The soldiers are expensive!After 10 days of unveiling, what impact does this state -owned enterprise Golden Control will integrate two Hong Kong insurance companies?

The official unveiling of less than half a month, the third domestic financial holding company- "China Merchants Financial Control" is promoting its insurance business integration.

On the evening of September 28, China Merchants Bank's H -shares announcement disclosed a connected transaction on the integration of China Merchants Yonglong Insurance and China Merchants Insurance Insurance. According to the announcement, China Merchants Yonglong Insurance will issue 9.856 million new shares to China Merchants Insurance to receive all business of the latter.

Later, this part of this shares obtained by China Merchants Insurance will be distributed to its parent company -China Merchants Insurance Holdings in the form of physical and dividend, and the latter will also subscribe for China Merchants Yonglong Insurance's newly issued 25.591 million shares for HK $ 1.171 billion.

After all the transactions are completed, China Merchants Insurance will apply to the Hong Kong Insurance Regulatory Bureau to revoke the authorization of general insurance business; China Merchants Yonglong Insurance is no longer an affiliated company of China Merchants Yonglong Bank and even China Merchants Bank. China Merchants Insurance Holdings will hold 55% of the company Equity, China Merchants Yonglong Bank's shareholding ratio has been reduced from 100%to 45%.

Reorganize investment promotion Yonglong Insurance

It is understood that the total share capital of China Merchants Yonglong Insurance is 29 million shares, which are all held by China Merchants subsidiaries of China Merchants Bank. The China Merchants Bank announcement shows that the integration of this insurance business is mainly divided into two parts:

First, China Merchants Yonglong Insurance will issue 9.856 million new shares to China Merchants Insurance in exchange for the latter's entire business, that is, the general insurance business (including the relevant assets and liabilities of the business). After all the transactions are completed, China Merchants Insurance will apply to the Hong Kong Insurance Regulatory Bureau to revoke the authorization of general insurance business.

In addition, after the completion of the transaction, the 9.856 million Investment Merchants Yonglong Insurance shares that China Merchants Insurance just obtained will be distributed to China Merchants Insurance Holdings in the form of physical and dividend, that is, the parent company of China Merchants Insurance, which is directly held by the latter.

Second, China Merchants Yonglong Insurance will be issued again of 25.591 million shares, which will be subscribed by China Merchants Insurance Holdings for HK $ 1.171 billion in cash.

After the completion of the relevant business acquisition and the addition of two new shares, the total shares of China Merchants Yonglong Insurance will be expanded to 64.447 million shares, of which the Insurance Holdings of China Merchants held 35.447 million shares, accounting for 55%. 45%. That is, China Merchants Yonglong Insurance will no longer be the subsidiary of China Merchants Yonglong Bank and even China Merchants Bank.

Among them, the prerequisite for the completion of the first part of the transaction is that the Hong Kong Insurance Regulatory Bureau approves the China Merchants Insurance to transfer its general insurance business to China Merchants Yonglong Insurance; Control.

According to industrial and commercial information, China Merchants Insurance Holdings is a Sun company that holds 100%of its shareholding (Hong Kong) of its original recruitment investment (now "China Merchants Financial Control"). At present, China Merchants Insurance Holdings wholly holds investment in China Merchants.

According to the disclosure, China Merchants Insurance has been authorized to engage in general insurance business except Category 4 (railway vehicles), category 5 (aircraft), and class 17 (legal expenditure). , Shipping insurance, property insurance and accident insurance. In the first half of the year, China Merchants Insurance achieved operating income of HK $ 59 million and profit after tax of RMB HK $ 114 million.

China Merchants Yonglong Insurance has been authorized to engage in general insurance business except Category 5 (aircraft) and the 11th (aircraft liability). Wait. In the first half of the year, the company realized operating income of HK $ 331 million and a profit after tax of RMB 60 million.

Why does it change?

In response to the initiative of this integration, China Merchants Bank announced that the business scale of China Merchants Yonglong Insurance and China Merchants Insurance was in the middle of the market. Through this integration, China Merchants Group will inject additional capital to enhance the integrated investment in China Merchants Yonglong Insurance Capital strength. , Significantly improving the insured capacity.

On this basis, China Merchants Group will also invest in high -quality business resources to strengthen the integrated advantages and characteristics of China Merchants Yonglong Insurance. The overall influence of the Hong Kong insurance market.

What impact will this integration affect the China Merchants Bank? In the announcement, China Merchants Bank stated that in the long run, through integration, the benefits achieved by China Merchants Bank will further increase.

In addition, through the integration of resources and teams of the two insurance institutions, improve professional capabilities and resource use efficiency, can better connect with bank channels, improve the ability to provide financial one -stop solutions to China Merchants Bank customers, effectively support the comprehensive financial business of China Merchants Bank's comprehensive financial business Essence China Merchants Bank also hopes that through this integration, it is stronger to do great insurance business to contribute to the development of the insurance industry in Hong Kong.

Specific to the financial level, the bank stated that after the integration is completed, China Merchants Yonglong Insurance will no longer be included in the consolidated financial statements of China Merchants Bank Group, and as an associate company in accordance with the equity law.

The China Merchants Bank announced that after the integration was completed, it is expected that the total assets of China Merchants Bank Group will decrease by approximately HK $ 1.451 billion, and the net asset value will increase by 294 million Hong Kong dollars. At the same time, in this integration, China Merchants Bank Group is expected to obtain non -cash income of HK $ 283 million.

In fact, as early as the reorganization of the China Merchants Bank International in 2015, the China Merchants Bank had planned the securities and futures business of Yonglong Bank at that time to the China Merchants Bank International, which not only achieved professional division of labor, but also avoided the competition between the China Merchants Bank.

The specific operation is: China Merchants Bank increased its capital to the wholly -owned subsidiary of China Merchants Bank. At the same time, Yonglong Bank priced at 100%equity of its wholly -owned subsidiary Yonglong Securities and Yonglong Futures to increase capital and invested in China Merchants Bank International Finance. Among them, China Recruit Bank International Holdings and Merchants Bank International Finance changed from the original "one institution, two brands" to the double -layer architecture of the parent and child company. After the reorganization is completed, China Recruit Bank International, as a holding platform, integrates securities brokerage and futures business. Capital categories and state -owned banks are in Hong Kong subsidiaries to carry the mission of China Merchants Bank's "overseas investment bank flagship".

China Merchants Financial Control has officially unveiled

The reorganization of China Merchants Yonglong Insurance is also part of the business integration of the insurance business sector of China Merchants Financial Control.

The official website shows that the insurance business of China Merchants Financial Control covers personal insurance, property insurance and insurance brokerage, with total assets of nearly 200 billion yuan and a premium scale of nearly 40 billion yuan. , China Merchants Haida Insurance Consultant and other legal entities.

Among them, China Merchants Renhe Life Life's major shareholders are China Merchants Financial Control, while China Merchants Xinnuo holds 50%of the China Merchants Bank. Sun Company, holding 100%of the shares.

Except for insurance business, China Merchants Financial Holdings has a layout in multiple financial fields such as banks, securities firms, asset management, and a total of about 670 risks and comparative entries under the regulatory caliber. As of the end of June, the total assets of China Merchants Financial Business were 10.4 trillion yuan, and the AUM managed assets had exceeded 19 trillion yuan.

On September 18, China Merchants Financial Holdings was officially unveiled in Qianhai. At this time, the application of the establishment of a financial holding company's administrative license application was officially proposed to the central bank. It is understood that China Merchants Financial Holdings is the third domestic financial control company approved in China and the first central enterprise Golden Control in the State -owned Assets Supervision and Administration Commission system of the State Council.

At the unveiling ceremony, Miao Jianmin, chairman of China Merchants Group and Chairman of China Merchants Financial Holdings, pointed out that this new financial license of China Merchants Financial Control is the latest achievement raised by China Merchants Centers for Centennial Finance. "In the new era, entering the new stage, the new stage calls new finance, and new finance catalyzes new financial control."

Xing Yujing, president of the People's Bank of China Shenzhen Center Branch, said that China Merchants Financial Control integrates the multi -level financial equity structure of China Merchants Bureau, which basically meets the requirements of clear equity, penetration, and recognition. The heavy responsibility of development has laid the foundation for the construction of the financial control supervision information system.

Hong Xiaoyuan, Assistant General Manager of China Merchants Group Group and General Manager of China Merchants Financial Control, emphasized that China Merchants Financial Control will strictly implement the regulations of the financial control supervision, conscientiously implement the "2-3-1" strategic requirements proposed by the group, and comprehensively strengthen risk management, wealth management, and finance The construction of the "three major capabilities" of science and technology has achieved new high -quality development.

China Merchants Financial Administration's website shows that the "2-3-1" financial control strategy development requirements are: always adhere to the "two consistent"; comprehensively build the "three capabilities" of risk management, wealth management, and fintech; Like curve "" to achieve new high -quality development.

Responsible editor: Li Xuefeng

School pair: Su Huanwen

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