Reporter Du Meng
On the evening of October 11, Guotai Junan (601112.SH) issued an announcement on Shanghai Stock Exchange and the Hong Kong Stock Exchange, saying that the CSRC officially approved Guotai Junan to acquire Huaan Fund 8% equity held by Shanghai Industrial Investment (Group) Co., Ltd. After the completion of this transaction, Guotai Junan's shareholding in Huaan Fund increased from 43% to 51%.
announcement shows that the preliminary appraisal valuation of the target equity of this transaction is 1.012 billion. Based on this, the valuation of Huaan Fund's equity is as high as 12.65 billion yuan.
This also means that after eight years, Guotai Junan finally achieved its holdings in Huaan Fund. After Guotai Junan also became 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.
Guotai Junan Securities 's acquisition of Huaan Fund's equity began in 2014. On October 14 of that year, Guotai Junan issued an announcement stating that in order to optimize the layout of asset management business, Guotai Junan Security Subsidiary Guotai Junan Innovation Investment Co., Ltd., a subsidiary of Guotai Junan Security, acquired 20% of the equity of Huaan Fund Management Co., Ltd. through Shanghai United Property Exchange on April 9, 2014, and signed an property transaction contract with the transferor Shanghai Electric (Group) Corporation.
Since Guotai Junan Securities still held the Guolianan Fund at that time, it was subject to the requirement of " one-particle one-control ", the transaction has not entered the final payment stage. As the transaction period approached, in September 2015, Guotai Junan Innovation Investment paid an additional 29.806 million yuan to Shanghai Electric in September 2015; in January 2017, Guotai Junan Innovation Investment paid an additional 20.1 million yuan.
On April 28, 2017, Guotai Junan transferred 51% of Guolian's equity to Pacific Assets for 1.045 billion yuan, clearing obstacles for taking over Huaan Fund. Subsequently, the China Securities Regulatory Commission approved Shanghai Electric (Group) Corporation to transfer its 20% equity in Huaan Fund to Guotai Junan Innovation Investment Co., Ltd. In mid-October 2017, Huaan Fund officially completed the equity change.
On December 7, 2018, Guotai Junan Innovation Investment Co., Ltd. transferred 20% of its shares in Hua'an Fund to Guotai Junan Securities, and Guotai Junan achieved direct holdings in Hua'an Fund.
In the past two years, Guotai Junan has increased the shareholding ratio of Huaan Fund three times in a row. In March 2021, Shanghai Jinjiang International Investment Management Co., Ltd. transferred 8% of its shares in Hua'an Fund to Guotai Junan, and Guotai Junan's shareholding ratio in Hua'an Fund also increased to 28%.
On March 14, 2022, Guotai Junan issued an announcement stating that the company received a reply from the China Securities Regulatory Commission to approve Shangguo Investment Management to transfer 15% of its shares in Huaan Fund to Guotai Junan. In June 2022, the above-mentioned equity transfer matters have been registered for industrial and commercial change. In addition to the acquisition of 8% of the shares held by Shanghai Industrial Investment, Guotai Junan successfully achieved controlling stake in Huaan Fund.
After the industrial and commercial change registration, Guotai Junan will hold 51% of the equity of Huaan Fund, Shanghai Industrial Investment will hold 12% of the equity of Huaan Fund, Guotai Junan Investment Management Company will hold 20% of the equity of Huaan Fund, Shanghai Jinjiang International Investment Management Co., Ltd. will hold 12% of the equity of Huaan Fund, and Shanghai Guo Investment Management will hold 5% of the equity of Huaan Fund.
Guotai Junan's 2022 semi-annual report data shows that as of the end of June 2022, Huaan Fund managed assets of 657.938 billion yuan, of which the management scale of public funds was 598.516 billion yuan, and the total assets of Huaan Fund were 6.495 billion yuan and the net assets were 4.247 billion yuan; in the first half of 2022, the operating income was 1.816 billion yuan and the net profit was 510 million yuan, an increase of 5.2% and 13.34% year-on-year respectively.
Since this year, many fund management companies such as 0,000 funds, Taixin Fund, , Morgan Stanley Huaxin Fund, , etc. have achieved equity transfers, which reflects that public offering licenses are still a hot commodity in the asset management industry.
"As the asset management industry gradually shifts from sellers to buyer market , asset management institutions all hope to enter wealth management through public offering licenses. In addition, more and more emerging products are emerging in the public offering industry, such as ETFs, REITs, FOFs and other businesses, making this public offering license more attractive to institutional investors." said a senior commentator in the industry.
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