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At the same time, the pace of foreign capital entering China's capital market is accelerating. However, Chen Mengjie, chief strategist of Guangdong Securities Research Institute, said in an interview with Securities Daily: "At present, foreign securities firms are in the early stage of development and have not yet formed a certain competitive advantage."
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Morgan Stanley Huaxin Securities Renamed
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Obtaining absolute control will help to improve the "right to speak" and improve the decision-making power and execution efficiency in management. On July 13, Morgan Stanley ("Morgan Stanley") completed the registration of industrial and commercial changes involved in the transfer of 39% equity of Morgan Huaxin Securities held by Huaxin Securities, and obtained a new business license issued by Shanghai Municipal Market Supervision Administration. The company name was changed to "Morgan Stanley Securities (China) Co., Ltd.".
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After the completion of the above equity transfer, Morgan Stanley's shareholding in Morgan Stanley Securities (China) increased to 90%, becoming the brokerage firm with the highest foreign shareholding ratio at present; At the same time, Huaxin Securities still holds the equity of Morgan Stanley Securities (China) 10%. Prior to this, in May, Huaxin Securities and Morgan Stanley signed the "Shanghai Property Rights Transaction Contract", and the equity transfer price paid 570 million yuan.
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In addition to further reducing its shareholding in Morgan Stanley Securities (China), Huaxin Securities will "empty" its 36% stake in Morgan Stanley Huaxin Fund. Huaxin Securities has been publicly listed on the Shanghai Stock Exchange to transfer its 36% stake in Morgan Stanley Huaxin Fund. After the expiration of the listing period, Morgan Stanley International Holdings Limited, a subsidiary of Morgan Stanley, as the sole intended transferee, transferred the above equity by agreement at a transfer price of 389 million yuan. If the above equity transfer is completed, Huaxin Securities will no longer hold the equity of Shangtou Morgan Huaxin Fund.
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In this regard, Sun Wei, co-CEO of Morgan Stanley Asia Pacific and CEO of China, said: "China has always been an important pillar of Morgan Stanley's global strategy. In recent years, we have been encouraged by the accelerated opening of China's financial market."
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Of course, many foreign investors want to "go up a storey still higher" after obtaining the absolute controlling rights of China joint-venture securities firms. In March, 65,438+06% shares of UBS Securities were listed and transferred on the official website Stock Exchange, and the transferee UBS Group AG AG increased the shares of UBS Securities to 67%. In February last year, 65438+, Goldman Sachs started the process of acquiring 0/00% equity of Goldman Sachs Gaohua/Kloc, and there is no new progress at present. After Morgan Stanley acquired 90% equity of China joint venture securities firm, who can become the first foreign-owned securities firm 100% has attracted much attention.
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Is the wolf coming?
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According to the incomplete statistics of the Securities Daily reporter, there are currently nine foreign-controlled securities firms, namely Morgan Stanley Securities (China), Credit Suisse Securities, DBS Securities, Daiwa Securities, Goldman Sachs Gaohua Securities, UBS Securities, JPMorgan Chase Securities (China), HSBC Qianhai Securities and Nomura Oriental International Securities.
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The exotic "catfish" moves frequently throughout the year. In June, two foreign-controlled securities companies were officially exhibited, including Daiwa Securities (China), the first newly established Japanese-controlled securities company in Beijing, and DBS Securities, the first joint venture company from Singapore. Both companies were granted securities and futures business licenses by the China Securities Regulatory Commission. Founder Securities of Credit Suisse Bank recently changed its name to "Credit Suisse Bank Securities (China) Co., Ltd." one year after it obtained the controlling right of the joint venture securities firm in China. Not long ago, Goldman Sachs Gao Hua obtained the qualification of wealth management and self-operated business, and increased the business of securities brokerage, securities investment consulting, self-operated securities and consignment of financial products.
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In terms of new establishment, in April, the CSRC received the approval materials for BNP Paribas to set up a securities company. At present, there are 19 securities companies, more than 90% of which have foreign investment background. At present, Shenzhen-Hong Kong Securities, East Asia Qianhai Securities and Morgan Stanley Securities (China) have all applied to the CSRC to change their business scope.
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So, is the entry of foreign capital a "wolf coming"? At present, from the performance point of view, according to the statistics of China Securities Industry Association, among the nine foreign-controlled securities firms, UBS Securities achieved the highest net profit in 2020, accounting for 637 1 10,000 yuan, ranking 84th among securities firms, with three losses. In terms of business qualification, take Morgan Stanley Securities (China) as an example. At present, its business scope only includes underwriting and sponsorship of stocks and bonds, self-management of bonds (including government bonds and corporate bonds) and other businesses approved by China Securities Regulatory Commission.
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"Overall, at present, foreign-controlled securities firms are in the early stage of development and have not yet formed a certain competitive advantage." Chen Mengjie told the Securities Daily reporter: "At present, the development of foreign securities firms is limited mainly because of capital scale, business license, few outlets and uncoordinated business. In the medium and long term, some foreign brokers have certain advantages in global asset allocation and derivatives business, which is conducive to improving the overall service level of the industry and forcing domestic brokers to innovate and develop. While the industry is fully open to the outside world and fair competition, the regulatory authorities are expected to further relax the business innovation space of domestic brokers and further deepen the reform of the capital market. "
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