It is understood that the sub-asset management plan of 654.38+000 billion yuan in the future will operate according to the market. This time, unlike 20 15 buying stocks directly from the secondary market, the investment made by brokers is also "real money". However, by setting up an asset management plan, it is closer to commercial behavior and can invest in equity and creditor's rights. Priority can also be given to supporting high-quality private listed companies to solve the difficulty of equity pledge through mergers and acquisitions, which also means business opportunities for brokers.
1 1 The list of investment brokers has all been released.
Yesterday, the regulatory authorities pushed the securities industry to support the development of private enterprises, and 1 1 securities firms planned to contribute 2 1 billion yuan. This time, instead of rushing directly into the secondary market to buy stocks, 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 1 1 brokers participating in the capital contribution are all large listed brokers, namely CITIC, Haitong, Guotai Junan, Shenwan Hongyuan, Guo Xin, Yinhe, Huatai, China Merchants, Guangfa, CITIC Jiantou and CICC.
It is understood that the investment scale of the above brokers varies, some brokers promise to invest no more than 2 billion yuan, and some brokers plan to invest 2.5 billion yuan. However, these 1 1 brokers are basically large brokers with the highest net capital or the largest stock pledge business.
According to the data, as of June 22nd 10, the biggest stock pledge this year is Shenwan Hongyuan, among which the reference market value of the trading stocks that have not been lifted is 8.21800 million, followed by Haitong Securities 59.756 billion and Yinhe 50.344 billion. The stock pledges of other brokers are all below 50 billion, but they are also top brokers.
In terms of net capital, the most special of these 1 1 brokers is CICC, with a net capital of only 24.06 billion. However, although the scale of its stock pledge is not too large, the market value of the shares that have not been lifted is also around 2190.6 billion.
/kloc-How will the asset management plan work in the future?
At present, the manager of the 2 1 100 million 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 make independent decisions, and attract capital investment from banks, insurance, state-owned enterprises and government platforms to form a 1 100 million asset management plan.
"The parent asset management plan is equivalent to guiding the fund. Unified organization and decentralized decision-making' means that the sub-asset management plan is relatively independently formulated by various brokers, and it is also responsible for screening the stock pledge projects of private listed companies with development prospects to ensure that the risks are measurable, controllable and affordable. " A person familiar with a listed company in South China told the reporter of China Daily.
Another business person in the credit business department of East China Securities Brokers said: "This time, it was packaged into 2 1 100 million by many securities brokers. Although there is not much money, the leverage effect is quite large, and other funds will be slowly absorbed later. "
In other words, there will be many sub-funds under the 2 1 100 million parent asset management plan, and the product models of the sub-funds can be varied, which are raised, established and managed by various securities firms.
According to the China Securities Association, this collective asset management plan is organized in a market-oriented way and operated in a commercial way, focusing on giving full play to the professional advantages and transaction organization ability of investment banks, taking financial investment supported by liquidity as the main way and taking the control right and governance structure of listed companies 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 screen the subject matter of stock pledge
The investment made by brokers this time is different from that made by 20 15 directly buying stocks in the secondary market. By setting up a collective asset management plan, giving priority to supporting high-quality private listed companies to solve the problem of difficult equity pledge, which also means business opportunities for brokers.
The reporter learned from China, a brokerage firm, that due to "unified organization and decentralized decision-making", all brokers will give full play to their professional abilities and select 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 killed by mistake in the market downturn, which is more serious, and the conventional financing channels are also blocked, while the financing of state-owned enterprises is relatively easy.
Investment brokers believe that there is no default risk at present. For example, some equity pledges have been wrongly killed because the stock price has been falling, leading to default. In fact, shareholders have been paying interest.
Need to break through several institutional obstacles.
This collective asset management plan will incite 654.38+000 billion yuan, but it is still intended to contribute. The design and scheme of the real implementation plan are not completely clear, but for brokers, it is indeed a test and opportunity for the business capabilities of various lines.
China, a brokerage firm, learned that the sub-asset management plans set up by various brokers can invest in equity and creditor's rights, and can also participate in mergers and acquisitions, thus achieving the effect of supporting high-quality private enterprises to solve the difficulty of equity pledge.
In fact, all kinds of operational possibilities exist, which require the professional judgment of brokers and the results of negotiations with shareholders of listed companies, not necessarily 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 securities companies, asset management departments and investment banks. The doubt of investment brokers is whether there are related transactions in this investment bank. This requires a breakthrough and clarity 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 the same, not one-to-many, if so, it may not be possible to operate.
In addition, 20 18 "Letter on Classified Evaluation of Securities Companies" issued by China Securities Regulatory Commission proposed that the default scale of self-funded or collective capital contribution in stock pledge business of securities companies accounted for more than 20% of net capital, and the corresponding risk management capability evaluation standard deducted 0.5 points.
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 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! 1 1 The list of investment brokers is here! They are CITIC Guo Jun Haitong ... basically large brokerage firms with operating outlines, and 654.38 billion+000 billion bail-out equity pledge).