Everbright Group, which has just completed restructuring and reform, is accelerating its development.
Recently, Zhao Huan, president of China Everbright Bank, disclosed the restructuring process of China Everbright Group at the press conference of China Everbright Bank's interim report. It said that Everbright Group will actively do a good job in asset evaluation, shareholder change approval and the formulation of the company's articles of association. China Everbright Group Co., Ltd. will strive to go public before the end of the year. On this basis, strive to achieve the overall listing.
Liu Jun, vice-chairman of Everbright Holdings, also said at the interim results meeting on August 27th that the overall listing of Everbright Group is the requirement of the State Council, and it is now working to introduce international strategic investors. Tang Shuangning, chairman of Everbright Group, also revealed in an article a few days ago that the new listing of Everbright Group is being carefully planned, and the overall goal of the next development of the Group is to choose the right opportunity to achieve the overall listing.
On September 16, Everbright Xinglong Trust (formerly Gansu Trust) Co., Ltd. was officially unveiled. At this point, Everbright Group finally got the long-awaited and coveted trust license, which ended the journey of full license, thus laying the foundation for Everbright's future listing.
IPO or backdoor?
There are indications that the overall listing time of Everbright Group is getting closer and closer.
The suspense of the overall listing of Everbright Group lies in how the group as a whole will land in the capital market. Do you choose domestic market or Hong Kong market? Is it IPO mode or refer to the listed subsidiaries of CITIC Group?
An investment banker of Guotai Junan believes that the Hong Kong market is a better choice, and the overall listing can be realized faster. "Due to the high degree of marketization, both IPO and backdoor in Hong Kong will be faster than in the Mainland. Although issuing new shares in the mainland can generally obtain a higher valuation, the speed of issuing new shares is too slow and the time cost is much higher than that of Hong Kong. "
He Guowen, an analyst at Guo Jin Securities, also told Time Weekly, "Since the A-share market cannot achieve the simultaneous listing of parent and subsidiary companies, we judge that Everbright Group will still choose Hong Kong for listing in the future." Previously, CITIC Group had just completed the backdoor listing of CITIC Pacific, which became a "sample" for the restructuring of state-owned enterprises. Will Everbright also adopt the "CITIC model", inject assets into its Hong Kong listing platform and list on the backdoor?
"IPO fees mainly include sponsorship underwriting fees, accounting fees, attorney fees, roadshow process fees and other consulting service fees, and the total amount may reach about 5% of the total raised funds. The cost of backdoor is much lower than that of IPO. " An investment banker of CITIC Securities believes that backdoor is lower than IPO in terms of time cost and capital cost.
At present, Everbright Group's listed companies in A shares include Everbright Bank and Everbright Securities; H-share listed companies include China Everbright Bank, China Everbright Holdings and China Everbright International. "China Everbright Bank is the most important asset of China Everbright and should remain independent. Everbright International is an environmental protection company, and Everbright Holdings is a financial holding company. These two companies are more likely to be backdoor companies. "
However, Liu Jun, vice chairman of Everbright Holdings, said that Everbright Group will adopt its own model according to its internal structure, and will not deny the listing of Everbright Holdings in disguise, like other institutions. As for the time of listing, Liu Jun said that there is no timetable.
A private equity vice president in Shanghai believes that "the two methods have their own characteristics, depending on the overall capital layout of Everbright Group, it is difficult to guess which one will be adopted".
The above-mentioned person pointed out: "If you want to borrow a shell company, you need to inject high-quality assets within the group into the subsidiary, which is equivalent to asset reorganization within the group. Previously, Everbright just completed restructuring. If you intend to use a backdoor, there should be a corresponding layout. In addition, IPO can be financed immediately, but it is not suitable for backdoor listing to start financing, and there will be a time lag. If conditions permit, IPO must be the first choice. "
Fully licensed financial control group
It is worth mentioning that on the eve of the upcoming listing of Everbright Group, Everbright Group finally took the trust license into its arms as it wished.
On September 16, Everbright Xinglong Trust Co., Ltd. was officially unveiled. So far, Everbright Group has owned banking, trust, securities, insurance, asset management, futures, financial leasing, industry, funds and other businesses.
Previously, on 20 12, 12, Everbright Group and Gansu Provincial Government signed a letter of intent on the reorganization of Gansu Trust assets, intending to acquire 35% of its shares to become the largest shareholder, and then increase capital and expand shares; In 20 13, Gansu sdic intends to transfer its 5 1% equity of Gansu trust by listing. At that time, it was reported that the transferee was basically locked into Everbright Group. After a year, Everbright Group finally got the trust license.
In fact, as early as the 1990s, Everbright Group once owned a trust company, and Everbright Trust was the most active acquirer in the Hong Kong market. However, at 1995, Everbright Trust incurred huge losses in investing in foreign exchange futures. In 2002, due to serious insolvency, it was unable to pay due debts and was eventually revoked.
With the return of the trust license, Everbright became the third financial control group with a complete license after CITIC and Ping An.
During the ten years when Everbright was denied the trust license, the trust industry developed rapidly, from 36 million yuan in 2006 to 1 1.73 trillion yuan in the first quarter of 2065+04, and the overall growth rate remained above 50% almost every year. The trust business of CITIC Group and Ping An Group has also benefited a lot in such a big environment.
However, according to the statistics of Trust Industry Association, the asset growth rate of trust industry dropped to 46% last year, ending the situation that the year-on-year growth rate has exceeded 50% for four consecutive years since 2009.
With the slow growth of the trust industry and the gradual development of the industry, some risk problems of the rapid development of the trust industry began to appear, and many trust projects involving minerals and real estate were in crisis. The regulatory authorities encourage trust companies to change their traditional financing business and gradually transform into equity investment business, merger and reorganization business, asset securitization business, family trust and charitable trust.
The development of Gansu Trust itself is not satisfactory. According to industry insiders, Gansu Trust is currently in the middle of all trust companies, ranking 37th in the balance of trust fund management in 20 12 and the bottom in operating income.
It is reported that by the end of 20 13, total assets of Gansu Trust/kloc-0.55 billion yuan, operating income of 368 million yuan and total profit of 263 million yuan, an increase of 89 million yuan over the end of last year. The scale of trust assets is only 77.86 billion yuan, slightly lower than 20 12.
A trust manager in Shanghai believes that due to the current unsatisfactory environment, it is difficult for Everbright to make great achievements in acquiring Gansu Trust. For the group, the dream of raising trust license to realize "full license and financial control" is of greater significance.
State-owned sole proprietorship to shareholding system
Before realizing the dream of full license and financial control, the restructuring and reform of Everbright Group, which lasted for more than ten years, has just come to an end. Its restructuring plan will transform China Everbright (Group) Corporation from a wholly state-owned enterprise into a joint stock limited company and rename it "China Everbright Group Co., Ltd.", which was initiated by the Ministry of Finance and Central Huijin Investment Co., Ltd. After the reorganization, all assets, liabilities, institutions and personnel of the Group will be inherited by China Everbright Group Co., Ltd., and Everbright Group will realize consolidated management of all its subordinate enterprises.
At this point, the equity relationship between the Ministry of Finance, Huijin, China Everbright Group and China Everbright Bank has finally been completely clarified, and the problem that China Everbright Group's two headquarters in Beijing and Hong Kong could not be consolidated for 30 years has been solved.
It is worth mentioning that, compared with CITIC and Ping An, Everbright Group's integration and control over its resources are obviously weaker than the former two. The long-term loose shareholding structure makes Everbright Group face many constraints in strengthening the integration of financial groups.
At the previous shareholders' meeting, Tang Shuangning described the organizational structure of financial institutions in China with "republicanism", "federalism" and "confederation". He said that if the general branch system of industry, agriculture, China, China Construction and Bank of Communications is a "republic system", CITIC Group is a "federal system" and China Everbright Group is a "confederation system". My main job in these years is to guide Everbright from "confederation" to "federalism".
Tang Shuangning said that it has been 1 1 year since the restructuring plan was designed in 2003, and the reform and restructuring of Everbright Group can be described as "sharpening a sword in ten years". "It marks that the problems left over from the history of Everbright have been completely solved, injecting new impetus into the development of Everbright and laying the foundation for building a century-old store, which is of great significance to Everbright."
Everbright Group, founded in 1983, was one of the important external windows in the early days of China's reform and opening up. For more than 30 years, Everbright Group has been developing foreign trade, introducing technology and equipment, and actively practicing the ice-breaking journey of reform and opening up. Since the 1990s, it has made every effort to promote business transformation, and its business has tilted towards the financial sector.
By the end of 20 13, the total assets under management of the group had reached 2.54 trillion yuan, and the operating income and profit of that year were 78.4 billion yuan and 37.4 billion yuan respectively.
Tang Shuangning believes that the advantage of Everbright lies in linkage, and the way out lies in linkage, which is the biggest difference between Everbright Group and other financial institutions. "On the one hand, Everbright Group has a complete financial license, including banking, securities, insurance, trust, asset management, leasing, futures, funds and other financial institutions. This is our advantage. On the other hand, the scale of financial institutions under Everbright is not very large, and it is not the first echelon in the industry in terms of asset scale, total profit or personnel network. "
Hope to adopt, thank you!