CITIC Securities abandon 10%of the equity of Huaxia Fund for priority to buy the right industry: or for three major reasons

Text | Zhou Shangzheng

Is the equity of the public fund not fragrant? Since the beginning of this year, the two very different approaches have appeared: some securities firms have continued to increase their shareholding equity in public fund companies to create a special asset management business system; some brokers have given up the right to purchase or terminate their equity. On the evening of June 28, CITIC Securities issued an announcement that the company received a letter from Tianjin Haipeng to transfer 10%of the equity of Huaxia Fund (hereinafter referred to as the "target equity"). (About RMB 3.264 billion). At the same time, CITIC Securities stated that "it is reported that such considerations are determined by Tianjin Haipeng and intentional transferee." As a shareholder of Huaxia Fund, CITIC Securities enjoys the right to purchase the right to equity. However, after reviewing the board of directors of CITIC Securities, it was decided to abandon the right to purchase the equity. The validity period was one year from the date of approval by the board of directors of the company. Concerned from: At the same time, CITIC Securities Announcement, CITIC Securities also said that Huaxia Fund agreed to assist Tianjin Haipeng in accordance with the internal management procedures to handle subsequent equity transfer and industrial and commercial changes. At present, CITIC Securities holds 62.2%of Huaxia Fund, which is its controlling shareholder. At the same time, the second and third shareholders of Huaxia Fund are Power Corporation of Canada, Mackenzie Financial Corporation, and the shareholding ratio is 13.9%; and Tianjin Sea Sea Sea Sea Sea Sea Peng is the fourth largest shareholder of Huaxia Fund with 10%of the shares. In the past three years, the performance of Huaxia Fund has also been quite excellent. From 2019 to 2021, its net profit was 1.201 billion yuan, 1.598 billion yuan, and 2.312 billion yuan. As of December 31, 2021, Huaxia Fund's total assets were 16.295 billion yuan. In the first quarter of 2022, Huaxia Fund realized net profit of 495 million yuan. Intercepting: CITIC Securities announced the reasons for giving up the right to purchase equity priority. CITIC Securities claimed that it was "comprehensive consideration" and said that she would not consider increasing the shareholding of Huaxia Fund for the time being. Could it be that the equity of the public fund is not fragrant? "CITIC Securities has given priority to the right to purchase equity or there is three major reasons." Some people in the industry said in an interview with the Securities Daily reporter, "First, CITIC Securities already holds 62.2%of the equity of Huaxia Fund, which can control the company. Actually There is no need to continue to increase the shareholding of the shareholding; second, the proposed trading consideration exceeds 3.2 billion yuan, or for consideration of price factors; third, the most likely reason, the transaction may have talked about it well. After the house, and the shares of the next family may achieve a win -win situation with CITIC Securities. At this point, CITIC Securities has given up the right to buy priority to push the boat. "In addition, if the 10%equity of the Huaxia Fund plans to transaction, it is calculated by $ 490 million. Huaxia is Huaxia. The fund's valuation was US $ 4.9 billion, or about RMB 32.64 billion. At the same time, CITIC Securities has plans to invest a total asset management subsidiary of no more than 3 billion yuan, and has intended to apply for a public offering license, and related matters are still being approved. In fact, before CITIC Securities, Central Plains Securities also abandoned its public offering funds. As early as June 2021, Central Plains Securities signed the "Investment and Cooperation Intent Agreement" with He Zhiyuan and its shareholders. Stocks of more than 50%. In May 2022, Central Plains Securities decided to terminate the above agreement because since the signing of the agreement, Central Plains Securities has actively communicated with the agreement party, and conducted due diligence and audit evaluation of He Ji Zhiyuan. Due to the changes in external factors, the company decided to terminate this agreement after careful consideration and negotiating with the agreement. However, Central Plains Securities also said that it will continue to focus on the established strategy, study and explore market opportunities, and promote the development of public fund business. Since the beginning of this year, policies have also continuously helped the high -quality development of the public fund industry, proposed to actively cultivate professional asset management institutions, expand the team of public fund managers, adjust and optimize the public offering fund license system, and moderately relax the number of public offering licenses. Since then, many securities firms have begun to prepare for the establishment of asset management subsidiaries and apply for public fund licenses. However, unlike CITIC Securities and Central Plains Securities, Guotai Junan, who belongs to the head broker, is increasing the equity of Hua'an Fund step by step, and Guotai Junan's all -funded subsidiary Guotai Junan has also obtained a public fund license. On the evening of May 24, Guotai Junan announced that it was intended to transfer 8%of the Hua'an Fund held by the Shanghai Industrial Investment Capital in the transfer of non -public agreement. It will become a company holding subsidiary. Earlier, CITIC Construction Investment increased the equity of CITIC Construction Investment Fund to 100%. However, although giving up the right of priority purchase, CITIC Securities also stated that the company's proportion of preferential purchase rights to abandon the equity of the target does not affect the company's shareholding ratio of Huaxia Fund and the actual control of the Huaxia Fund. The influence does not have the legitimate rights and interests of the company and other shareholders, and complies with the overall interests of the company and shareholders.

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