CITIC Jiantou was originally named Huaxia Securities. 2006 54 38+0-2005, the bursting of the US technology stock bubble led to the pressure on the global stock market, and China's securities companies suffered heavy losses, which led to the reshuffle of securities companies. Many small and medium-sized securities companies have lost money, closed down or been acquired and reorganized. It was during this period in 2005 that the troubled Huaxia Securities was jointly acquired by CITIC Securities and CCB Investment Company and renamed as CITIC Jiantou.
At the beginning of the acquisition and reorganization, CITIC Jiantou was controlled by CITIC Securities for 60%, which means it owns the equity controlled by CITIC Jiantou. Later, under the one-participation-one-control policy of the CSRC, CITIC Securities transferred a part of the equity and gave up the actual control over the equity.
In order to avoid related transactions and horizontal competition among securities companies under the same shareholder, the CSRC has put forward the policy requirement of "one participation and one control" for the securities industry: no more than two securities companies with the same actual controller holding shares and controlling one institution or multiple institutions, and no more than one holding securities company.
According to statistics, in 2020, the equity financing in the A-share market reached 1.7 1 trillion, and the number of financing households was 1.048, a year-on-year increase of 65%. Among them, the number of newly listed IPO companies reached a record high, with 396 companies successfully listed throughout the year, with an average of more than 1 company successfully listed every day, and the funds raised reached a record high, reaching 470 billion yuan, up 86% year-on-year, of which science and technology innovation board raised half of the total.
bill broker
Whether it is private placement or IPO fundraising, the key link is the brokerage, so in 2020, the brokerage will earn a lot of money. Then the three brokers with the largest amount of A-share underwriting are CITIC Securities, CITIC Jiantou and CICC. The underwriting amount of these three securities firms is 320.393 billion yuan, the amount of CITIC Jiantou in CITIC Securities is 231471000000 yuan, and the amount of CICC is15302100000 yuan.
Initial public offering
CITIC Securities is a recognized brokerage tycoon in China and belongs to one of the core listed companies of CITIC. In the past, CITIC Securities' total assets, net assets, operating income and net profit were almost the first in the industry, and it was a veritable aircraft carrier broker.
CITIC Jiantou: At present, the top three tradable shareholders of CITIC Jiantou are: Hong Kong Securities Clearing Company. CITIC Securities Company, Jinghu Holding Company, which currently uses the CITIC logo with CITIC Securities, should still belong to CITIC Company.
CICC: a noble in brokerage investment bank, a newly listed A-share company. CICC is the first Sino-foreign joint venture invested by China Bank, and is known as China. The strongest business of CICC and the best investment bank is investment banking. Unlike other ordinary brokers, CICC is not interested in low-end ordinary stock brokerage business, but focuses on high-end investment and wealth management business. In addition, from the perspective of shareholders, the controlling shareholder of CICC is Central Huijin Company, which is a typical member of China team in the stock market.
According to the core financial data, CICC:
In terms of revenue and net profit, CITIC Securities' revenue was 4199.5 million yuan, up 2.8 13% year-on-year, and its net profit was1266 million yuan, up 20.32% year-on-year. CITIC Jiantou's revenue was 65.438+05.859 billion yuan, up 63.55% year-on-year, and its net profit was 749 1 billion yuan, up 96.1%year-on-year; CICC's operating income 168.0 1 billion yuan, up 50.90% year-on-year, and its net profit1billion yuan, up 55.84% year-on-year.
Therefore, in absolute figures, CITIC Securities ranks first in the industry in all aspects, far behind CITIC Jiantou and CICC. However, from the perspective of relative changes, the companies of CITIC Jiantou and CICC are obviously better than CITIC Securities.
According to the ROE of CITIC Securities, the ROE of CITIC Securities is 7. 17%, that of CITIC Construction Investment is 14.60%, and that of CICC is 9.80%. Through comparison, we can find that CITIC Construction Investment has the strongest relative profitability.
Judging from the price-earnings ratio reflecting the valuation, the price-earnings ratio of CITIC Securities is 22.5 1 times, that of CITIC Construction Investment is 32.62 times, and that of CICC is 55.7 1 times. In contrast, CICC has the highest P/E ratio. On the one hand, we can see the market's recognition and pursuit of CICC; On the other hand, from the perspective of P/E ratio, CITIC Securities obviously has a higher margin of safety.