CITIC Securities will suspend trading all day from January 19 to 26

CITIC Securities will suspend trading all day from January 19 to 26, and brokers will issue shares in 222, earlier than in previous years. In January, CITIC Securities, the "first brother of brokers", threw out a 28 billion rights issue plan, and CITIC Securities will suspend trading all day from January 19 to 26. CITIC Securities will suspend trading all day from January 19 to 26. 1

On January 4, it will throw out a performance forecast, and from January 12 to January 13, it will throw out a performance report and a rights issue announcement one after another. CITIC Securities has recently become the focus of the industry.

On November 26th, 221, CITIC Securities' plan to raise no more than RMB 28 billion was approved by China Securities Regulatory Commission. However, according to the relevant regulations of China Securities Regulatory Commission on the public offering of rights issue, the company must meet the issuance conditions such as continuous profit in the last three fiscal years. At this point, just entering 222, CITIC Securities began to release performance-related data one after another.

on January 12th, CITIC Securities again released the first 221 annual performance report of listed securities firms, saying that in 221, it realized operating income of 76.57 billion yuan, up 4.8% year-on-year, and realized net profit attributable to shareholders of the parent company of 22.979 billion yuan, up 54.2% year-on-year. At this point, CITIC Securities' net profit last year also hit a record high.

citic securities said that the domestic economy overcame the impact of the epidemic and continued to improve, and the capital market flourished. in 221, the company's investment banking, asset management and other businesses developed in a balanced and steady way.

At the same time, CITIC Securities' net profit of 22.979 billion yuan was "greatly exceeded expectations" in the industry. On the evening of January 13th, CITIC Securities also announced the issuance of A-share allotment, and determined that the price of this A-share allotment was RMB 14.43 per share and that of H-share allotment was HK$ 17.67 per share. At the same time, CITIC Securities' A-share allotment was registered on January 18th, and was suspended all day from January 19th to January 26th.

judging from the amount of funds raised, the total amount of funds raised by CITIC Securities' rights issue does not exceed RMB 28 billion, of which the total amount of funds raised by A shares' rights issue does not exceed RMB 23.65 billion, and the total amount of funds raised by H shares' rights issue does not exceed RMB 4.935 billion. From the perspective of fund-raising purposes, the net amount of funds raised after deducting the issuance expenses from the total amount of funds raised in this rights issue is intended to be used for developing capital intermediary business (no more than 19 billion yuan), increasing investment in subsidiaries (no more than 5 billion yuan), strengthening information system construction (no more than 3 billion yuan) and supplementing other working capital (no more than 1 billion yuan).

CITIC Securities said, "After the completion of this issuance, the company's main business will remain unchanged, and the company's capital strength will be further enhanced, which will help the company to enhance its comprehensive strength at home and abroad, improve and upgrade its business layout in all directions, and actively participate in international competition." At the beginning, "responding to the national strategy and building an' aircraft carrier-class' brokerage firm" was the first reason for the necessity of this rights issue of CITIC Securities.

It is worth mentioning that CITIC Limited, the largest shareholder of CITIC Securities, has promised to fully subscribe for the distributable shares determined according to the company's allotment plan in cash according to the number of shares held by the company after the closing of this allotment in date of record.

At least 1 brokers have given "deep support" to Brother One after it showed its performance, and believe that the performance of CITIC Securities has greatly exceeded expectations.

Liu Xinqi, chief analyst of non-banking of Guotai Junan, also said, "With the landing of the rights issue, the capital of CITIC Securities will be greatly supplemented, and the liquidity constraints of NSFR/LCR will be met, which has laid a solid foundation for the comprehensive development of the follow-up institutional business. Under the background that the peers are subject to capital constraints, the company's market share in institutional business is expected to further increase. At the same time, maintain the' overweight' rating of CITIC Securities. "

Hu Xiang, chief analyst of soochow securities Non-Bank Finance, also predicted that after the completion of the rights issue, CITIC Securities' capital will be further consolidated, and CITIC Securities, as a leading brokerage firm, has outstanding professional ability, and its institutional business is expected to become a new performance growth point.

Qiu Guanhua, director of Zheshang Securities Research Institute, said, "CITIC Securities' rights issue will effectively replenish capital ammunition and expand capital intermediary business. At the same time, CITIC Securities has a solid leading position, and the rapid growth of multi-business lines has pushed its performance beyond expectations, and it will continue to benefit from the capital market reform dividend in the future. "

Luo zuanhui, chief non-banking analyst of western securities, said, "considering the low proportion of citic's current rights issue (1 for 1.5, and all other brokers are 1 for 3), the dilution of ROE is relatively small, and the company's funds are mainly invested in capital intermediary businesses such as equity derivatives, it is judged that the listing of rights issue shares has limited disturbance to citic securities." CITIC Securities will suspend trading all day from January 19th to 26th. 2

Different industries, different companies and shareholders have different fates.

Maotai's shareholders are good, waiting for dividends every year, but in some capital-intensive industries, investors are required to invest again after buying shares. Of course, investors are allowed to buy shares at a low price, but all of them buy shares at a low price and then get rid of their rights, which is of little significance. If they don't participate in the rights issue, they will lose money.

On the evening of January 13th, CITIC Securities, a 32-billion-dollar "brokerage elder brother", will also issue shares. At the end of the third quarter of 221, there were 657,1 shareholders in the stock bar, and everyone in the stock bar was a little fried, worried that the stock price would be "hammered". Judging from the previous situation, as soon as the official rights issue announcement comes out, the basic stock price will fall, which is all bad.

the first brother of the securities firm is about to issue a rights issue of 28 billion yuan, and he will lose about 6% if he doesn't deserve it.

In 222, the securities firm issued a rights issue earlier than in previous years. In January, CITIC Securities, the "first brother of brokers", threw out a 28 billion rights issue plan, which will be implemented soon. The latest market value of CITIC Securities is about 32 billion yuan.

On the evening of January 13th, CITIC Securities announced that based on the total share capital of A shares in date of record after the market closed on January 18th, 222, 1.5 shares for every 1 shares were allotted to all A-share shareholders, and the total number of A-share allotment was 1.597 billion shares.

according to the arrangement, the total amount of funds raised by this rights issue will not exceed 28 billion yuan, of which the total amount of funds raised by A shares will not exceed 23.65 billion yuan, and the total amount of funds raised by H shares will not exceed 4.935 billion yuan. The price of this allotment is 14.43 yuan/share. January 19-26 is the rights issue payment period and online settlement date, during which CITIC Securities will suspend trading all day.

It is worth noting that CITIC Securities has a huge lineup of sponsors and lead underwriters, with seven peers including TF Securities (4.3, ., .%), China Post Securities and Galaxy Securities helping out.

the price of this rights issue is 14.43 yuan, which is much lower than the latest closing price of 26.36 yuan of CITIC Securities on January 13th, with a 55% discount. However, all shareholders can participate in it, and they have to remove their rights. The practical significance is different. It is meaningless to buy shares in their own companies, and it is necessary to pay their own money.

but if you don't participate in the rights issue, the lower the share price, the more you will lose. If the latest price is 26.36 yuan and 1.5 shares are allocated for every 1 shares, and the allocation price is 14.43 yuan, the ex-dividend price is 24.8 yuan.

that is, if you don't participate in the rights issue, it is equivalent to a direct loss from 26.36 yuan to 24.8 yuan, with a loss of 5.92%.

On January 13th, CITIC Securities closed at 26.36 yuan, with a total market value of 319.3 billion yuan. On the same day, CITIC Securities opened 1.87% higher under the favorable performance, but it fell back later and finally closed up .73%.

Therefore, some investors who currently hold shares will prepare funds to participate in the rights issue, some may sell them before the suspension of the rights issue on January 19th, and some will have no money and will not issue shares, and they will suffer in vain after the rights are removed. There are still 14, 17 and 18 trading days before the suspension of the rights issue.

the stock price is going to fall, and the opening run

the rights issue has always been understood by the market as bad. Therefore, CITIC Securities' rights issue has also caused many bearish voices in the stock bar. Investors generally believe that the stock price may go down after the opening.

some investors say they want to run away from the market, while others think they want to fall.

On the evening of January 13th, before the rights issue was released, CITIC Securities also had a "foreplay" on the evening of January 12th, and released a performance report, which greatly increased its performance. However, on January 13th, CITIC Securities' share price went from high to low.

on the evening of January 12th, CITIC Securities released its 221 annual performance report, with operating income of 76.57 billion yuan, up 4.8% year-on-year, net profit attributable to the mother of 22.98 billion yuan, up 54.2% year-on-year, and weighted average ROE of 12.1%, up 3.58 percentage points year-on-year. Backward calculation of the fourth quarter income was 18.76 billion yuan, a year-on-year increase of 51.4%. Operating income in the first three quarters increased by 37.7% year-on-year.

before, there was a sharp drop after the announcement of the rights issue of securities firms

The news of the rights issue often led to a sharp drop.

The most recent rights issue was soochow securities (8.79, -.1, -1.12%). The rights issue was announced on December 1th, 221, and then after the announcement, the share price plummeted by 4.38% that day.

Further ahead is Hongta Securities (11.51, -.9, -.78%). On July 22, 221, a rights issue was announced, and the last trading day before the rights issue was suspended, it fell by 5.78% on July 26. CITIC Securities will suspend trading all day from January 19th to 26th. On January 13th, Capital State learned that on the evening of January 13th, CITIC Securities (63.SH), which has been interpreted by the industry as a "paving the way" for the rights issue, finally announced the relevant rights issue.

relevant announcements show that due to the implementation of A-share allotment by CITIC Securities, it is planned to allocate 1.5 A shares for every 1 shares to all A-share shareholders of the company registered in Shanghai Branch of China Securities Depository and Clearing Co., Ltd. after the closing of the date of record Stock Exchange (January 18, 222).

according to relevant regulations, January 19th, 222 to January 25th, 222 is the payment period for this A-share allotment, and the A-share shares of CITIC Securities will be suspended all day during the payment period; January 26, 222 is the online liquidation period of the registered company, and A shares will continue to be suspended for one day; A shares of CITIC Securities will resume trading on January 27th, 222.

it is reported that the total amount of funds raised by citic securities in this rights issue does not exceed RMB 28 billion, of which the total amount of funds raised by a-share rights issue does not exceed RMB 23.65 billion, and the total amount of funds raised by h-share rights issue does not exceed RMB 4.935 billion.

The price of this rights issue is 14.43 yuan/share, the rights issue code is "73", and the rights issue is referred to as "CITIC Rights Issue" for short.

As for the use direction of raised funds, according to CITIC Securities, the net amount of raised funds after deducting the issuance expenses from the total amount of raised funds in this rights issue is intended to be used for developing capital intermediary business, increasing investment in subsidiaries, strengthening information system construction and supplementing other working capital.

CITIC Securities said that after the completion of this issuance, the company's main business will remain unchanged, and the company's capital strength will be further enhanced, which will help the company to enhance its comprehensive strength at home and abroad, improve and upgrade its business layout in an all-round way, and actively participate in international competition.

It is worth noting that on January 5th, CITIC Securities had explicitly mentioned in its first announcement of pre-increase in performance that on November 26th, 221, the company's rights issue was approved by China Securities Regulatory Commission. According to the relevant regulations of China Securities Regulatory Commission on the public offering of rights issue, CITIC Securities must meet the issuance conditions such as continuous profit in the last three fiscal years, so it issued an announcement of pre-increase in performance.

However, in the announcement of pre-increase in performance, CITIC Securities only mentioned that the company was operating normally in the fourth quarter, but did not give an accurate value. Moreover, the annual performance level is only a promise that the net profit returned to the mother and the non-net profit deducted will not be lower than that in the first three quarters of 221, which is not less than 18.41% and 17.66% higher than that in the whole year of 22.

At that time, a number of non-bank analysts said that the above announcement was only to meet the procedural requirements. Even without this announcement, it is expected that CITIC Securities will land a rights issue as soon as possible.

Then on the evening of January 12th, the annual performance report of CITIC Securities was released immediately.

According to the annual performance report, CITIC Securities achieved an operating income of 76.57 billion yuan in 221, a year-on-year increase of 4.8%, and a net profit of 22.979 billion yuan, a year-on-year increase of 54.2%.

It is worth noting that the two year-on-year growth indicators not only reached the highest level in the past five years, but also were about three times the forecast value a week ago. More importantly, this performance also means that CITIC Securities has achieved the conditions for the continuous profitable rights issue in the last three fiscal years.

according to choice data, since 22, the enthusiasm for rights issue of brokerage stocks has been continuously ignited, and there have been nine refinancing schemes for securities companies including Guohai Securities, TF Securities, soochow securities, Shanxi Securities, China Merchants Securities, Guoyuan Securities, Huaan Securities and Hongta Securities, among which soochow securities has issued shares twice every two years.

from the actual situation, compared with other equity refinancing methods, the final rights issue of the above nine institutions all received a higher proportion of subscription, and the final amount of funds raised was ideal compared with other industries. However, after the implementation of CITIC Securities' rights issue plan, only three brokers are still queuing to apply for rights issue, namely Industrial Securities, orient securities and Caitong Securities.