On the evening of 65438+ 10/1,Guotai Junan announced that the China Securities Regulatory Commission had recently officially approved Guotai Junan to take over the 8% equity of Huaan Fund held by Shanghai Industrial Investment (Group) Co., Ltd.
This means that after the completion of this transaction, Guotai Junan's shareholding in Huaan Fund has increased from 43% to 565,438+0%, Huaan Fund has become a holding subsidiary of Guotai Junan, and Guotai Junan has officially become the first securities company in the industry to hold the fund management company's public offering qualification after the new regulations on public offering, and its asset management subsidiary is also qualified for Public Offering of Fund management business.
According to the statistics of 265438+20th Century Business Herald, as of 10 and 12, a total of 19 listed securities firms hold Public Offering of Fund (excluding asset management subsidiaries). Among them, there are three companies holding 65,438+000% of the shares, namely, CICC Fund wholly owned by CICC, Dongxing Fund wholly owned by Dongxing Securities and CITIC Jiantou Fund wholly owned by CITIC Jiantou. Public Offering of Fund, such as Huaxi Securities, soochow securities, Shenwan Hongyuan Securities, Founder Securities and CITIC Securities, hold more than 60% of the shares. 1 1 Securities firms such as Guangfa Securities, Everbright Securities and Guoxin Securities hold no less than 50% of the public offerings.
At the same time, the number of brokers with Public Offering of Fund licenses is also expanding. At present, there are 14 brokers with public offering licenses, including 6 brokers including Shanxi Securities, Dongxing Securities, Beijing Gaohua and Bank of China Securities, and 8 brokerage subsidiaries including Zhengdong Asset Management, Zheshang Asset Management, Caitong Asset Management, Changjiang Asset Management, Huatai Asset Management and Zhongtai Asset Management.
In addition, CITIC Securities, CICC, Guosen Securities, Huaan Securities and many other companies intend to apply for public offering licenses by setting up asset management subsidiaries.
Song, a partner of King & Wood Law Firm, believes that from the perspective of Public Offering of Fund's business layout, the deregulation of "one participation and one control" by the regulatory authorities is most beneficial to the asset management subsidiaries of securities firms. On the one hand, the existing brokerage company, Public Offering of Fund Management Company, has obvious feedback effect on the holding securities company, and the contribution rate of net profit can reach more than 20%. On the other hand, after the stock of large collection products of asset management subsidiaries of securities companies is publicly transformed, the sales channels are broad.
The basic content of listed securities companies continues to grow.
Since the beginning of this year, a number of brokers have increased their holdings of shares in fund companies.
12 On the evening of July, Zhongtai Securities announced that Zhongtai Securities planned to acquire the newly-held equity of Wanjia Fund 1 1% in Qihe, and the transaction price agreed by both parties was 290 million yuan.
After the completion of this transaction, Qihe Zhongxin will no longer hold the equity of Wanjia Fund, and Zhongtai Securities's shareholding in Wanjia Fund will increase from 49% to 60%, thus realizing the holding.
In April this year, Guo Jin Securities also announced that it planned to purchase 2% equity of Guo Jin Fund from Jin Yong with its own funds, with the purchase amount not exceeding 8 million yuan. After the acquisition, Guo Jin Securities will hold 565,438+0% equity of Guo Jin Fund, and Guo Jin Fund will become a holding subsidiary of Guo Jin Securities.
Song believes that increasing the capital of existing Public Offering of Fund management companies is an effective way for securities firms to expand their public offering business. In particular, listed securities companies can quickly increase their income by increasing the capital of public offering management companies that have held shares to holding shares, without worrying that holding consolidation will affect their asset management subsidiaries to apply for public offering licenses independently.
In addition to increasing the shareholding of Public Offering of Fund Company, brokers accelerated their transformation and laid out the pace of the public offering market, including actively applying for the establishment of an asset management subsidiary and obtaining a Public Offering of Fund license.
According to public information, many brokers such as CITIC Securities, CICC, CITIC Jiantou, Shenwan Hongyuan, Guosen Securities, Huaan Securities and Dongxing Securities are also applying for the establishment of asset management subsidiaries.
Behind the warming of the establishment of asset management subsidiaries by brokers is their desire for Public Offering of Fund licenses. Yao Zeyu, chief analyst and executive general manager of non-bank financial industry and financial technology industry of CICC Research Department, believes that there are two main reasons for brokers to actively set up asset management subsidiaries: First, it is conducive to brokers to improve their investment and research systems and cultural mechanisms and accelerate their transformation. Second, this move is conducive to preparing for the next public offering license.
At the same time, the policy also released good information. This year, the CSRC officially issued the Measures for the Supervision and Management of Managers of Public Offering Funds for Securities Investment, and the one-participation, one-control and one-license officially landed, that is, the same entity can also apply for a public offering license on the basis of participating in a fund and holding a fund, clearing the institutional obstacles for brokers to obtain a public offering license.
KPMG said that in the era of new post-asset management regulations, asset management institutions have gradually completed the requirements of de-channelling and net worth management, which has also prompted securities companies to enter a new stage of business transformation to Public Offering of Fund.
The problem of horizontal competition remains to be solved.
From the industry trend, Public Offering of Fund business has become one of the important points in the transformation of asset management business of securities companies. Many securities companies in the industry have set up asset management subsidiaries, and are actively preparing to apply for Public Offering of Fund management business qualification. Public Offering of Fund business may become a new growth point of industry asset management business. Caixin Securities said.
However, the asset management subsidiary may still face the problem of horizontal competition after obtaining the public offering license.
In June this year, CIC received a round of regulatory feedback on its application to set up an asset management subsidiary, which involved six major issues, including explaining the development planning and positioning of the asset management subsidiary and preventing competition with CICC funds. Explain the implementation of the asset management business division plan with CICC Wealth; Update and improve the asset management business settlement plan.
Subsequently, in the regulatory feedback of CITIC Securities' application for the establishment of an asset management subsidiary, CITIC Securities also needs to further explain the division of investment and care business after the division of asset management licenses of the parent company and subsidiaries.
Relevant feedback shows that after the asset management subsidiary of a securities company obtains the public offering license, whether there is horizontal competition with the fund company that has been controlled or shared by the securities company will be the focus of supervision.
In this regard, Song Rachel analyzed that the core of the problem-solving thinking of horizontal competition lies in the unified combing of the internal public offering business structure of the whole group and the division of different types of public offering business. The cut-in angle includes distinguishing customer audience, setting up different investment and sales channels, and building a firewall between platforms. For example, from the perspective of serving customers, the asset management subsidiaries of securities firms can be based on the original institutional customer channels of securities firms, while the fund management companies participating in the holding can focus on individual customers.
Song believes that with the continuous growth of securities firms' public offering business, it is believed that the regulatory authorities will further standardize the horizontal competition behavior of public offering business within the same group system.