New Founder Group was established! Ping An holds 67% of the shares, founder securities to welcome the new controlling shareholders, the third quarter net profit increased by 30%.

After the shareholders experienced bankruptcy reorganization, Founder Securities officially ushered in a new controlling shareholder.

On the evening of October 21, Founder Securities announced that five companies, including Founder Group, had completed the establishment of the new Founder Group according to the reorganization plan and had obtained the "Business License".

It is understood that as of now, Founder Group and its co-actors hold a total of 28.71% of the total share capital of Founder Securities, and according to the reorganization plan, the shares of this part of the company are intended to be held by New Founder Group.

At the same time, the detailed shareholding structure of New Founder Group was exposed for the first time: the SPV set up by Ping An Life held about 66.5%, the SPV set up by Zhuhai Huafa Group Co., Ltd. (representing Zhuhai State-owned Assets) held about 28.5%, and the shareholding platform (partnership) composed of creditors held about 5%.

It is worth mentioning that Zhengquan Holdings, a shareholder who holds 13.25% of Founder Securities, has previously auctioned the equity of Founder Securities in Ali judicial auction twice, because no one has taken over the auction, and there are still variables in who will take over this part of the equity.

New Founder Group was officially born

On October 21, Founder Securities announced the progress of the restructuring of the controlling shareholders.

Looking back, in February last year, Founder Group Co., Ltd. ("Founder Group"), the controlling shareholder of Founder Securities, was restructured by the Beijing No. 1 Intermediate People's Court ("Beijing No. 1 Intermediate People's Court").

On July 5 this year, the administrator of Peking University Founder Group Co., Ltd. received a "Civil Ruling" delivered by the Beijing First Intermediate People's Court, ruling to approve the reorganization plan of Founder Group and five other companies.

According to the ruling of the Beijing First Intermediate People's Court and the effective reorganization plan, the shares of the company held by Founder Group, the controlling shareholder of Founder Securities and its co-actor Founder Industry Holdings Co., Ltd., will be transferred to the proposed New Founder Group, and the controlling shareholder of Founder Securities is proposed to be changed to New Founder Group.

It is reported that Ping An Life Insurance Co., Ltd. of China ("Ping An Life") or its wholly-owned entities intend to acquire 73%-100% of the equity of New Founder Group in accordance with the proportion of 70%, therefore, Ping An Life or its wholly-owned entities intend to become the controlling shareholder of New Founder Group, and Ping An Insurance (Group) Co., Ltd., as the controlling shareholder of Ping An Life, intends to indirectly control Founder Securities.

On October 21, Founder Securities received a notification letter from Founder Group, saying that five companies, including Founder Group, had completed the establishment of New Founder Group according to the reorganization plan and had obtained the "Business License", and that the registered place of New Founder Group was located in Hengqin New District, Zhuhai City, Guangdong Province, and the legal representative was Lu Jun, general manager of post-investment management of Ping An Group of China.

In the announcement, the detailed shareholding structure of New Founder Group was disclosed for the first time: the SPV set up by Ping An Life held about 66.5%, the SPV set up by Zhuhai Huafa Group Co., Ltd. (on behalf of Zhuhai State-owned Assets) held about 28.5%, and the shareholding platform (partnership) composed of creditors held about 5%.

Up to now, Founder Group and its co-actors hold a total of about 2.363 billion shares in the company, accounting for 28.71% of the total share capital of Founder Securities, and according to the reorganization plan, all the shares of the company are intended to be held by New Founder Group.

Net profit in the first three quarters was 1.93 billion, an increase of 30% year-on-year

Although Founder Securities has received less shareholder support due to shareholder changes, the performance of Founder Securities has performed better under the hot market this year.

On October 20, Founder Securities released the third quarter performance express, the first three quarters of the operating income of 6.46 billion yuan, an increase of 12.82% year-on-year, net profit of 1.93 billion yuan, an increase of 30.08%.

Founder Securities said that from January to September 2021, due to factors such as the market and the growth of subsidiary performance, the company's operating income increased, so the operating profit, total profit and net profit attributable to shareholders of listed companies increased by 32.56%, 36.88% and 30.08% respectively over the same period last year.

In fact, in recent years, the shareholders of Founder Securities have been changing, in addition to the largest shareholder Founder Group, the second largest shareholder, Zhengquan Holdings, the equity change has also attracted much attention.

Judging from the structure disclosed in the semi-annual report of Founder Securities equity this year, Founder Group and its co-actors hold 28.71% of the total share capital of Founder Securities, the second largest shareholder, Beijing Zhengquan Holdings, holds 21.86%, while other shareholders hold more dispersed equity.

Brokerage China reporter noted that with the establishment of the new Founder Group, the equity of the original Founder Group and its continuous actors was changed to be held by the New Founder Group, while the equity of Zhengquan Holdings was 8.62% of the equity of Zhengquan Holdings was awarded to China Cinda by the court because of the debt, and the 8.62% equity of Founder Securities held by China Cinda was also approved by the CSRC on September 7 this year.

The remaining 13.24% equity of Founder Securities held by Zhengquan Holdings (1.089 billion shares) has been judicially auctioned on the Ali judicial platform on June 20 and August 1 this year, but because no one bids and auctions, it remains to be seen who will spend this part of the equity in the future.