During the year, a new case of equity transfer of fund companies was added.After 10 years of joining Lion Fund, Daheng Technology recently announced that it plans to sell 20% of the equity in the fund at a price of not less than 1 billion yuan.According to the information on the official website of the China Securities Regulatory Commission, as of now, a total of 17 funds plan to change more than 5% of the equity and actual controller of the fund company, and the relevant applications are still waiting for approval.It is worth noting that while some listed companies are "liquidating" fund equity, there are still securities companies and other institutions that are actively deploying in the face of the continuous and rapid development of the public fund industry.
Daheng Technology wants to "clear" Lion Fund
According to public data, in February 2012, Daheng Technology took over a 20% stake in Novan Fund from Beijing Zhongguancun Science City Construction Co., Ltd., the then shareholder, at a transfer price of 116 million yuan.At present, the matter is in the planning stage, and follow-up verification procedures such as audit and evaluation are still required.If the equity transfer is successful, Daheng Technology, the third largest shareholder of Lion Fund, will no longer hold any equity in Lion Fund.After ten years, this part of Daheng Technology's equity has appreciated nearly 10 times.According to industry insiders, other major shareholders of Lion Fund will not rule out the transfer of this part of the equity in the future.
In addition to Lion Fund, there have also been changes in the equity relationships of many fund companies this year.Jingwei Textile Machinery announced on June 14 that Zhongrong Trust, the founding major shareholder of its subsidiary Zhongrong Fund, plans to publicly list and transfer all 51% of the equity it holds in Zhongrong Fund at an evaluation price of not less than 1.504 billion yuan. The transfer price and evaluation Prices were flat.At the beginning of June, the China Securities Regulatory Commission approved CDB Securities to transfer its 66.7% stake in CDB Pacific Fund Company to Beijing State-owned Capital Operation and Management Co., Ltd.After the equity transfer, CDB Securities no longer holds the equity of CDB Taifu Fund Company.
Industry analysts pointed out that the equity transfer of some companies may be due to capital needs, and the current valuation of public funds is relatively good.Shareholders of some small and medium funds are prone to equity changes when there are major differences in operation and management strategies.In addition, for the equity transfer of a trust company to a fund, the factors to be considered include the limited synergy between their businesses, and some trust companies also have compliance issues in raising funds through the business channel of raising subsidiaries.
According to the "Announcement on the Acceptance and Review of Administrative License Applications for Securities and Fund Operating Institutions" issued by the China Securities Regulatory Commission on June 24, 17 fund management companies are still in the process of reviewing changes to more than 5% of their equity and actual controllers.Among them, 7 fund companies including Donghai Fund, Zhonghai Fund, Morgan Stanley Huaxin Fund have received their first feedback on their applications; 8 companies including Shanghai Investment Morgan, Xinhua, TEDA and Manulife have received decisions on whether to accept them; China Nine companies, including Geng Fund, China Asset Management, and China Europe Fund, are still queuing up for acceptance.
Brokerages and others are actively deploying public equity offerings
With the development of the public fund industry, many institutions are optimistic about and actively increase their holdings in this market, including securities companies and foreign capital.
Guotai Junan plans to further increase its holdings in Huaan Fund.In March this year, Guotai Junan announced that it had acquired a 15% stake in Huaan Fund from Shanghai Shangguo Investment Asset Management Co., Ltd., and its stake in Huaan Fund would increase from 28% to 43%; on May 24, the company announced again that it planned to The 8% stake in Huaan Fund held by Shanghai Industrial Investment Group was transferred by means of non-public agreement transfer.
On June 15, Zhou Xi, chairman of Morgan Stanley Huaxin Fund, who had served for three years, resigned, which once again aroused the market's attention to the progress of the company's equity transfer.According to public information, in 2019, after a series of equity changes, Morgan Stanley successfully acquired the equity held by Shenzhen Zhaorong Investment Holdings Co., Ltd., and its share of equity rose to 44%, becoming the largest shareholder ; In May 2020, the China Securities Regulatory Commission approved Morgan Stanley to transfer the equity of Morgan Stanley Huaxin Fund held by Shenzhen Zhongji Industrial.After the equity change was completed, Morgan Stanley's shareholding ratio increased to 49%; in May 2021, Huaxin Co., Ltd. announced that its wholly-owned subsidiary Huaxin Securities transferred its holdings of Morgan Stanley through a public listing on the Shanghai Stock Exchange. The 36% stake in Lihuaxin Fund was transferred to Morgan Stanley International Holdings at a price of 389.3 million yuan.After the approval of this round of equity transfer, Morgan Stanley International Holdings will hold 85% of the shares of Morgan Huaxin Fund, thus achieving absolute control.Morgan Stanley also emphasized that the Chinese market has always been the focus of Morgan Stanley's global development strategy, and the substantial expansion of its securities and fund business in China will further consolidate its industry position.
In order to accelerate the high-quality development of the public fund industry and further improve the service level of the public fund industry, the "Measures for the Supervision and Administration of Managers of Publicly Offered Securities Investment Funds" (hereinafter referred to as the "Measures") will be officially implemented on June 20. , which further strengthened the standardized management of equity of public funds.Ernst & Young pointed out that in terms of business licenses, the Measures shall not exceed 2 fund management companies with the same entity or different entities controlled by the same entity, and the number of controlled fund management companies shall not exceed 1 Under the same circumstances, the situation of not counting the number of equity participation and control fund management companies has been added, and the provision that a control can no longer have a license has been cancelled."Assuming that a securities company already controls a fund management company, after the "Measures" are promulgated, it can still obtain a public offering license through its asset management subsidiary. This change will affect the same entity's strategic planning and layout in the field of asset management and the asset management industry. market status and competitive landscape.”
