Yesterday, Caitong Securities (601108.SH) fell for the third consecutive trading day, closing at 8.08 yuan, down 2.60%.
On October 24, 2017, Caitong Securities landed on the Shanghai Stock Exchange with an issue price of RMB 11.38. Caitong Securities broke the intraday trading on June 20 this year, and the stock price closed in the subsequent trading day. Yesterday's close, Caitong Securities shares fell 29.00% compared with the issue price; compared with the highest listed price of 26.12 yuan set on November 8, last year, down 69.07%.
China Economic Net reporter noted that after Caitong Securities reached its high point in 2015, its four-year performance in the first three quarters of 2015-2018 has dropped three times.
According to the prospectus, Caitong Securities' operating income in 2014, 2015 and 2016 was 4.502 billion yuan, 10.241 billion yuan, 4.256 billion yuan, and the net profit attributable to shareholders of the parent company was 856 million yuan, 3.075 billion yuan, 17.86. 100 million yuan.
In the year of listing, Caitong Securities' performance was slightly down. Its 2017 company's operating income was 4.015 billion yuan, down 5.73% year-on-year; net profit attributable to shareholders of listed companies was 1.504 billion yuan, down 15.79% year-on-year.
In the second year of listing, Caitong Securities' performance fell significantly. The third quarter report of 2018 showed that Caitong Securities' operating income from January to September was 2.347 billion yuan, a decrease of 24.86% year-on-year; the net profit attributable to shareholders of listed companies from January to September was 673 million yuan, a year-on-year decrease of 44.38%.
The announcement disclosed by Caitong Securities at the time of listing showed that the company issued 359 million shares at a price of 11.38 yuan per share, raising a total of 4.085 billion yuan, and net proceeds from the issuance expenses were 3.958 billion yuan. The issuance expenses of Caitong Securities totaled 127 million yuan, of which the sponsorship fees paid to the sponsors UBS Securities and CITIC Securities (17.300, -0.41, -2.32%) reached 111 million yuan.
In addition, the company paid RMB 2,981,100 to the lawyers of Shanghai Jintiancheng Law Firm, and paid RMB 6,868,800 for audit and capital verification fees of Tianjian Certified Public Accountants, and the issuance expenses per share reached RMB 0.35.
The funds raised by Caitong Securities are all used to supplement the company's capital, alleviating the constraints of the net capital scale bottleneck on the company's business development. UBS Securities said that Caitong Securities raised funds to supplement the company's capital, in line with national industrial policies, investment management, environmental protection, land management and other laws, administrative regulations, departmental regulations and other regulatory documents, will not produce Horizontal competition may have an adverse effect on the independence of the issuer.
On October 18, 2017, UBS Securities, the lead underwriter, remitted the proceeds from the listing to the Caitong Securities Raised Funds Supervision Account. As of December 31, 2017, the funds raised by Caitong Securities had all been exhausted.
Caitong Securities can't hide the impulse to raise funds. On April 28 this year, Caitong Securities released a “Lion’s mouth” on the same day as the annual report of the decline in performance. The total amount of public offerings to be issued is not more than RMB 3.8 billion (including RMB 3.8 billion), which can be converted into A shares of the company. Corporate bonds, the funds raised will be used to supplement working capital and develop the main business after deducting the issuance expenses.
On June 16, Caitong Securities announced that the Zhejiang Provincial Department of Finance agreed to implement refinancing through the public offering of convertible corporate bonds, with a scale of no more than 3.8 billion yuan.
On August 27, Caitong Securities issued a notice on the change of sponsors and sponsor representatives, saying that according to the needs of the issuance, the company terminated the sponsorship agreement with UBS Securities and signed a “public offering with Caixin Securities Co., Ltd.”Convertible bondThe sponsorship agreement for listing, which is the sponsor of the publicly convertible corporate bond project.
On October 24, Caitong Securities was first publicly issuedRestricted stock2.48 billion shares were listed and traded, accounting for 57.06% of the company's total share capital, involving 39 shareholders, including Zhejiang Paradise Silicon Valley Yinjia Venture Capital Partnership (Limited Partnership), Hangzhou Wanfeng Jinyuan Jingxin Equity Investment Partnership (Limited Partnership) 38 shareholders including Hangzhou Post Technology Industrial Co., Ltd., Zhejiang Zhongda Group Investment Co., Ltd. and Taizhou Financial Investment Co., Ltd., as well as the National Social Security Fund Council, which inherited the state-owned shareholders' commitment to transfer shares.
On the same day, Silicon Valley Yinjia announced the clearance-type reduction, passed within 6 monthsbig dealThe method or centralized bidding method will reduce the shareholding of Caitong Securities by no more than 165 million shares, and the reduction ratio will not exceed 4.60%.
(Article source: China Economic Net)