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The brokerage "blood-filling" capital is king: the debt financing during the year exceeded 320 billion yuan, and the 4,5 billion yuan increase in the allocation of shares is on the way.

May 15, 2019 05:28
Author: Shang Zhou Yu

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Summary
[The brokerage company "replenishment of blood" capital is king: the debt financing during the year exceeded 320 billion yuan. The 4,5 billion yuan increase in the allocation of shares is on the way. With the accelerated opening of the capital market and the rise of capital intermediary business, brokers urgently need to replenish capital to resist the risk-increasing income. To this end, the brokers' own "blood" enthusiasm during the year. At present, the scale of fundraising of securities issued by brokers is as high as 322.72 billion yuan, and another 48.5 billion yuan is scheduled to increase, and the refinancing plan for allotment is on the way. (Securities Daily)

With the acceleration of the opening up of the capital market and the rise of capital intermediary business, brokers urgently need to replenish their capital to resist the risk-increasing gains. To this end, the brokers' own "blood" enthusiasm during the year. At present, the scale of fundraising of securities issued by brokers is as high as 322.72 billion yuan, and another 48.5 billion yuan is scheduled to increase, and the refinancing plan for allotment is on the way.

  GF SecuritiesChen Fu, an analyst, said, "In recent years, China's securities industry's profit model has shown a shift from channel-driven to asset-driven. The business model has shifted from light to heavy, and 'capital is king' has become a major trend in the industry. Through refinancing, it has rapidly improved. Capital strength and competitiveness are gradually put on the brokerage development agenda. At the same time, it is difficult for domestic brokerages to increase their operating leverage from the operational level. Under the background that the leverage ratio is difficult to increase, the scale of operations still depends on the net capital, and the net capital becomes natural. Nowadays, the securities industry's capital-intensive characteristics are more obvious, and the development of the securities business with advantages of the capital side has a natural advantage. Therefore, in the context of the financial supply-side reform policy, the head brokers refinance through refinancing. Expanding capital strength is expected to gain more business opportunities."

4 brokers have issued a share plan

Raising funds does not exceed 35.5 billion yuan

In the evening of May 13, the brokers allotment.Soochow SecuritiesThe issuance of the rights issue plan, the proposed fundraising through the rights issue does not exceed 6.5 billion yuan, and the fourth listed brokerage company that issued the rights issue plan in adulthood. So far, there have beenChina Merchants Securities,Tianfeng Securities,Shanxi Securities,Soochow SecuritiesThe plan for the allotment of shares will be issued, and the total amount of funds to be raised will not exceed RMB 35.5 billion.

Under the current industry supervision system with net capital as the core, the net capital strength determines the development potential, business scale and competitiveness of securities companies.Soochow SecuritiesAccording to the announcement, the total amount of funds to be raised through the stock is estimated to be no more than 6.5 billion yuan (depending on the market conditions at the time of issuance). After deducting the issuance expenses, it is intended to increase the company's capital, supplement working capital, and expand the company's business scale. Optimize the business structure and enhance the company's market competitiveness and risk resistance.

The plan shows thatSoochow SecuritiesIt is proposed to place shares to all shareholders at a ratio of not more than 3 shares for every 10 shares, and the total number of placements shall not exceed 899 million shares. inSoochow SecuritiesIn terms of net capital, as of the end of 2018,Soochow SecuritiesThe net capital is 17.963 billion yuan.

In this regard,Soochow Securities“The company’s net capital is still far from the net capital size of the top 10 securities companies in the industry. In recent years, the same industry securities companies have further raised their net capital levels through refinancing, etc., and the company’s industry competitive position has been further For the tough challenge, it is extremely urgent for the company to increase its net capital through appropriate refinancing."

For the tide of the distribution of brokerages,Northeast SecuritiesAnalyst Dai Shaowen believes that "the allotment is not bad. The allotment will gradually become the normal refinancing of A shares. As a kind of financing method for listed companies, allotment is a neutral behavior, but in the past, listed companies prefer the flexibility of the increase. Less use of allotment; however, with the new regulations for refinancing and the implementation of new regulations, the increase in operations will be greatly limited, and the use of smaller allocations will be more and more difficult."

It is worth mentioning that the brokerage capital intermediary business has developed rapidly and the brokerage capital demand is significant. In terms of fixed growth, only this yearCITIC Construction InvestmentA fixed-income plan was issued, and the planned financing did not exceed 13 billion yuan.

Li Xing, an analyst at Lianxun Securities, believes that “the performance of the securities industry has generally declined in 2018, and some of the securities companies’ net capital has been affected. Currently, there is a need for financing to return blood. At the same time, the valuation of the brokerage sector rebounded in 2019 to improve the financing success rate. The brokerage has thrown out a large financing plan."

Corporate bonds are still brokers

Main source of financing

At present, the issuance of corporate bonds is still the main momentum of brokerage financing. During the year, the amount of funds raised by brokerage corporate bonds and short-term financing bills reached 322.72 billion yuan, a year-on-year increase of 25.46%.

Specifically, as of May 14, brokers issued a total of 92 corporate bonds (including subordinated debts, the same below), with a size of 235.72 billion yuan; 34 short-term financing bills were issued, with a total scale of 87 billion yuan. Since the beginning of this year, only the corporate bonds and short-term financing, the total amount of fundraising of brokerages reached 322.72 billion yuan, an increase of 25.46%.

Judging from the scale of securities company bond issuance, eight brokers have issued more than 10 billion yuan. among them,GF SecuritiesCorporate bond issuance is the largest, and it has completed the issuance of 22 billion yuan of corporate bonds during the year, which is far ahead;China Merchants Securities, has completed the issuance of 17.8 billion corporate bonds;Shen WanhongyuanRanked third, the company has completed the issuance of 16.5 billion corporate bonds. Brokers with a scale of more than 10 billion yuan are also included.CITIC Construction InvestmentSecurities, Essence Securities,China GalaxySecurities,Huatai Securities,CITIC Securities.

In addition, during the year, brokers issued a total of 34 short-term financing bonds, with a total scale of 87 billion yuan, and the issuance scale increased by 152.17% compared with the same period of last year. During the year, 17 brokers issued short-term financing bonds.Guosen SecuritiesThe scale of issuance reached 15.5 billion yuan, accounting for 17.82%;CITIC SecuritiesFollowed by, the issue size is 11 billion yuan, Bohai Securities,China Merchants SecuritiesImmediately thereafter, the issuance scale was 10 billion yuan and 9 billion yuan respectively.

In this regard, a brokerage person told the "Securities Daily" reporter that "short-term financing bonds have the characteristics of low issuance threshold, short cycle, and can quickly supplement the liquidity of the company's operating funds, and it is still one of the important channels for the liquidity of securities firms. ”

(Article source: Securities Daily)

                (Editor: DF380)

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