated development, and continue to consolidate and enhance the core competitiveness of various businesses.

The fundraising fundraising does not exceed 27 billion

The data shows that the total amount of funds raised by CICC's off -share shares is expected to not exceed 27 billion yuan; of which no more than 24 billion yuan is used to support business development capital demand. Asset management and other businesses; not more than 3 billion yuan to supplement other operating funds.

In terms of shareholders, CICC will be sold to all shareholders at a ratio of no more than 3 shares per 10 shares in A shares and H shares. If CICC's total shares as of June 30, 2022, the total shares of 4.827 billion shares were calculated (including 2.924 billion A -shares and 1.904 billion H shares), the number of shares for sale of the sale was not more than 1.448 billion shares, of which A -shares were offering shares, of which A shares were offering shares The number of shares does not exceed 877 million shares, and H shares do not exceed 571 million shares.

Regarding the sale price, CICC stated that it will be authorized by the shareholders' meeting to authorize the board of directors or its authorized persons to negotiate with the sponsor (underwriter) based on market conditions and pricing principles before the issuance. The price of H -shares shares is not lower than the publication of the issue of the issue of the issuance of H -shares issued issues. The price is not lower than the minimum issue price of H -shares after the exchange rate adjustment at that time.

CICC stated that the fundraising funds raised this time are conducive to the company's development opportunities, consolidate and expand the scale of traditional advantageous business, promote the development of innovative business, enhance comprehensive competitiveness and profitability; enhance capital strength, optimize capital structure, enhance the company's company Business business capabilities and anti -risk capabilities provide favorable guarantee for business expansion and strategic implementation.

CICC also believes that the fund -raising fundraising is to respond to the national strategy and seize the development opportunities of the capital market and the securities industry; improve the core competitiveness and actively participate in the international market competition; accelerate business development, optimize business layout, and lay the foundation for long -term development for long -term development ; Continue to meet the requirements of net capital supervision and improve the ability to resist risks.

According to the CITIC Securities Report, in the first half of 2022, CICC's leverage rate was 6.3 times, ranking first in the securities industry. Under the current net capital supervision system, the leverage ratio is close to the theoretical limit. Therefore, it is possible to further expand the capital supplement by re -financing, and then break through the bottleneck of development. Shen Wanhongyuan also pointed out that CICC's capital leverage ratio is 11.7%, which is close to the level of 9.6%of the regulatory and early warning line. It limits the further expansion of customer demand and stock business business. Capital, open the business ceiling.

CITIC Construction Investment's non -silver team also believes that CICC has been close to the upper limit of risk indicators defined by regulatory regulation as of the first half of the year that the client funds have been removed. Whether it can continue to expand its table has become a key element in the development of CICC business. In the long run, if CICC achieves the goal of raising the scale of not more than 27 billion yuan, it will greatly increase the company's net asset scale and increase the capacity of the table. The non -directional customer -oriented business will also benefit significantly.

The stock price fell more than 9%

After the issuance of the shares was issued, on September 14, the price of A shares and H shares of CICC fell 9.20%and 7.95%respectively; Wind data showed that CICC's main force today inflows 192 million yuan, the main outflow of 253 million yuan, net inflows -061 billion yuan.

CICC's large -scale shares, many investors expressed dissatisfaction in the stock bar. Some investors said that compared with CICC's revenue of about 30 billion yuan in 2021, the amount of 27 billion yuan of offering makes it difficult for investors to accept it; some investors refer to CICC's dividends. In 2021, CICC The net profit was 10.778 billion yuan, with a dividend of 1.449 billion yuan. In addition, CICC's landing on A shares is less than two years ago, and the large -scale shares plan for the large -scale shares has also caused some investors to question over -financing.

CICC previously reminded that after the completion of the share -shares, the company's share capital and the scale of net assets will increase significantly, and the funds raised from investing to generating benefits require a certain period of time. It mainly depends on the company's existing business, which leads to the risk of being diluted after the company's offering of shares issued shares in the short term.

An East China Investment Bank told the Economic Observation Network that securities company distribution will dilute shareholders' rights and interests, but if shareholders refuse to subscribe, they will give up this part of their rights. In addition, the stock price of CICC has plummeted after the issuance of the shares, and it is not an ideal time to sell shares at this time. Perhaps the information that may be gratified by shareholders is that Central Huijin, the controlling shareholder of CICC, promised to subscribe for its allocated shares in this distribution plan in cash. As of the end of June, Central Huijin held 1.936 billion shares of CICC, accounting for 40.11%of the total share capital. CICC stated that if the controlling shareholder does not fulfill the commitment to subscribe shares or expires the sales period, the number of former A -share shareholders who subscribe to the shares will not reach 70 % of the number of A shares. The deposit interest returns shareholders who have already subscribed.

Earlier, CITIC Securities had caused external criticism due to the purchase of wealth management products due to large -scale fundraising. In February 2022, CITIC Securities used temporary idle A shares to raise funds to raise cash management with no more than 8 billion yuan. The investment product type was regular deposits. The move caused the market to accuse CITIC Securities' "over -financing", and said that the move actually caused funds to be empty in the financial system.

According to the announcement of CITIC Securities, its shares are planned to be RMB 22.318 billion in the actual A -share actual raised funds, and the net fundraising funds raised by H shares are HK $ 5.976 billion. CITIC Securities has previously stated that the company's distribution is "in response to the national strategy and create a 'aircraft carrier -level" broker. " As of June 30, 2022, CITIC Securities has accumulated a total of RMB 2,034 billion in A -share raised funds and H -shares raised funds of HK $ 5.97 billion.

The baying of the voucher industry is windy

Wind data shows that since last year, 7 securities companies including Hua'an Securities (600909.SH) and Caitong Securities (601108.SH) have implemented shares, with a total fundraising amount of more than 80 billion yuan. Among them, CITIC Securities ranks first at a scale of 28 billion yuan. The scale of raising fundraising of Xingye Securities (601377.SH) and Oriental Securities (600958.SH) also exceeds 10 billion yuan.

Liu Xinqi believes that in the context of the current stable growth expectations and the performance of non -silver sectors, the non -silver sector is an excellent configuration variety.

Data show that in the first half of 2022, 140 brokerage firms achieved a total of 205.9 billion yuan in revenue and a net profit of 81.2 billion yuan, a year -on -year decrease of 11%and 10%. Among them, the growth rate of A -share marketing brokerage companies is less than the industry average, but ROE and leverage performance are above the industry average.

At present, the PB valuation of the brokerage sector is at a historical low of 1.29X. In the first half of 2022, the annualized ROE of the securities industry was 6.19%, a year -on -year decrease of 1.5%. The decline in the Bondo ROE is mainly due to the decline in ROA, which is the result of the comprehensive effects of negative factors such as self -invested investment losses, stock pledge impairment measures.

According to Oriental Securities Research Report, CITIC Investment (601066.SH), CITIC Securities, Hualin Securities (002945.SZ), CICC and China Banking (601881.SH) were 10.38%, 9.91%, and 9.91%. 9.06%, 8.77%, and 8.67%, only Zhongxin Building's ROE exceeded 10%. In terms of equity multiplication, CICC maintains a leading position in the industry, reaching 6.32 times. Both are more than 4.5 times.

Xiangcai Securities believes that in the short term, the performance of listed brokers in the second quarter has improved significantly, and the performance of the sector has been significantly repaired from the previous month. It is expected that the performance of the brokerage sector is expected to accompany the market recovery. In the long run, the trend of the transfer of residents' wealth to the capital market has not changed. After the implementation of the implementation of the system, it will promote the continuous expansion of the capital market and the long -term development of the securities industry.

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