To make up for the shortcomings of asset management, a number of brokerages have accelerated the deployment of public fund business
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The competition among brokerage firms around the wealth management market is still in full swing. On the evening of February 7, Guolian Securities announced that it plans to acquire 100% equity of Zhongrong Fund for 2.949 billion yuan. The reporter of “Economic Information Daily” noticed that in the process of accelerating the transformation of the company’s wealth management, many securities firms are stepping up their deployment of public offering business.
According to the announcement, Guolian Securities intends to acquire a 51% stake in Zhongrong Fund Management Co., Ltd. (hereinafter referred to as “Zhongrong Fund”) held by Zhongrong International Trust Co., Ltd. (hereinafter referred to as “Zhongrong Fund”) through delisting (the listing price is 1.504 billion yuan), and the final transaction price is The bidding result is determined. On the premise that the company obtains the above-mentioned 51% equity, the company will acquire the 49% equity of Zhongrong Fund held by Shanghai Rongsheng Investment Co., Ltd. through an agreement transfer. billion. According to Wind data, as of December 31, 2022, the public offering management scale of Zhongrong Fund is 110.754 billion yuan.
“This acquisition will help the company quickly obtain a public offering fund license, make up for business shortcomings, improve overall comprehensive financial service capabilities, deepen the transformation of pan-wealth management, seize the development dividends of the public offering fund industry, and integrate with the company’s existing resource advantages , Improve the comprehensive financial service system, improve the overall operating efficiency, and better serve urban and rural residents to increase property income and the development of the real economy through multiple channels.” Guolian Securities said.
According to industry insiders, Guolian Securities, which takes the pan-wealth management business as its core target business, can effectively make up for its shortcomings after acquiring Zhongrong Fund, which is conducive to further improving the comprehensive financial service system. If this acquisition is completed, Guolian Securities will also realize the public offering business development goals of “One Participation” (holding 33.41% equity of China Overseas Fund) and “One Control” (wholly owned Zhongrong Fund). It is worth noting that Guolian Securities is also one of the first seven securities companies to obtain the pilot qualification for public fund investment advisory business.
In addition, many securities firms have also stepped up their deployment of public offering business. On February 3, Zhongtai Securities Holdings Wanjia Fund was approved by the regulator. According to the announcement, after the completion of this transaction, Zhongtai Securities’ shareholding in Wanjia Fund has increased from 49% to 60%, and Wanjia Fund has become a holding subsidiary of Zhongtai Securities. As of December 31, 2022, Wanjia Fund managed 120 public offering funds with a management scale of 348.924 billion yuan. While Zhongtai Securities Asset Management has a public offering fund license, after the above-mentioned transaction is completed, Zhongtai Securities will also realize “one control, one license”.
“Consolidated public offering profits have become an important source of performance for some securities companies, and have promoted the concentration of securities companies’ asset management business.” Luo Zhuanhui, chief analyst of the non-bank financial industry of Western Securities, said that due to market fluctuations, the performance of securities companies in 2022 will be more obvious. differentiation, while the scale of public offering funds continued to grow, making a significant contribution to the performance of securities companies. For example, the profit contribution of GF Securities, Industrial Securities, Shenwan Hongyuan, and China Merchants Securities’ participating public funds all exceeded 20%. Guosen Securities also stated that in the past few years, the public offering business has become an important breakthrough in the development of brokerage asset management. According to its own actual situation, the company will also do its best to do a good job in the investment operation of large-scale public offerings, laying a solid foundation for the development of future public offerings. At the same time, make sufficient preparations to apply for a public offering license as soon as the conditions are ripe, so as to open up incremental space for business development.
Information from the website of the China Securities Regulatory Commission shows that the two asset management subsidiaries of China Merchants Securities and GF Securities submitted materials one after another in the previous January, planning to apply for public offering business qualifications. In addition, Casin Securities and Kaiyuan Securities also successively submitted applications for the establishment of public offering fund companies last year. According to data from Wind, there are currently nearly 70 securities companies (participating in the holding) of public offering institutions.
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