On the evening of September 22, Zhongtai Securities also announced that the company recently received the approval of the China Securities Regulatory Commission. The China Securities Regulatory Commission approves the company's market making business qualification for listed securities.
It is the second brokerage to be approved for the business this year, after CICC was approved in April.
According to the official website of the China Securities Regulatory Commission, 17 brokerages have been approved for market-making business of listed securities so far. They are Shenwan Hongyuan Securities, Huatai Securities, China Galaxy Securities, Citic Jiantou Securities, Oriental Securities, Caitong Securities, Guoxin Securities, Sinolink Securities, Citic Securities, Industrial Securities, Merchants Securities, Zheshang Securities, Soowu Securities, Guotai Junan Securities, Anxin Securities, CICC, Zhongtai Securities.
Market making business belongs to a kind of capital intermediary business. As the scale increases, so does the need for capital. Coincidentally, the same night, Zhongtai Securities announced its revised refinancing plan.
Two new investment projects
On September 22, Zhongtai Securities issued an announcement to revise the 6 billion yuan fixed increase refinancing project, adding two new investment projects such as the purchase of national bonds, local government bonds, and corporate bonds, as well as wealth management business.
Compared with the previously announced fixed increase plan, the total amount of Zhongtai Securities fixed increase investment remains unchanged, still 6 billion yuan, the original raised investment projects have not been adjusted, there are reservations, respectively, information technology and compliance risk control investment, alternative investment business, market making business, debt repayment and supplement other working capital.
After adjustment, Zhongtai Securities reduced the planned amount of 2.5 billion yuan of debt repayment to 1.5 billion yuan, and split the raised investment fund of 1 billion yuan into 500 million yuan, which was used to buy securities such as national bonds, local government bonds, and corporate bonds, as well as wealth management business.
Original increment scheme
Revised fixed increase scheme
Zhongtai Securities said that in order to actively grasp the development opportunities of the capital market and accelerate the strategic layout of the company, on the basis of consolidating the existing advantageous business, the company intends to use the funds raised by this issue to steadily layout alternative investment business, bond investment business, market making business and wealth management business, so as to further optimize the income structure and cultivate new profit growth points. While supporting the high-quality development of the real economy and maintaining the smooth operation of the capital market, the company's profitability will be enhanced, the company's comprehensive financial service level will be improved, and more efforts will be made to return shareholders and society.
Brokerage refinancing tightening
Since the beginning of this year, after the regulation stressed the need for the securities industry to take a capital-saving road, the industry refinancing (fixed increase, rights issue, convertible bonds) process has slowed down. Up to now, nearly 100 billion securities refinancing matters have not landed.
Among them, two brokerages decided to terminate the fixed increase, and four brokerages chose to revise the fixed increase plan before going through the customs.
In July, after Central China Securities decided to terminate the sale of less than 7 billion yuan and withdraw the application documents, on the evening of August 7, Huaxin Securities' parent company Huaxin Shares (the main business is securities business) also issued an announcement saying that it decided to terminate the issuance of shares to specific objects and withdraw the application documents.
As for the reasons for withdrawal, Huaxin Shares said that it was based on the progress of the company's issuance of shares to specific objects, and comprehensively considered the adjustment of the issuance plan and the actual situation of the company, and made a decision after full communication and careful analysis with relevant parties.
In addition, three brokerages, Caida Securities, Nanjing Securities and Guolian Securities, chose to revise the plan, revising the content of both lowering the entire raised investment fund and adjusting the allocation of raised investment fund.
Guolian Securities intends to raise a total of no more than 5 billion yuan from no more than 7 billion yuan previously.
Nanjing Securities maintained the fixed amount of capital raised at 5 billion yuan unchanged. However, the investment direction of fundraising has made corresponding adjustments, from the original five directions to seven directions. Original to as "securities investment business, investment banking, capital intermediary business, information technology and risk control of compliance, debt and other working capital supplement", now changed to "investment banking, wealth management business, buy bonds and other securities, information technology business, increase alternative subsidiaries and private subsidiary investment, information technology and compliance risk control, service and other working capital supplement".
Caida Securities also adjusted the investment direction of fixed increase from "margin financing, securities self-support, debt repayment and supplementary working capital" to "wealth management business, securities investment business, investment banking business, asset management business, information technology and compliance risk control investment, private equity and alternative investment business, debt repayment and supplementary working capital" and other seven directions.
In addition to the fixed increase adjustment, equity refinancing has also made no progress. After seven years of waiting for the IPO to finally meet in February 2022, Dongguan Securities, but has been unable to get the approval of the Securities Regulatory Commission, after the implementation of the comprehensive registration system, the company re-declared in March this year, but after being accepted, there has been no progress, and has been waiting for inquiries.
The reporter noted that on August 27, the CSRC issued an overall balance of the primary and secondary markets, optimizing the regulatory arrangements for IPO and refinancing, and mentioned that "for the large refinancing of listed companies in the financial industry or large market capitalization listed companies in other industries, the implementation of a pre-communication mechanism, focusing on the necessity of financing and the timing of issuance."
Up to now, equity refinancing is still queuing brokerages Nanjing securities, Caida Securities, Zhongtai Securities, Guolian securities, Guohai Securities, Tianfeng securities, Zheshang securities, CICC, Huatai securities and other 9 listed brokerages.
At present, Guohai Securities, Tianfeng Securities, Zheshang Securities, CICC, Huatai Securities have not yet made adjustments.
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