After 20 18 raised1421000000 yuan in the secondary market, Huatai Securities (60 1688. SH) Raise funds again after four years. The difference is that the amount has almost doubled.

On the evening of the last trading day in 2022 (65438+30 February), Huatai Securities Company plans to place shares to all A-share shareholders at the ratio of 3 shares per 10/0, and the raised funds will not exceed 28 billion yuan, all of which will be used to supplement the company's capital and working capital. The fund-raising scale is tied with CITIC Securities 202 1, reaching the highest allotment of A-share brokers.

On June 3, 2023, 65438+ Huatai Securities opened lower by more than 6%, with an intraday decline of more than 8% to close at 1 1.89 yuan/share, down by 6.67%. Not only Huatai Securities, since 2022, the financing rhythm of listed brokers has accelerated. A total of 8 listed brokers, including CITIC Securities and Industrial Securities, have completed refinancing, many of which have been refinanced through rights issue.

Faced with a large number of "blood supplements" by head brokers, the CSRC said that as a listed securities company, it should set a market benchmark, improve the quality and efficiency of corporate governance, and reasonably determine financing schemes and methods in combination with shareholders' returns and value creation capabilities, their own operating conditions and market development strategies. The board of directors and the shareholders' meeting should make overall plans, make prudent decisions and earnestly safeguard the legitimate rights and interests of all kinds of investors, especially small and medium-sized investors.

"Top allocation" 28 billion yuan financing plan

After the close on June 30, 2022, Huatai Securities issued a rights issue plan on February 30, 65438. The plan shows that the company intends to publicly place new shares to A-share and H-share shareholders at the ratio of 3 shares for every 65,438+00 shares, and the scale of funds raised will not exceed 28 billion yuan.

Based on the total share capital of 9.076 billion shares on September 30, 2022, the total share capital of Huatai Securities will increase to117.98 million shares after the completion of this issuance. According to the above assumptions, Huatai Securities' basic earnings per share and diluted earnings per share after deducting non-recurring gains and losses in 2023 will be lower than before the issuance, regardless of the efficiency of the use of raised funds.

Specifically, if the net profit after deducting non-recurring gains and losses attributable to shareholders of Huatai Securities' parent company in 2023 is 65,438+00% higher than that in 2022, the basic income after deducting non-recurring gains and losses will be reduced from 65,438+0.1.876 yuan/share to 65,438+0.03/kloc-0. If the net profit attributable to shareholders of the parent company in 2023 is reduced by 65,438+00% compared with that in 2022, the above two sets of data will be reduced from 0.96 1 yuan to 0.8346 yuan/share, and from 0.9337 yuan/share to 0.865438 yuan/share.

Huatai Securities said that all the funds raised this time will be used to supplement the company's capital and working capital to enhance the company's market competitiveness and anti-risk ability. In addition to supplementing other working capital by no more than 2 billion yuan, it is mainly used in four aspects: no more than 6,543.8 billion yuan is intended to be used to develop capital intermediary business; No more than 8 billion yuan is intended to be used to expand the scale of investment trading business; No more than 5 billion yuan is planned to increase investment in subsidiaries; No more than 3 billion yuan is intended to be used to strengthen information technology and content operation and construction.

It is worth noting that on the first trading day after the announcement of the financing plan, the share price of Huatai Securities fell sharply, and this phenomenon also occurred in many brokers.

For example, after orient securities announced the news of rights issue on April 17, 2022, the price of A shares gapped and fell on April 18, until the daily limit. Almost at the same time, the rights issue of Industrial Securities was approved by the CSRC, and the share price of Industrial Securities also fell by 7.89% the next day.

On February 26th, 20021year, CITIC Securities announced that it planned to distribute no more than10.5 shares to A-share and H-share shareholders, and raised no more than 28 billion yuan, which was the highest fundraising scale in the history of A-share. Perhaps in order to enhance shareholders' confidence, CITIC Securities also issued the annual shareholder return plan for 20021~ 2023, saying that it will try its best to ensure that the annual profit distribution scale is not less than 20% of the net profit attributable to shareholders of the parent company realized in that year. However, the market reaction did not buy it. On the first trading day after the announcement of the news (202 1 March1), CITIC Securities A shares closed at 25.62 yuan, down nearly 6%, with a monthly decrease of 12.33%.

A non-bank analyst of a securities firm told reporters that the stock price decline often occurs after the securities firm announces the rights issue, especially when the market fluctuates greatly. "Investors will consider that there may be cases where the original shareholders are unwilling to continue to issue shares. Not issuing shares means that the shares in their hands are diluted, and it is better to sell them at a loss. When the market is bad, more shareholders are sold, and the stock price naturally falls. Investors have such pessimistic expectations, and the chain reaction is to fall more and more. "

Why do brokers raise funds one after another?

Since 2022, the refinancing of securities firms has continued to accelerate. In the first half of the year alone, many companies began to raise funds by issuing stocks.

At the end of June, 2022, 5438+ 10, CITIC Securities successfully implemented the A-share allotment, raising a total of 22.396 billion yuan, setting a new high in the financing scale of the securities industry in the A-share market. In April of that year, orient securities also indicated that the A-share allotment was just around the corner, and planned to raise no more than 65.438+04.333 billion yuan, and successfully raised 65.438+027./kloc-0.5 billion yuan before the end of the year. Then, Industrial Securities also plans to raise funds through rights issue, the scale of which is planned to be no more than 654.38+0.4 billion yuan, eventually reaching 654.38+0.084 billion yuan. On April 12, 2022, Caitong Securities also completed the A-share allotment, raising 765,438+72 million yuan. In September, 2022, CICC announced the rights issue plan, and planned to issue 877 million shares at the ratio of "10 with 3", and it is estimated to raise 27 billion yuan.

In addition to the rights issue, in 2022, listed brokers also completed refinancing through private placement and convertible bonds. For example, Guo Jin Securities and Great Wall Securities raised 58170,000 yuan and 76160,000 yuan respectively through private placement; China galaxy and Zheshang Securities completed the issuance of convertible bonds, with the issuance amount reaching 7.8 billion yuan and 7 billion yuan respectively. On February 26th, 2022, at 65438, Caida Securities also issued the first refinancing announcement after listing. The number of A-share shares to be issued non-publicly shall not exceed 900 million shares, and the total amount of funds raised shall not exceed 5 billion yuan.

At the moment when the stock market fluctuates, why do brokers risk falling stock prices to launch refinancing in succession? Perhaps, you can find some answers from the financial report.

Taking Huatai Securities as an example, the total operating income in 20 19 was 24.86 billion yuan, up 50.35% year-on-year; In 2020, the total operating income was 36,543.8+0.44 billion yuan, a year-on-year increase of 26.47%; In 20021year, the total operating income was 379 1 billion yuan, a year-on-year increase of 20.55%. It is not difficult to find that although it has increased year after year, the relative growth rate is declining.

Not only that, from the indicators, Huatai Securities has a number of data close to the regulatory line. By the middle of 2022, the leverage ratio of Huatai Securities will be 15.2 1%, which is close to 9.6% of the regulatory early warning standard; Liquidity coverage ratio 142. 18%, net stable capital ratio 13 1.44%, all close to the regulatory early warning standard 120%. In the same period, the company's financial business balance was11587 million yuan, with a market share of 7.23%, ranking second in the industry; The company's income swap business scale was129.586 billion yuan, up 86.53% year-on-year; The scale of OTC options was 65.438+036.377 billion yuan, a year-on-year increase of 206.75%.

The latest three quarterly reports show that the company's operating income is 236 18 billion yuan, down 65.438+02.22% year-on-year; The net profit returned to the mother was 7,826,543.8 million yuan, down 29.2 1% year-on-year. In terms of business, the brokerage business income in the first three quarters was 5.3 billion yuan, down11%year-on-year; Corporate credit and self-operated business income were 26,543.8 billion yuan and 4.4 billion yuan, respectively, down 365,438+0% and 54% year-on-year; Self-operated business income was 300 million yuan, down 88% year-on-year.

The performance problem of Huatai Securities is not a case. From the perspective of the whole brokerage industry, in the first three quarters of 2022, 4 1 listed brokers realized a total operating income of 3710.40 billion yuan, down 2 1% year-on-year, and the net profit attributable to their parents was10.02/kloc-0.20 billion yuan, down 3/year-on-year. The total annualized ROE was 6.2%, down 3.9% year-on-year. In this context, listed brokers actively replenish capital, which is undoubtedly planning for expanding future development and improving ROE.

Judging from the use of raised funds, in recent years, most of the financing of securities firms is to meet the capital demand of heavy assets business, and capital intermediaries such as financial services, securities and derivatives trading business, subsidiary capital increase and supplementary working capital are the most important investment of raised funds.

Guotai Junan said that it is expected that after the completion of Huatai Securities' refinancing, it will greatly ease the pressure on risk control indicators and boost the business development of capital intermediaries and customer-oriented institutions, so as to quickly restore or even further boost profitability.

Ping An Securities said that in recent years, listed brokers have intensively refinanced and superimposed financial leverage to jointly help brokers expand their balance sheets. At the same time, the capital market system has been gradually improved, and the reforms of OTC derivatives, market making, registration system and investment have gradually landed. The diversified ways used by brokers will help smooth the fluctuation of investment performance, incite higher leverage and improve the ROE level.

Cinda Securities also said that the leverage ratio of some brokers' funds continued to decline. The capital expansion of securities firms at this stage will be conducive to the progress of on-balance-sheet expansion in the next stage, and continue to exert capital business to enhance ROE.