After the introduction of the "new public offering regulations", the first "one control and one license" securities company in the industry was released.
On the evening of October 11, Guotai Junan Securities Co., Ltd. (referred to as " Guotai Junan ", 601211.SH, 02611.HK) issued an announcement stating that recently, China Securities Regulatory Commission officially approved Shanghai International Group Co., Ltd. became the actual controller of Huaan Fund Management Co., Ltd. (referred to as " Huaan Fund "), and had no objection to Guotai Junan's acquisition of 12 million yuan of Huaan Fund's investment in accordance with the law (accounting for 8% of the registered capital).
After the completion of this transaction, Guotai Junan's shareholding in Huaan Fund increased from 43% to 51%, and Huaan Fund became a holding subsidiary of Guotai Junan.
However, as of the date of disclosure of the announcement, the transaction is still subject to Huaan Fund's industrial and commercial change registration.
took 8 years
According to Huaan Fund's official website information, the company was established in 1998 with a registered capital of RMB 150 million. It is headquartered in Shanghai. It is one of the first five fund management companies approved by the China Securities Regulatory Commission. Before this equity transfer, five large state-owned enterprises in Shanghai held shares respectively.
The relationship between Guotai Junan and Huaan Fund began 8 years ago. In April 2014, Guotai Junan delisted the 20% equity of Huaan Fund , which was held by Shanghai Electric Holding Group Co., Ltd., and became a shareholder of Huaan Fund for the first time.
However, at that time, Guotai Junan still held 51% of the equity of Guolianan Fund. Due to the requirement of " one participation and one control ", the above acquisition has not been approved for a long time. Until April 28, 2017, Guotai Junan transferred 51% of the equity of Guolian's Fund to Pacific Asset Management Company for 1.045 billion yuan, creating conditions for taking over the equity of Huaan Fund.
In March 2021 and March 2022, Guotai Junan acquired 8% and 15% of the equity of Huaan Fund from Shanghai Jinjiang International Investment Management Co., Ltd. and Shanghai Shangguo Investment Property Management Co., Ltd. respectively.
On May 24, 2022, Guotai Junan announced that in order to accelerate the filling of the company's large asset management business shortcomings and achieve the goal of holding a public fund company, the company plans to use its own funds to acquire 8% of the equity of Huaan Fund held by Shanghai Industrial Investment (Group) Co., Ltd. in a non-public agreement transfer, and the transfer price will not exceed RMB 1.012 billion in principle.
As of the completion of this equity transfer, the latest equity structure of Huaan Fund is: Guotai Junan holds 43% of the shares, Shanghai Shangguo Investment and Industry Management Co., Ltd. holds 5% of the shares, Guotai Junan Investment Management Co., Ltd. holds 20% of the shares, Shanghai Industrial Investment (Group) Co., Ltd. holds 20% of the shares, and Shanghai Jinjiang International Investment Management Co., Ltd. holds 12% of the shares.
Guotai Junan's net profit in the first half of the year decreased by 20% year-on-year
Guotai Junan said that the holdings and shares of Huaan Fund are a key measure for Guotai Junan to make up for the shortcomings in the business layout of the large asset management field, especially the public fund. It is also a major phased achievement of Guotai Junan's implementation of the "three three-year and three-step" strategic path concept, carefully constructing the three pillars of core capabilities, and building a comprehensive service platform. In the future, we will take this holding of Huaan Fund as an opportunity to continue to deepen reform and transformation, comprehensively integrate its high-quality resources, and strive to create a business development model that is driven by "wealth management + asset management" and forms a closed-loop value business development model, continuously improve the company's wealth management service level, promote the higher quality development of Huaan Fund, and contribute greater strength to meeting the people's growing wealth management needs, serving the construction of Shanghai International Financial Center and the construction of global asset management centers.
Guotai Junan's 2022 semi-annual report shows that the operating income in the first half of the year was 19.554 billion yuan, a year-on-year decrease of 10.79%; the net profit attributable to shareholders was 6.373 billion yuan, a year-on-year decrease of 20.47%; the basic earnings per share of 0.69 yuan. Among them, in the first half of 2022, Guotai Junan Wealth Management business achieved operating income of 6.199 billion yuan, a year-on-year decrease of 1.81%; investment management business achieved operating income of 906 million yuan, a year-on-year decrease of 26.72%.
However, Huaan Fund's revenue data in the first half of 2022 has increased steadily.
As of the end of June, Huaan Fund's total assets were 6.495 billion yuan, an increase of 16.67% year-on-year; net assets were 4.247 billion yuan, an increase of 18.17% year-on-year; operating income in the first half of 2022 was 1.816 billion yuan, and increased by 35.21% year-on-year; net profit was 510 million yuan, an increase of 13.37% year-on-year.
In addition, the asset management scale of Huaan Fund at the end of June was 657.938 billion yuan, a slight increase of 7.512 billion yuan from 650.426 billion yuan at the end of 2021, an increase of 1.15%. Among them, the management scale of public funds was 598.516 billion yuan, a slight increase of 1.654 billion yuan from 596.862 billion yuan at the end of 2021, an increase of 0.28%.
It is worth mentioning that on May 20, the China Securities Regulatory Commission announced the "Regulations on Supervision and Management of Publicly Offered Securities Investment Fund Managers". On the premise of continuing to adhere to the "one participation and one control" policy of fund management companies, it moderately relaxes the restrictions on the number of public licensing, and allows professional asset management institutions such as securities asset management subsidiaries, insurance asset management companies, bank wealth management subsidiaries under the same group to apply for public licences.
In December 2020, the subsidiary of Guotai Jun Security, Shanghai Guotai Junan Securities Asset Management Co., Ltd. (hereinafter referred to as "Guojun Asset Management") was approved for public offering business qualification. Therefore, after completing the industrial and commercial changes, Guotai Junan will become the first securities company in the industry to hold a public fund management company and an asset management subsidiary with the qualification of public fund management business after the introduction of the "new public fund regulations".
