Yesterday (October 22), 11 securities companies reached an intention to invest 21 billion yuan to set up a parent asset management plan, and then attract funds from banks, insurance companies, state-owned enterprises and government platforms to set up sub-asset management plans respectively, forming a total asset management plan of 1 billion yuan, which is used to help promising listed companies ease the difficulties of equity pledge.

China reporter, a brokerage firm, learned exclusively that the 11 brokers who invested 21 billion yuan were CITIC, Haitong, Guotai Junan, Shenwan Hongyuan, Yinhe, Huatai, Guoxin, China Merchants, Guangfa, China Securities Investment Corporation and CICC. These brokers are basically large brokers with the highest net capital ranking or the largest stock pledge business. Some have promised to invest no more than 2 billion, and some intend to invest 2.5 billion.

It is understood that the sub-asset management plan of 1 billion yuan in the future will operate according to the market. This time, unlike buying stocks directly from the secondary market in 215, the investment made by brokers is also "real money and silver". However, by setting up an asset management plan, it is closer to business behavior, and it can invest in equity and creditor's rights, and it can also intervene through mergers and acquisitions, giving priority to supporting high-quality private listed companies to solve the difficulties of equity pledge, which also means business opportunities for brokers.

The list of 11 investment brokers was released

Yesterday, the regulatory authorities promoted the securities industry to support the development of private enterprises, and 11 brokers intended to contribute 21 billion yuan. This time, instead of directly rushing into the secondary market to buy shares, they set up an asset management plan to alleviate the risk of equity pledge in the market.

China reporter, a brokerage firm, learned exclusively that the 11 brokers who participated in the capital contribution are all large listed brokers, namely CITIC, Haitong, Guotai Junan, Shenwan Hongyuan, Guoxin, Galaxy, Huatai, China Merchants, Guangfa, CITIC Jiantou and CICC.

it is understood that the investment scale of the above-mentioned brokers varies, with some brokers promising to contribute no more than 2 billion yuan, and some brokers intending to contribute 2.5 billion yuan. However, these 11 brokers are basically large brokers with the highest net capital ranking or the highest stock pledge business scale.

according to the data, as of October 22nd, the largest stock pledge this year is Shenwan Hongyuan, among which the reference market value of the trading shares that have not been released is 82.18 billion, followed by Haitong Securities with 59.756 billion and Yinhe with 5.344 billion. The stock pledges of other brokers are all below 5 billion, but they are also the top brokers.

in terms of net capital, CICC is the most special of these 11 brokers, with a net capital of only 24.6 billion. However, although the scale of stock pledge is not too large, the market value of trading shares that have not been released is also about 21.96 billion.

how will the 1 billion asset management plan work in the future?

at present, the manager of the 21 billion parent asset management plan jointly funded by * * * is not clear, but all brokers will set up sub-asset management plans to conduct market-oriented operation and independent decision-making, and attract capital investment from banks, insurance, state-owned enterprises and government platforms to form a 1 billion asset management plan.

"The parent asset management plan is equivalent to a guiding fund, and' unified organization and decentralized decision-making' means that the sub-asset management plan is made by the securities firms relatively independently, and the screening of promising private listed companies' stock pledge projects is also their own responsibility to ensure that the risks are measurable, controllable and affordable." A person familiar with a listed company in South China told the China reporter.

A business person from the credit business department of another East China securities firm said: "This time, it was packaged into 21 billion yuan by a number of securities firms. Although the money is not much, it has a great leverage effect, and other funds will be slowly absorbed later."

in other words, there will be many sub-funds under the parent asset management plan of 21 billion yuan, and the product models of the sub-funds can be varied, which will be raised, established and managed by various brokers.

The China Securities Association said that this collective asset management plan was established in a market-oriented way and operated in a commercial mode, focusing on giving full play to the professional advantages and trading organization capabilities of investment banks, taking financial investment with liquidity support as the main way, and keeping the control rights and governance structure of listed companies relatively stable as the main goal, and formulating a market-oriented, diversified and personalized risk mitigation plan to support the long-term, healthy and stable development of private enterprises with development prospects.

How to select the target of stock pledge

This time, unlike buying stocks directly in the secondary market in 215, the centralized asset management plan is set up to give priority to supporting high-quality private listed companies to solve the difficulty of stock pledge, which also means business opportunities for brokers.

The reporter from China, a securities firm, learned that due to "unified organization and decentralized decision-making", all securities firms will give full play to their professional abilities and screen high-quality equity pledge targets.

The above-mentioned East China brokerage business people think: "A good equity pledge project is estimated to be robbed within 2 weeks."

it is worth noting that this time, the focus is on supporting private enterprises. In recent years, in the process of reducing leverage, some high-quality private enterprises have been wrongly killed in the market downturn, which is more serious, and the conventional financing channels are also impassable, while the financing of state-owned enterprises is relatively easy.

The investment brokers think that there is no risk of default at present. For example, some equity pledges are wrongly killed because the stock price has been falling, which leads to the breach of contract. In fact, shareholders have been paying interest.

several institutional obstacles need to be broken

this collective asset management plan will incite 1 billion funds, but at present it is still intended to contribute, and the design and scheme of the real implementation plan are not completely clear, but for brokers, it is indeed a test and an opportunity for the business capabilities of all lines.

The reporter from China, a brokerage firm, learned that the sub-asset management plans established by various brokers can invest in equity and creditor's rights, and can also be involved in mergers and acquisitions to achieve the effect of supporting high-quality private enterprises to solve the difficulties of equity pledge.

in fact, all kinds of operation possibilities exist, which require the professional judgment of the securities firm and the results of negotiations with the shareholders of listed companies, and may not be entirely in the form of equity transfer. However, there are still some uncertainties to be solved.

1. The operation of this collective asset management plan requires not only the participation of the credit business department responsible for stock pledge, but also the cooperation of the securities companies with the asset management department and investment banks. The doubts of the investment brokers are whether there are related transactions in this investment bank? This needs to be broken through and clarified in the system.

second, the operation of the collective asset management plan may conflict with the existing system. For example, the term of collective asset management and investment products should be consistent, not one-to-many, but if so, it may be impossible to operate.

In addition, the previous letter issued by the CSRC about the classified evaluation of securities companies in 218 suggested that the default scale of self-owned capital contribution or collective asset management contribution of stock pledge business of securities companies accounted for more than 2% of net capital, and .5 point was deducted according to the risk management ability evaluation standard.

third, the regulatory authorities have opened a "green channel" for the asset management plan to participate in mergers and acquisitions and support equity pledge, but are other ways to solve the equity pledge, such as debt-to-equity swap and private debt, feasible? The future needs to be further clarified.

(article source: broker China)

(original title: exclusive! The list of 11 investment brokers is here! They are CITIC Guojun Haitong ... basically a large brokerage firm, with an outline of operation, and 1 billion bail-out shares pledged)