The equity of Guodu Securities changed again.
Recently, the Shanghai United Equity Exchange showed that Guohua Energy Investment Co., Ltd. (hereinafter referred to as Guohua Energy Investment) plans to liquidate and transfer 7.6933% of the equity of Guodu Securities for a price of 1.009 billion yuan.
At the end of last month, Zheshang Securities announced that it had signed an agreement with five shareholders of Guodu Securities to transfer 19.1454% of the equity, with a total of 2.984 billion yuan. At the same time, Tongfang Venture Capital is also packaging and transferring 7.4159% of the equity of Guodu Securities, with a total reserve price of 1.135 billion yuan.
Comparing the price per share, the transfer price of Guohua Energy Investment is slightly cheaper. However, in recent years, many small and medium-sized brokerages have difficulty in equity circulation, and even if they have cut prices many times, few people are interested.
Guodu Securities' equity may change again
According to the Shanghai United Equity Exchange, Guodu Securities intends to transfer 449 million shares, accounting for 7.6933% of the total share capital. The reserve price of the transfer is 1.009 billion yuan, which is equivalent to 2.25 yuan per share. Relative appraisal price, no premium. The information disclosure period is from April 25 to May 23.
The transferor, Guohua Energy Investment, is the third largest shareholder of Guodu Securities, with a shareholding ratio of 7.6933%, which means that this is a clearance transfer. Guohua Energy Investment is a subsidiary of China Energy Investment Group Co., Ltd. (hereinafter referred to as China Energy Investment Group), a state-owned enterprise. According to the analysis of industry insiders, the background of this equity transfer is that central enterprises focus on their main responsibilities and main businesses, and accelerate the liquidation of the equity of financial institutions.
In September 2023, the State-owned Assets Supervision and Administration Commission of the State Council issued the "Interim Measures for the Administration of Equity Participation of State-owned Enterprises", which proposed: "In addition to the equity participation in the strategic holding or cultivation period, state-owned enterprises should withdraw from inefficient and ineffective equity participation that has not paid dividends for more than 5 years, long-term losses, and non-continuous operation, and withdraw from equity participation investments that are seriously inconsistent with the responsibilities and positioning of state-owned enterprises, do not have competitive advantages, are risky, and are difficult to grasp the operating situation." ”
Brokerage China reporters combed and found that the Shanghai United Equity Exchange has recently listed a number of central enterprises to transfer the equity of financial institutions. For example, Benxi Iron and Steel Group, a subsidiary of Anshan Iron and Steel Group, plans to transfer 21.35% of the equity of Zhongtian Securities for 1.264 billion yuan, and also plans to transfer 9.99% of the equity of Benxi Bank for 132 million yuan; Yunnan Metallurgical Group, a subsidiary of Chinalco, plans to transfer 0.0735% of the equity of Fudian Bank for 8.4935 million yuan; and COFCO plans to transfer 0.27% of the equity of Huishang Bank.
A number of shareholders have transferred their shares
Brokerage China reporters noticed that it is not only Guohua Energy Investment that intends to list and transfer the equity of Guodu Securities.
According to the Beijing Equity Exchange, Tongfang Venture Capital, a subsidiary of China National Nuclear Industry Corporation, plans to transfer 347 million shares of Guodu Securities (accounting for 5.9517% of the total share capital) for 911 million yuan, and Jiarong Investment Co., Ltd. plans to transfer 85 million shares of Guodu Securities (accounting for 1.4642% of the total share capital) for 224 million yuan. The two transactions are bundled transfers, and the deadline for information disclosure is April 29.
Based on the above data, the two projects are equivalent to 2.63 yuan per share. Compared with the two, the transfer price of 2.25 yuan per share invested by Guohua Energy is cheaper, and it is also lower than the price at which Zheshang Securities previously acquired part of the equity of Guodu Securities.
On March 29, Zheshang Securities announced that it intends to transfer 4.7170%, 4.7170%, 3.7736%, 3.3089% and 2.6289% of the shares of Guodu Securities held by Chongqing Trust, Tianjin Chongxin, Chongqing Jiahong, Shenzhen Yuanwei and Shenzhen Zhongjun respectively, with a total equity ratio of 19.1454%. After the successful transfer, Zheshang Securities will become the largest shareholder of Guodu Securities. According to the announcement, the share transfer price is 2.673 yuan per share.
To sum up, many shareholders of Guodu Securities will change, and Zheshang Securities has locked the position of the largest shareholder.
It has been suspended by regulators for alternative investment business
Guodu Securities was established in December 2001 and listed on the New Third Board on March 31, 2017. In 2022, Guodu Securities will achieve revenue of 938 million yuan and net profit of 334 million yuan. According to the unaudited financial statements for 2023, Guodu Securities will achieve revenue of 1.283 billion yuan and net profit of 635 million yuan in 2023.
It is worth mentioning that the transfer information also disclosed the possible risks of Guodu Securities due to regulatory penalties before.
First, in February 2021, due to the lack of risk management and control of Guodu Securities' subsidiary Guodu Jingrui's investment, the Beijing Securities Regulatory Bureau took administrative supervision measures to order it to make corrections and suspend its alternative investment business (except for project withdrawal) for 3 months.
According to the transfer information, as of the assessment base date (i.e., October 31, 2023), the regulatory penalties imposed on Guodu Jingrui Investment are still continuing, and it is still unable to carry out its business normally, and the progress of the regulator to complete the rectification and acceptance cannot be determined, nor can it be determined the time for the lifting of the ban on alternative investment business. Therefore, the financial investment on the book is added back as non-operating assets in this assessment.
Secondly, on April 11, 2023, Guodu Securities was fined for failing to perform its duties and responsibilities in equity management in terms of corporate governance, and improper management of related party transactions in investment banking business. From April 12, 2023 to October 11, 2023, the Beijing Securities Regulatory Bureau suspended Guodu Securities' sponsorship, underwriting business, corporate bond underwriting business, asset securitization business, and unlisted public company recommendation business related to stock issuance.
According to the transfer information, as of the assessment base date, Guodu Securities Co., Ltd. has submitted a written rectification report, but it has not yet been accepted. Therefore, this assessment predicts a gradual return to previous annual levels after 2024.
It is difficult for small and medium-sized securities companies to transfer equity
As mentioned above, although the transfer price of Guohua Energy Investment is not at a premium to the appraisal price, the reality that needs to be faced is that the equity circulation of many small and medium-sized brokerages is relatively bumpy.
On April 24, the Henan Provincial Public Resources Trading Center showed that on May 8, Shandong Wuzheng Exchange Investment Holding Co., Ltd. held 1.2588% of the shares of the Federal Reserve Securities, and the starting price was 105.84 million yuan, which was 11.76 million yuan less than the first auction price.
The fate of Cosmos Securities is similar. According to the Beijing Equity Exchange, Guodian Power intends to transfer 0.4645% of the equity of Datong Securities at a price of 6.7593 million yuan, but the transaction was actually released as early as August 2021. According to public information, when it was listed on October 7, 2023, the reserve price of this equity transfer was 9.0693 million yuan. Obviously, in half a year, the reserve price has been lowered by 2.31 million yuan.
In addition, the transfer of 4.99% equity of Yintai Securities by CDB Financial Leasing and the proposed liquidation of 21.35% equity of Zhongtian Securities by Benxi Iron and Steel Group have been a long time coming, but no buyer has yet taken over.
In the eyes of industry insiders, the equity of some small and medium-sized brokerages is not favored, mainly related to weak profitability and large bottlenecks in business breakthroughs. In particular, those small and medium-sized brokerages that fail to achieve a controlling stake can obtain limited returns for shareholders.
Editor-in-charge: Tactical Heng
Proofreading: Tao Qian