Where Do 11 Listed Securities Companies Plan To Increase The Investment Of More Than 100 Billion Intensive "Blood Tonic"? Who Pays?

Over the past few days, listed securities companies have intensively issued fixed increase plans, which has aroused widespread concern in the market.

The company will not raise more than RMB 128.9 billion of capital to the company's non-public share issuance on the day of 2020, and will not invest more than RMB 128.9 billion in non-public securities business of the company And replenish working capital.

It is worth mentioning that in March this year, Tianfeng securities has just completed a share allotment, raising 5.35 billion yuan (including the issuance costs), which has reached a new high of A-share listed companies in 2016. This fixed increase plan is just half a year from the completion of the last capital allocation and refinancing.

This is not an exception.

According to the statistics of 21st century economic report, since this year, 11 A-share securities companies have issued fund-raising plans. Among them, the fixed increase of 6 listed securities companies has been completed, with a total fund raised of 61.205 billion yuan. Another 5 listed securities companies are still in the process of implementation. It is estimated that the total amount of fund-raising is about 46.856 billion yuan. The total (planned) fund-raising amount of 11 listed securities companies is about 108.061 billion yuan.

"The overall policy encourages the refinancing of securities companies, and the strategy of big securities companies can guide the business positioning and capital operation strategies of securities companies. At the same time, the strategy of big securities companies is also a risk to the major securities companies, which may promote the occurrence of mergers and acquisitions among industries, accelerate the survival of the fittest, and indirectly force the securities companies to increase financing and accelerate development. " He Nanye, a special researcher at Suning Financial Research Institute, said in an interview with the reporter of the 21st century economic report.

Ten billion fixed increase plan of Tianfeng securities

Specifically, in the fixed increase plan of Tianfeng securities, the raised funds of no more than 12.8 billion yuan will be invested in five projects, among which the highest amount to be invested is credit business, and the planned investment is no more than 4.9 billion yuan.

As a capital consumption business, credit business needs to occupy a large amount of liquidity. At the same time, under the background of the general reduction of the industry commission rate, major securities companies compete to seize the market.

In the view of Tianfeng securities, the company can expand the scale of credit business represented by margin trading and securities lending business through the investment in credit business raised by the issuance of funds, so as to better meet the requirements of various risk control indicators. It can not only guarantee the growth of credit business itself, but also effectively improve the company's comprehensive financial service ability and enhance the comprehensive competitiveness of the company.

In the public plan, Tianfeng securities did not specifically disclose the object of fixed increase issuance, but in its plan, the fixed increase object included qualified foreign institutional investors (QFII). This may mean that in addition to replenishing capital, the fixed increase may further promote the company's mixed reform and introduce international strategic investors.

In this regard, the relevant person in charge of Tianfeng securities also said, "we hope to establish close strategic cooperation relationship with domestic and foreign investors, large state-owned and private enterprises and other investors, especially international well-known institutions, through the non-public offering, so as to improve the company's development horizon by further optimizing the shareholder structure."

This is just a corner of the intensive blood enriching wave of listed securities companies in the A-share market.

The reporter of the 21st century economic report noted that since this year, under the multiple advantages of the loose interest rate environment and the loosening of refinancing in the capital market, many securities dealers have actively expanded their balance sheets by issuing bonds, increasing fixed amount of shares, and so on.

In terms of bond financing, wind data shows that from the beginning of the year to September 30, 2020, securities companies have accumulated 1.65 trillion yuan of financing through issuing credit bonds, an increase of 73.72% over the same period last year. The types of bonds issued include ABS, short-term financing, convertible bonds, corporate bonds, etc.

In terms of direct financing, the enthusiasm of listed securities companies is also unprecedented. The reporter noted that up to now, six listed securities companies, such as Haitong Securities and Guoxin Securities, have completed the fixed increase, and the accumulated fund raised is as high as 61.2 billion yuan. Among them, Haitong Securities has the highest financing amount.

In August this year, Haitong Securities set a fixed increase of 20 billion yuan. It privately issued 1562.5 million shares at the price of 12.80 yuan per share. After deducting the issuance expenses, the net amount of funds raised was 19.849 billion yuan, all of which were used to increase the company's capital.

Specifically, half of the funds (no more than 10 billion yuan, accounting for 50%) are used to expand the investment scale of ficc (fixed income, foreign exchange and bulk commodities) and optimize the structure of assets and liabilities; no more than 6 billion funds (30%) are used to develop capital intermediary business and further improve the ability of financial services; investment banking business and information system construction investment account for 10% and 7.5% respectively.

At the same time, five securities companies, including China construction investment, Zhejiang securities and Tianfeng securities, also disclosed the fixed increase plan. Among them, the highest amount of fund-raising is CSCI, which plans to raise no more than 13 billion yuan. The raised funds are mainly used for the development of capital intermediary business, not more than 5.5 billion yuan for development of investment trading business, no more than 1 billion yuan for information system construction, and no more than 1 billion yuan for capital increase subsidiaries 1.5 billion yuan, and other working capital arrangements shall not exceed 500 million yuan.

In addition, rights issue is also a financing method that many listed securities companies are willing to adopt. This year, five securities companies have completed the rights issue, raising a total of 31.8 billion yuan, including China Merchants Securities 12.704 billion yuan, Shanxi securities 3.805 billion yuan, Soochow securities 5.988 billion yuan, Tianfeng securities 5.349 billion yuan and Guohai Securities 3.994 billion yuan. In addition, Hongta securities plans to raise no more than 8 billion yuan, while Hua'an securities plans to raise 4 billion yuan.

Or "squeeze" the financing resources of the real economy?

He Nanye pointed out that there are three main reasons for the intensive equity financing of listed securities companies this year: "first, the capital market is stable and good, and the frequent changes in the stock price and valuation of securities companies provide a good external environment for the refinancing of securities companies. Second, in order to effectively respond to the business development needs under the registration system, especially the needs of the science and technology innovation board with investment. The third is to meet the needs of industry competition and risk prevention. Under the registration system, the head effect is more and more obvious, and strengthening the capital strength has become an important part of coping with competition. "

In view of the fact that he Jinye needs to improve his ability to cope with the risks of stock pledge in 2018. Therefore, they have to increase the pace of financing when the market is good.

In fact, from the perspective of the above-mentioned fund-raising investment, it is not difficult to find the urgent needs of listed securities companies for replenishing capital, relieving liquidity pressure and expanding business scale layout. The main needs of most securities companies are to supplement working capital, increase capital to subsidiaries, and expand various businesses such as credit, self support and investment banking.

Specifically, fixed increase funds of six securities companies, including Tianfeng securities, Haitong Securities, Zheshang securities, Guoxin Securities, Western securities and Zhongyuan securities, mainly flow to 10 project types. Among them, five securities companies participated in the development of investment and trading business, investment intermediary business and supplementary working capital, with a total inflow of 18.4 billion, 17.4 billion and 1.55 billion respectively; there were 4 Securities Companies in the scheme including debt repayment, additional investment in subsidiaries and information system construction, with investment of 8 billion, 5.8 billion and 2.3 billion respectively.

In addition, there are also some securities companies financing for the introduction of investors, enhance strategic synergy and other aspects of the requirements. For example, among the 20 billion fixed increase of Haitong Securities, UBS AG and JPMorgan Chase Bank were introduced.

Among the fixed increase objects of RMB 3.645 billion of Zhongyuan securities, there are not only top securities companies in the same industry, but also large private equity institutions. Among them, Gaoyi asset contributed 550 million yuan to subscribe 117 million shares, accounting for 15.1% of the total amount raised, making it the largest investor in this fixed increase. CITIC Securities, Guotai Junan, CICC, CITIC construction investment and Guoxin Securities contributed 1.195 billion yuan in total, accounting for 32.8% of the total amount of capital raised.

It is worth mentioning that with the intensive and fast-paced financing of major securities companies, some market people question that this change trend may squeeze the financing resources of entity enterprises. However, in the view of the industry, the impact of securities financing on the real industry is limited, on the contrary, it can take this opportunity to better serve the real economy.

He Nanye also pointed out: "in the direct sense, it is the crowding out of resources, especially the scale of refinancing of many securities companies is very large, and the blood sucking effect is relatively obvious. But in fact, this crowding out effect is relatively weak, because securities companies are important carriers to serve the direct financing market, and a lot of the money raised is ultimately used to serve the real economy. "

"For example, through the science and technology innovation board with investment, through the stock pledge business into the real enterprise, so in a comprehensive view, securities financing has a better role in promoting the real economy, through the collection of funds and the role of professional intermediary, can better promote the optimal allocation of market resources, so that good enterprises can obtain more market capital, thus accelerating the pace of development It's not He added further.