The establishment of a series of asset management plans for brokers to support the development of private enterprises is accelerating, and funds for bailouts are also in place. On November 8, China Merchants Securities and its wholly-owned subsidiary, China Merchants Asset Management Co., Ltd. announced that it will jointly invest RMB 2.01 billion with its own funds to establish the “FOF Collective Asset Management Plan for China Merchants Securities Asset Management No. 1” in the securities industry to support the development of private enterprises. On the previous day, the asset management plans of Haitong Securities and GF Securities were also successfully established.
Up to now, there have been six brokerage companies including Tianfeng Securities, Guoxin Securities, Guotai Junan, Haitong Securities, Guangfa Securities and China Merchants Securities, which have invested a total of 14.56 billion yuan, accounting for nearly 60% of the total investment of 11 brokers.
China Merchants Securities and China Merchants Capital invested RMB 2.01 billion
Established a disaster management plan
In 2018, the A-share market was highly volatile due to multiple factors. Many listed companies (especially private listed companies) faced a large number of stock pledges falling below the pledge closing line. Once these risks are transmitted to the production and operation activities of enterprises, they will Produce systemic impact.
In this context, the China Securities Industry Association proposed a series of asset management plans for the establishment of the securities industry to support the development of private enterprises. A total of 21 billion securities companies including CITIC Securities, Haitong Securities and Guotai Junan invested a total of 21 billion yuan to establish a parent asset management plan. Also added to 25.5 billion yuan. At present, 11 brokers, as co-sponsors, signed a sponsor agreement on the scale of investment, and initiated a series of asset management plans for the industry as co-sponsors.
Today, China Merchants Securities and its wholly-owned subsidiary China Merchants Asset Management announced that it will jointly invest RMB 2.01 billion with its own funds to establish the “FOF Collective Asset Management Plan for China Merchants Securities Asset Management No. 1 of the securities industry to support the development of private enterprises”. It is understood that the product through the structural design of FOF, through debt swap, equity purchase, stock + debt, mergers and acquisitions and other means to resolve the risk of stock pledge, is the special use of China Merchants Securities to support the development of private enterprises, to ease the risk of stock pledge The first parent asset management plan was established.
China Merchants Securities said that in the future, China Merchants Securities and its subsidiaries will also set up several sub-capital plans to attract funds from banks, insurance, state-owned enterprises and government platforms to provide liquidity support to listed companies and their shareholders. To solve the purpose of the stock dilemma.
6 brokerage funds in place within one week
Total investment of 14.56 billion yuan
Since the Securities Industry Association announced on November 2 that the establishment of the securities industry to support the development of private enterprise asset management plans has been fully launched, there have been Tianfeng Securities, Guoxin Securities, Guotai Junan, Haitong Securities, GF Securities and China Merchants Securities within one week. The domestic brokerage company completed the capital contribution and responded positively.
Specifically, Haitong Securities invested 5 billion yuan with its own funds. On November 7, it officially established the “FOF Asset Management Plan for Haitong Securities Asset Management No. 1 of the Securities Industry Supporting Private Enterprises Development Series”, which is specially used to support the development of private enterprises. It initiated one of the 11 securities companies that established the “Securities Industry Supporting Private Enterprise Development Series Asset Management Plan”, and Haitong Securities has the largest number of securities companies with their own funds.
On November 6, GF Securities established its own “FOF Single Asset Management Plan for the Securities Industry to Support Private Enterprise Development Series” with its own investment of RMB 1 billion. In addition, GF Securities will use its own funds of RMB 1 billion to pass its wholly-owned subsidiary. The funds managed by Shun Tak Investment Management Co., Ltd. were put on the market, with a total investment of 2 billion yuan.
Together with Tianfeng Securities and Guoxin Securities, which established the asset management plan on November 2, and Guotai Junan Securities, which completed the capital contribution on November 5, up to now, the six brokerages have invested a total of 14.56 billion yuan, accounting for the total investment of 11 brokers. 60%.
According to the announcement of the China Securities Association, 11 promoters will be invested in the series of asset management plans by their own funds no later than November 30, 2018. From this point of view, the progress of various brokerages is relatively fast. It is understood that the five brokerage firms that have not yet established the asset management plan are also striving to complete the capital contribution this week.
Ten years of existence
Look at each strategy
Tianfeng Securities and Guoxin Securities are the first two brokers to complete the capital contribution. From the contents of the two fund associations registered in China, it can be seen that the current debt management plan established by the brokerage company lasts for 10 years, and the investment Different types.
For example, Tianfeng Securities, the first to complete the filing, its investment product of “The Securities Industry Supports the Private Enterprise Development Series Tianfeng Securities No. 1 Collective Asset Management Plan” is a hybrid product, while Guoxin Securities’ “Securities Industry Supports the Private Enterprise Development Series The Securities No. 1 Collective Asset Management Plan is a fixed-income product. Haitong, Guangfa and China Merchants are in the form of FOF.
From the perspective of specific investment strategies, there are also some differences between the families. “Guangfa Asset Management FOF Single Asset Management Plan” is managed by Guangfa Asset Management as a plan manager. It mainly invests in the sub-plan jointly established by the joint venture funds of Guangfa Asset Management, and Guangfa Asset Management will actively manage the investment of this product, based on the listing. The value judgment of the company is based on the principle of double investment in equity investment and stock pledge.
Haitong Securities is to give full play to the advantages of investment banks. By using mature credit derivatives or credit enhancement tools, it adopts various effective risk hedging methods such as additional repurchase and option hedging, and safeguards corporate equity on the basis of effectively maintaining the safety of funds. The structure is stable. China Merchants Securities mainly relies on various methods such as debt swap, equity purchase, stock + debt, merger and acquisition, etc. to resolve the risk of stock pledge.
It is understood that the sponsor agreement requires that this series of asset management plans should be based on financial investment that provides liquidity support as the main means to maintain the relative stability of the listed company's control and governance structure, that is, It is best not to change the controlling stake in the listed company and the company's operations.
These brokers are also active
Under the active deployment of the central government and the intensive supervision, the ranks of poor quality private enterprises have grown. As far as brokers are concerned, in addition to these 11 brokers, there are also many brokerage companies such as Guoyuan Securities, Guojin Securities and Galaxy Securities.
Fund Jun understands that Guoyuan Securities will set up a collective asset management plan to support private enterprises and support private enterprises to develop private equity funds with a scale of 6 billion yuan to provide a package of integrated financial services to actively assist Anhui private listed companies and their controlling shareholders. Resolve the liquidity risk of stock pledge, and expand to foreign enterprises in a timely manner, and use market-based means to alleviate the liquidity risk of private listed companies. It is reported that Guoyuan Securities has completed negotiations with a large provincial enterprise and three insurance companies, with a total capital of 3 billion yuan. After the funder completes the relevant decision-making procedures or the agreement process, the asset management plan will be officially filed.
Guojin Securities also indicated that it will use a certain percentage of funds to promote the establishment of a special asset management plan to support high-quality listed companies and their shareholders who encounter short-term flow difficulties through the transfer of equity or creditor's rights. Galaxy Securities is also planning to jointly establish a Galaxy Development Fund (parent fund) in conjunction with central enterprises, local state-owned enterprises, financial investment institutions, and large private enterprise groups. The total scale of the Galaxy Development Fund is 60 billion yuan, which will be raised in several phases. The first phase of the plan is 20 billion yuan.
In addition, in response to the liquidity risk of stock pledge, Huaxi Securities also launched a help plan, which will help Sichuan local listed companies and their controlling shareholders to resolve the liquidity risk of stock pledge and expand to foreign enterprises in a timely manner.
In fact, in addition to the active participation of brokers, local governments are also active. More than 10 provinces and cities across the country have initiated or proposed to set up a bailout fund with a scale of more than 100 billion yuan. Other financial institutions such as insurance have also produced "real gold." "Bai"", China Life Assets, Taiping Assets and PICC Assets have set up a special product with a total target size of 58 billion yuan, which is a high-quality market with promising, market, technology, and advantages but temporary liquidity difficulties. Companies and private companies provide financing support. In addition, public offeringfund companyRelevant notices have also been received, roughly calculated, and various types of relief funds have exceeded 200 billion yuan.
(Article source: China Fund News)