On April 12, the official website of the China Securities Regulatory Commission issued a working meeting for the review meeting.announcement. According to the announcement, Hongta Securities Co., Ltd. will start on April 18.Meeting. If Hongta Securities succeeds in the meeting, it will become the first listing of A shares this year.Broker.
The company's real controller is China National Tobacco Corporation
Hongta Securities is a veteran securities company in Yunnan. On September 8, 2001, 13 promoters including Hongta Group, Yuntou Group, China Development Investment, Yunnan Provincial Trust, Jinlu Trust and Kunming Guoto signed the Hongta Securities Shares. Co., Ltd. Sponsor Agreement, agreed to initiate the establishment of Hongta Securities. In 2002, Hongta Securities was officially registered with a registered capital of 1.386 billion yuan.
In March 2018, Hongta Securities updated the prospectus for the A-share IPO. According to the prospectus, the initial public offering of RMB ordinary shares does not exceed 364 million shares, and the par value of each share is 1 yuan. After the issuance of funds raised, less than the issuance expenses, all of them will be used to supplement the company's capital and expand related business.
Through the equity relationship of Hongta Securities, it can be found that the actual controller of the company is China National Tobacco Corporation. It is understood that as of the disclosure date of the prospectus, Hopewell Group holds 1.095 billion shares of Hongta Securities, accounting for 33.48% of the total share capital, which is the holding of the company.shareholder. Hongta Group holds a 75.00% stake in Hopewell Group, Yunnan Zhongyan holds a 100.00% stake in Hongta Group, and China National Tobacco Corporation holds a 100.00% stake in Yunnan China Tobacco. Therefore, China National Tobacco Corporation is the actual controller of Hongta Securities.
In addition, Yunnan Investment Holding Group Co., Ltd.GuoshuangWei Investment Co., Ltd., Yunnan Huaye Investment Co., Ltd. and China Tobacco Zhejiang Company respectively hold 20%, 16.31%, 8.16% and 7.34% of Hongta Securities, which are the second to fifth largest shareholders of Hongta Securities.
The company's business structure features are obvious
In Hongta SecuritiesPerformanceOn the other hand, according to the prospectus, Hongta Securities was realized separately from 2015 to 2017.Operating income1.175 billion yuan, 975 million yuan and 1.113 billion yuan, respectivelyNet profit10.43 billion yuan, 333 million yuan and 363 million yuan. It can be seen that the operating income and net profit of Hongta Securities in 2016 showed a significant decline compared to 2015.
In this regard, Hongta Securities said that most of the company’s revenue and profits are derived from securities brokerage businesses that are highly correlated with the securities market.Stock investmentBusiness, credit trading business, etc., the company's profitability is susceptible to the cyclical and volatility of the securities market. The data shows that during the reporting period, the total revenue of Hongta Securities' brokerage business, securities investment business and credit transaction business accounted for 89.49%, 61.82% and 48.06% of the company's operating income.
In 2016, the domestic stock market continued to be sluggish, and the transaction volume decreased significantly compared with 2015. As a result, the company's brokerage business fee income decreased by 566 million yuan, a decrease of 68.36%. In 2016, the Shanghai Composite Index fell from 3539.18 points at the beginning of the year to 310.34 points at the end of the year, a decrease of 12.31%, and the index never exceeded the high of the year. Hongta Securities combined the judgment of market conditions to reduce the holding scale of financial assets. The sluggish investment environment and the company's initiative to reduce the scale of investment led to a decrease of 5.9 billion yuan in current investment income, a decrease of 91.13%.
In addition to the level of profitability closely related to the securities market, Hongta Securities' business also has obvious geographical features. According to the disclosure, the securities business department of Hongta Securities is mainly concentrated in Yunnan Province. As of December 31, 2017, the company has established and opened a total of 46 securities business departments, of which 25 are located in Yunnan Province, showing a strong concentration in geographical distribution. In the future, if the competition in the securities brokerage business in Yunnan is further intensified, it will have an adverse impact on the company's securities brokerage business performance.
IPO queued for nearly two years
It is understood that Hongta Securities' IPO road is not smooth sailing.
As early as March 14, 2017, Hongta Securities will hold the first temporary in 2017.Shareholders' meetingThe “Proposal on Applying for the Initial Public Offering of RMB Common Stocks and Listing” and the “Proposal on the Application Plan for the Proposal of Initial Public Offerings and Its Feasibility Analysis” were reviewed and approved.
On July 7, 2017, Hongta Securities received the notice of acceptance of the administrative license issued by the CSRC, and officially began to queue up for IPO audit. On July 14, the same year, the company first disclosed the prospectus (declaration draft) in advance. In March 2018, the company updated the prospectus.
It is worth noting that in September 2018, the IPO audit status of Hongta Securities suddenly became a suspension review. The relevant person in charge of Hongta Securities said that the reason for the IPO suspension review has not been announced, and the company's operating conditions are normal. The relevant reasons are based on subsequent information disclosure documents.
Today, Hongta Securities will finally be officially attended, and we will wait and see if we can successfully pass the meeting.
(Article source: Chongqing Business Daily)