Since the beginning of this year, brokerages have made frequent "blood replenishment" actions.
Recently, China International Finance Securities released the 2021 plan for non-public issuance of A shares, becoming the eighth securities company to initiate a fixed increase during the year.
According to the announcement of the fixed increase of Sinolink Securities, the company plans to raise a total of 6 billion yuan, and the number of A-shares in this non-public offering will not exceed 700 million shares.
After deducting issuance expenses, all are used for capital intermediary business investment, securities investment business investment, capital increase to wholly-owned subsidiaries, information technology and risk control compliance investment, supplementary working capital and debt repayment.
Regarding the background and purpose of this non-public issuance of stocks, China International Finance Securities stated that the scale of capital is one of the core factors for securities companies to improve their comprehensive competitiveness and risk resistance. Strong capital strength is the company's realization of strategic goals and sustainable and healthy development. Important guarantee.
At the same time, the proportion of traditional brokerage business in the securities industry is declining, and domestic securities firms have begun to get rid of the asset-light model of only relying on licenses and channel businesses. The importance of capital strength to the development quality, development potential and development space of securities firms has greatly increased.
"In order to actively seize opportunities for the development of the capital market, securities firms further enhance their capital strength through non-public issuance of A shares or other financing methods, thereby enhancing their own comprehensive competitiveness." Chen Li, chief economist of Chuancai Securities, believes that securities firms will supplement capital Mainly to respond to the requirements of the exhibition industry under the current environment.
At present, the development of the domestic capital market is gradually building a new ecology of the securities industry, and the competition in the securities industry is intensified. At the same time, foreign securities firms are also deploying in the domestic market, and the securities industry competition is further intensified.
Since the beginning of this year, 12 securities companies have launched a refinancing "blood supplement" program, and the total planned fundraising amount will not exceed 125.624 billion yuan.
Among them, 8 securities firms, including Great Wall Securities and Yuekai Securities, plan to raise a total of no more than 64.324 billion yuan by means of fixed increase, and 4 securities firms, including CITIC Securities and Orient Securities, plan to raise no more than 61.3 billion yuan by way of allotment.
From the perspective of the use of raised funds, apart from part of the funds to be used to repay debts, self-operated business and credit business are the main investment directions for securities firms to increase funds raised this year.
Judging from the specific investment in this fundraising by IFC, the capital intermediary business investment does not exceed 2 billion yuan, and the securities investment business investment does not exceed 1.5 billion yuan.
Previously, Great Wall Securities planned to invest no more than 5 billion yuan in capital intermediary business and no more than 2.5 billion yuan in securities investment business. The total capital used for the two businesses reached 75%; Yuekai Securities planned to invest no more than 6 billion yuan For investment and trading, no more than 4 billion yuan is used for credit trading business, and the total use of funds for the two businesses accounted for 66.7%.
Although the scale of the fundraising plan is quite large, judging from the fundraising situation completed this year, the effect of financing through allotment is very satisfactory, basically realizing the expected amount of fundraising, while the effect of financing through fixed increase is more obvious.
Specifically, among the securities firms that have completed fixed-increasing financing, many securities firms have seen a large difference between the actual fundraising amount and the estimated fundraising amount.
For example, Zheshang Securities actually raised 2.805 billion yuan, and the fixed increase plan is expected to raise the upper limit of no more than 10 billion yuan; Tianfeng Securities actually raised 8.179 billion yuan, and the estimated amount of funds raised does not exceed 12.8 billion yuan.
It is worth mentioning that the major shareholders of these two securities firms that have substantially "shrunk" in their fixed-increased fund-raising amounts have not participated in the subscription.
"Whether the company’s original shareholders participate in the fixed increase is an important reference standard for investors. Because the company’s major shareholders have chosen not to participate in the fixed increase, it also reflects the shareholders’ own “lack of confidence” to a certain extent. And often large shareholders are willing Companies that spend more money to increase their holdings are more likely to gain the trust of investors and more likely to succeed in financing." Chen Li said.
Our reporter Ma Chunyang