​The latest net worth of Liu Yonghao’s family is 71 billion yuan. Recently, Pacific Securities Co., Ltd. (hereinafter referred to as "Pacific Securities") issued an announcement stating that the company's largest shareholder, Beijing Jiayu Investment Co., Ltd. (hereinafter referr

​Liu Yonghao’s family’s latest net worth is 71 billion yuan.

Recently, Pacific Securities Co., Ltd. (hereinafter referred to as "Pacific Securities") issued an announcement stating that the company's largest shareholder Beijing Jiayu Investment Co., Ltd. (hereinafter referred to as "Jiayu Investment") intends to transfer its holdings of no less than 400 million shares (accounting for 5.8683% of the total share capital of the listed company) to Huachuang Securities Co., Ltd. (hereinafter referred to as "Huachuang Securities"). According to the latest closing price, the value of the transaction may be around 1.3 billion yuan.

Public information shows that Huachuang Securities’ parent company is Huachuang Yang'an Co., Ltd. The latter's controlling shareholder is New Hope Chemical Investment Co., Ltd., and the actual controller is New Hope Group's Chairman Liu Yonghao . The "2019 Forbes China 400 Rich List" shows that the latest wealth value of the Liu Yonghao family is as high as 71.42 billion yuan, becoming the richest man in Sichuan. If the above transaction is completed successfully, Liu Yonghao's "Hope Group" will "take over" the securities assets that originally belonged to the "Tomorrow Group" and are expected to obtain two securities licenses.

Time Finance contacted Pacific Securities, Jiayu Investment, Huachuang Securities and others to learn about the relevant transaction situation. Jiayu Investment said it was inconvenient to accept the interview. Pacific Securities and Huachuang Securities did not respond as of press time.

lost 1.3 billion last year

Jiayu Investment seems to have a intention to exit long ago.

htmlOn June 19, Pacific Securities announced that Jiayu Investment plans to terminate the implementation of its share increase plan. According to the plan announced on July 10, 2018, Jiayu Investment originally planned to increase its holdings of 1% to 5% of the listed company. However, as of the announcement date, the company only increased its holdings by 0.0341%, failing to complete the lower limit of the increase plan. On September 11, Pacific Securities announced that due to its own operating needs, Jiayu Investment reduced its holdings of 136 million shares through bulk transactions and cashed out 477 million yuan.

Jiayu Investment seems to have "lost patience" with Pacific Securities, and the reason may be related to Jiayu Investment's financial situation. According to the third quarter report, of the 744 million shares of Pacific shares held by Jiayu Investment, 581 million shares have been pledged, and most of the Pacific Securities it previously held have been pledged for a long time.

On the other hand, Pacific Securities' performance in recent years has not been good. China Business News, Changjiang Business News and other media reported that since its listing in 2007, Pacific Securities' net profit has ranked last in the listing of listed securities companies. The company's performance changed drastically in the second year of its listing, with a huge loss of 645 million yuan at the bottom for the first time. Since then, in 2015, 2016, 2017 and 2018, the company has ranked last in performance among listed securities companies for four consecutive years. In 2018, Pacific Securities' losses reached 1.322 billion yuan, a year-on-year decrease of 1237.14%.

Due to the sluggish stock price, Pacific Securities has also been labeled as "the cheapest brokerage stock". At the same time, Pacific Securities "raised funds in a crazy way". From 2015 to 2018, the company raised a total of 30.07 billion yuan through share issuance, additional issuance, bond issuance and other channels.

Pacific Securities is also "habited" by litigation disputes, asset impairment and other issues. On March 28, Pacific Securities issued an announcement stating that according to the relevant provisions of the "Shanghai Stock Exchange Stock Listing Rules", the company has counted litigation matters in the past 12 months, with a total amount involved in the case of 2.078 billion yuan.

htmlOn January 10, Pacific Securities conducted asset impairment test on assets that showed signs of impairment on December 31, 2018, and , a total of 972 million yuan of asset impairment provisions were set aside (which exceeded 10% of the company's audited net profit in the latest fiscal year), which directly led to a decrease of 729 million yuan in the company's net profit in 2018. The "severely affected area" of the impairment of

is that its stock pledge repurchase transaction business frequently hits mines, and arrears of 947 million yuan in asset impairment provisions were set aside. The pledged stocks involved were Shangying Global , Shengli Precision, Contemporary Oriental, Shengyun Environmental Protection, Tianshen Entertainment, Meidu Energy, *ST Meili, etc.

Changjiang Business Daily reported that Pacific Securities is more dependent on its proprietary business. In the past two years, its securities investment business performance has plummeted and its gross profit margin has been negative. In addition, the company's investment banking business has no highlights, insufficient internal control, and being fined for multiple violations also affects normal operations.

"Highlight Moment"

Compared with the eclipse in recent years, the "black listing case" that Pacific Securities "made" 11 years ago can be called its "Highlight Moment" and is still frequently mentioned by industry insiders.

On December 28, 2007, Pacific Securities was listed on the Shanghai Stock Exchange, but its "curve-save the country" listing method has caused a lot of controversy.

The China Times reported that a company faces two paths in its domestic listing: either choose IPO or go public through backdoor listing. These two paths are reviewed by the China Securities Regulatory Commission’s Issuance and Approval Committee and the Mergers and Acquisitions Committee respectively. The listing of Pacific Securities has opened up the third path and became a sample of the "rental seeking" in the capital market.

The company successfully bypassed the two threshold restrictions of IPO and mergers and acquisitions through the Shanghai Stock Exchange's request and approval from the General Office of the China Securities Regulatory Commission, and realized direct listing and trading on the exchange. A securities company that has not met the profit standard for three years has entered the exchange, and only investors in the secondary market may suffer losses.

According to the First Financial Daily, Jiayu Investment’s previous company names were Beijing Huaxin Liuhe Investment Co., Ltd. (hereinafter referred to as "Huaxin Liuhe") and Tai'an Taishan Huaxin Investment Co., Ltd. (hereinafter referred to as "Taishan Huaxin"). On March 30, 2001, when Taishan Huaxin was registered and established, it was initiated by Tomorrow Holdings Co., Ltd., one of the core platforms of the "Mingtian Group", and Wei Feng, who committed suicide by jumping off a building in May 2008. Since then, after several equity transfers, Tu Jian has become the major shareholder of Jiayu Investment.

According to the listing announcement of Pacific Securities at the end of 2007, Tu Jian has a bachelor's degree and is qualified as a lawyer. He has served as deputy director of the Securities Department of China Law Firm Center (renamed Deheng Law Firm in 1995), deputy director of the China Law Firm Center, director of Deheng Shanghai Law Firm, director of the Asset Management Center of the China Council for the Promotion of International Trade, and "currently" Pacific Securities Director. It is reported that Tu Jian was hired as chief legal counsel of the Shanghai Stock Exchange. On November 19, 2007, more than a month before Pacific Securities went public, the Shanghai Stock Exchange announced the list of members of the First Review Committee, Tu Jian was listed.

According to the China Times, based on the closing price of Pacific Securities on June 19, 2008, Tu Jian's personal wealth at that time had exceeded 960 million yuan. If the equity transfer is successful, it means that Tu Jian, the "key person" in the listing case of Pacific Securities, may "retire after success."

In addition, the parent company of Huachuang Securities, the "take-up man" of Taipingyang Securities, is Huachuang Yang'an Co., Ltd. Public information shows that Huachuang Yang'an belongs to another private financial department "Hope Department".

As one of the earliest private capitals in the financial industry, the "Hope Group" has currently controlled Xinwang Bank , Huachuang Securities, Huachuang Futures and other companies, and has participated in Minsheng Bank , Leshan Commercial Bank , Minsheng Life Insurance and other companies. However, because it already has Huachuang Securities, if Liu Yonghao wins Pacific Securities again, he will hold two brokerage licenses, which will solve the problem of "one participation and one control" of financial institutions. (Beijing Time Finance George)