It is not known whether others will participate, but Guangzhou Bank and Wanlian Securities, which are owned by Guangzhou Financial Holdings, must be in a hurry, because their IPOs are at a critical moment of sprint, for fear of being suddenly stopped because of Li Fang's gold incident.
Li Fang Jin was investigated.
65438+10.8 is the last day of the national day, and a large number of tourists are happy to return home, but many people in the financial circle in Guangzhou are not so interested because what they are worried about has finally happened.
According to the website of Guangzhou Commission for Discipline Inspection, Jin, Party Secretary and Chairman of Guangzhou Financial Holding Group Co., Ltd., is currently under investigation for being suspected of serious violation of the law.
They were worried because on September 28th, Guangzhou Rural Commercial Bank suddenly announced that Jin, a non-executive director of the company, had submitted his resignation in writing the day before and resigned as a member of the non-executive director, the Audit Committee, the Related Party Transactions and Risk Management Committee and the Nomination and Remuneration Committee, with immediate effect.
The reason given by Guangzhou Rural Commercial Bank for resigning is "limited personal energy", which is obviously unsatisfactory. Li Fang Jin is 58 years old and has not yet reached retirement age.
According to Jin's resume, he joined the company in September 2007, the second year after the establishment of Guangzhou Jinkong. Before 20 16, he served as a director, deputy general manager, vice chairman and general manager. 2065438+officially became the chairman in March 2006.
Guangzhou financial circle earthquake
There is no doubt that the Li Fangjin incident has caused a strong shock to the financial circles in Guangzhou. Because Guangzhou Financial Holdings is a financial investment management platform with Guangzhou municipal government holding 100%, there are many local financial companies in Guangzhou.
The aforementioned Guangzhou Rural Commercial Bank is only one of the subsidiaries of Guangzhou Jinkong. Guangzhou Jinkong is wholly-owned and holding company 15, and also owns several heavyweight subsidiaries such as Zhujiang Life Insurance, Guangzhou Shipping Trading Company, Guangzhou Equity Exchange Center, Guangzhou Financing Re-guarantee Company, Yuexiu Jinkong Group, Guangzhou Bank and Wanlian Securities.
Jin is not only the head of Guangjin Holdings, but also holds senior management positions in its subsidiaries. It can be said that power is in a state of change. What's more, he is not an airborne soldier, but a senior veteran of Guangzhou Financial Control. I have been deeply involved in the local financial circle in Guangzhou for many years, and various relationships are intertwined. Many financial executives are inextricably linked with him. Therefore, the downfall of Li Fang Kim, these people can't sit still, for fear of implicating themselves.
Before the accident, Li Fang Jin was also in high spirits. Objectively speaking, Guangzhou Financial Holdings has achieved good results under his leadership. From 20 17 to 20 19, the compound growth rate of Guangzhou Financial Holdings' total operating income was as high as 19.22%. Last year's revenue was 15 1 100 million, up by 12.94% year-on-year.
Jin also established China's first microfinance company, Microfinance Co., Ltd. on 20 13, and personally served as the first chairman.
IPO of two subsidiaries increases variables.
Li Fang Gold was investigated, and the Bank of Guangzhou and Wanlian Securities under Guangzhou Financial Holdings were directly affected. The two companies are making a final sprint on the IPO road, but they didn't expect to encounter such a big "black swan" incident.
Many big cities have local commercial banks. In Guangzhou, Guangzhou Bank is one of the few local commercial banks. The equity relationship diagram shows that Guangzhou Financial Holdings directly and indirectly holds 42.30% of the shares of Bank of Guangzhou, making it the largest shareholder.
In July this year, Bank of Guangzhou disclosed the prospectus on the website of CSRC, and planned to be listed on Shenzhen Stock Exchange. According to the data disclosed in the prospectus, the company achieved net profits of 3.22 billion, 3.769 billion and 4.324 billion from 20 17 to 20 19. According to the list of senior executives, Jin served as the vice chairman of Guangzhou Bank.
Wanlian Securities is also a local brokerage in Guangzhou, and Guangzhou Jinkong is also a major shareholder, directly holding 49. 10%. As early as 2065438+June 2009, Wanlian Securities submitted an IPO application. In April this year, the company received feedback from the China Securities Regulatory Commission, and the questions raised mainly involved norms, information disclosure, financial and accounting materials and so on.
Since 2005, Jin has been the chairman of Wanlian Securities. According to the data in the prospectus, from 20 16 to 20 18, the net profit attributable to Wanlian Securities was 300 million, 311million and 254 million respectively.
If nothing happens to Li Fang Jin, the IPOs of these two companies will be promoted step by step, and there is a great possibility of success. Now Li Fang Jin has been investigated, and he has held important positions in both companies, which may become an obstacle to the listing of these two companies, adding many variables.