- Recently visited:
The 11 securities companies have invested 21 billion yuan to set up a capital management plan for bail-out private enterprises, and will soon land.
The brokerage Chinese reporter was informed that the currently funded brokerages have set up inter-departmental special groups covering investment banking, asset management and credit business to discuss operational ideas, division of labor, picking projects and investment decisions. The asset management plan will soon be established and enter the practical stage. The investment of funds is not limited to its own cooperative enterprises.
On the evening of October 23, the China Securities Association revealed that 11 securities companies had reached an intention to invest 21 billion yuan to set up a parent asset management plan, as a guiding fund to support various securities companies to set up several sub-capital management plans to attract banks, insurance, Capital investment by state-owned enterprises and government platforms will form a 100-billion-yuan asset management plan, which will be used to help prospective listed companies to resolve the pledge of equity pledges. The 11 brokers mainly include CITIC, Haitong, Guotai Junan and so on.
A brokerage who is still working overtime this weekend to discuss practical plans revealed: "The establishment of the asset management plan will be very fast and soon! We recommend that the investment bank should lead the project, the asset management and product design and fund management, credit business. The Ministry is responsible for the risk control of the equity pledge, and of course the final investment decision must be involved."
A listed brokerage executive said that all the brokerages of the “Sub-investment Management Plan” have their own market-oriented management authority. The scope of the asset management plan is very wide. In fact, apart from the establishment of the asset management products by the brokerage management, it can also be Private equity subsidiaries set up private equity funds, and alternative investment subsidiaries can also participate.
Many brokers are also calling for lowering the threshold for agreement transfer. According to the current regulations, the transferee shall not transfer less than 5% of the shares of the major shareholder in one agreement, or the major shareholder is the transferor of the agreement. The one-time transfer of shares shall not be less than 5%. If you can lower the threshold of 5%, you can also release the risk of equity pledge of many listed companies.
A few days ago, 11 brokerage companies intend to invest 21 billion yuan to establish a parent asset management plan, and then attract funds such as banks, insurance, state-owned enterprises and government platforms to set up sub-capital management plans to form a total asset scale of 100 billion yuan to help Listed companies with prospects for development have eased the difficulty of equity pledge.
So, how should the 21 billion yuan parent asset management plan work in the future?
The reporter learned from the participating brokerages that the 21 billion yuan parent asset management plan jointly established by the brokerage firms is the nominal parent fund. In fact, the respective capital contributions of the brokerage firms are self-managed. The principles can be summarized as: self-determination, risk-taking, project-driven, and gradual landing.
The benefits of setting up a nominal parent fund,The first is to make the actions of the securities companies unified, and establish the basic norms for the operation of each sub-fund; the second is to form a platform for the participating securities companies to discuss together, and also to become a conduit for communication between the regulatory and securities companies; Role, causing a sway effect.
In terms of specific operations, each brokerage firm will gradually establish a number of different sub-plans according to the needs of the project.
It is worth noting that the “family management plan” is also a concept of pan-funding. In fact, the sub-plan is not necessarily implemented through the asset management department or the asset management company.
A listed brokerage executive said: "Sub-plans can have different sources of funding. Different partners can also undertake different projects through different modes of operation. For example, in addition to the establishment of asset management products by asset management companies, Private equity funds can also be set up by private equity subsidiaries, and alternative investment subsidiaries can also participate."
In this way, according to the establishment of different products, brokers can contribute 20% (corresponding to the asset management situation) or 100% capital contribution.
Establish an inter-departmental special group
The operation of this sub-investment plan is not limited to its own funds, and it is not only required to be involved in the credit business department responsible for stock pledge, but also the securities companies, investment banks and other departments.
The brokerage Chinese reporter was informed that the currently funded brokerages have set up inter-departmental special groups covering investment banking, asset management, and credit business to discuss operational ideas, division of labor, picking projects and investment decisions, and even work overtime to discuss practical plans and combing this weekend. project.
"We recommend that it be led by investment banks. After all, it may involve equity transfer, creditor's rights, mergers and acquisitions, etc." A brokerage company funded by South China revealed: "The establishment of the asset management plan will be implemented soon and soon! We recommend that the investment bank be responsible Picking projects, making adjustments and negotiations, asset management and product design and fund management, the credit business department is responsible for the risk control of equity pledge, and of course the final investment decision must be involved."
However, it has also been suggested that if a brokerage firm undertakes the equity of a listed company through the asset management plan, and the investment banking department of the brokerage firm participates in the merger and reorganization business of the listed company, it will encounter the intermediary institution participating in the major asset restructuring business of the listed company. The issue of independence.
According to the guidance of “Financial Consultant Business of Listed Companies”, assuming that a brokerage company holds more than 5% of the listed company's equity, the broker cannot be an independent financial adviser to the listed company's mergers and acquisitions.
A senior M&A and restructuring business person from a listed brokerage in South China told reporters that if the brokerage firm has no investment decision-making power over the asset management plan and the shareholding ratio of the penetration calculation does not exceed 5%, then it can still act as the independent financial adviser to the merger and reorganization of the listed company. .
Picking projects is not limited to their own
In the future, with the introduction of the asset management plan, local governments, banks, insurance and other funds will be involved. When the brokers select the private enterprise projects that need to be supported, they will not be limited to their own equity pledge projects.
A senior executive of a brokerage company who participated in the fund said: "How to use the money now invested has become a matter of mutual resolution, such as cross-credit, asset management, investment banking and even private placement of subsidiaries. Different departments do not consider the selection of projects. The credit department must be the priority, and the investment banking department is concerned about whether there is an opportunity for mergers and acquisitions in the future. But one thing is certain. With the participation of local governments, banks, insurance and other funds, when you select projects, It is not restricted to its own equity pledge project."
On October 20, the CSRC will shorten the interval between IPOs for corporate restructuring and listing from three years to six months. This policy will increase the number of participants in mergers and acquisitions. Then, as the value of the listed company as a “shell resource” increases, the risk of its stock price falling continuously declines, and the equity pledge risk can be alleviated. At the same time, the market has the opportunity of the acquirer and the acquired party, as well as equity, creditor's rights, etc. For the brokerage investment bank, there are also business opportunities.
The above-mentioned executives believe that the current equity pledge projects are roughly divided into three categories.
The first category is that the payment is not due, but the proportion of the insurance is still high. The project itself is not very risky, but it is only a temporary liquidity problem. This kind of project is the easiest to pick because it is safe.
The second category is that as the stock price falls, the proportion of the insurance is already below the liquidation line. Such projects must be carefully followed, taking into account the overall situation of the enterprise. The biggest constraint on stock pledge is that securities can only be used to supplement pledges, but many companies have non-securities assets, such as early PE investments, and if they have sufficient such assets, they can also be considered.
The third category is that the proportion of insurance is not high, and there is no such assets. Such projects are the most difficult. This part of the major shareholder can repay part of the debt by transferring part of the equity, and increase the proportion of the performance.
In addition, many brokers are also calling for lowering the threshold for agreement transfer. According to the current regulations, the transferee shall not transfer less than 5% of the shares of the major shareholder in one agreement, or the major shareholder is the transferor of the agreement. The one-time transfer of shares shall not be less than 5%. If you can lower the threshold of 5%, you can also release the risk of equity pledge of many listed companies.
Local government shot, investment bank has been on the scene
Last Friday, the first special bail-out bond was issued in the book of the Shenzhen Stock Exchange, and the underwriter was Guosen Securities. The issuer of this “18 纾01” is Shenzhen Investment Holdings Co., Ltd., raising funds of 1 billion yuan.
It is understood that participants such as Shenzhen Investment and Joint Social Capital will use the funds raised in this period as part of the capital contribution, and prepare to set up a “deep investment and win-win equity investment fund” (tentative name) to resolve the shares of private listed companies through equity forms. Pledge risk, build a risk-sharing operation mechanism through market-based methods, and help alleviate the liquidity pressure of the actual controllers of private listed companies in Shenzhen.
The brokerage Chinese reporter was informed that as the underwriter of the first special bail-out debt, Guoxin Securities had long been involved in the Shenzhen State-owned mobilization action before the 21 billion asset management plan, and had been docked and reconciled with the listed companies with difficulties in pledge of equity. Negotiate and so on.
In addition, Haitong Securities also jointly invested with Shantou State-owned Assets and Yihua Group to set up a 5 billion-scale mutual economic development fund, which is specially used to help Shantou local listed companies with promising prospects. In addition, Dongguan City plans to set up a listed Dongguan Enterprise Development Investment Fund. The Dongguan-listed Dongguan Enterprise Development Investment Partnership (Limited Partnership), which was established specifically for the fund, has completed the industrial and commercial registration.
(Article source: brokerage China)