Beijing State Capital Center or take the transfer of CITIC construction investment conditions tailored

On the morning of June 29, two financial share transfer information was quietly hung out in the north-Citic Securities listed 45% and 8% of CITIC Investment Holdings.　　On that day, Citic Securities plunged 6.39% to close at 12.01 Yuan.　　It is noteworthy that the fresh release of the transferee qualification conditions are staggering-the transfer of the "Big Head", that is, 45% of the transferee of the 2009 annual audit net assets shall not be less than 250 billion yuan. "Net assets 250 billion?" It's impossible! If so, only monopoly central enterprises can take over.　　A finance brokerage researcher was surprised.　　A number of non-banking and financial research fellows interviewed by the reporter said that the possibility of directional transfer is very large, should be determined by the transferee "tailor-made" conditions. To this, Citic Securities, a senior insider responded, "Can not say so, about CITIC investment in the transfer of equity, we are strictly in accordance with the relevant provisions to the listing, conditional access can participate." "However, the threshold of 250 billion net assets is enough to clarify some rumors."　　For example, one of the rumors of the takeover Citic Group, its total assets of 2009 years, although reached 2.1538 trillion yuan, but the net assets of only 135 billion yuan, has been ruled out. Data show that another important hearsay-Beijing state-owned Capital Management Center (hereinafter referred to as the Beijing National Pipe Center) as at the end of September 2009 consolidated statement total assets of 630 billion yuan, net assets of 230 billion yuan.　　The likelihood of its becoming the ultimate assignee is increasing. Beijing National Management Center "in the market" Citic Securities to hold Citic Investment 45% stake in the assignee condition requirements are very stringent.　　Of these, there are two key points.　　First, a wholly state-owned company or an enterprise (not a financial institution) which is wholly owned by the State or by the People's Government (non-financial institutions) and directly exercised by the provincial or provincial Sasac or above, or by the public ownership enterprises (non-financial institutions);　　Public data show that the most rumored recipient-Beijing state Capital Management Center officially listed on January 5, 2009, registered capital of 30 billion, for the ownership of enterprises. The 2009 annual corporate bond credit rating report of the Beijing state-owned Capital Management Center, issued by the Grand Public International Credit Evaluation Co., shows that in the end of 2007, the capital of Beijing state-owned operation Center is 329.2 billion yuan, net assets is 144.1 billion yuan, and by the end of 2008,　　Its total assets increased to 413.9 billion yuan, net assets increased to 169.6 billion yuan (analog report).　　According to the latest data, as at the end of September 2009, the total assets of the Beijing National Management Center consolidated statement were 630 billion yuan and the net asset was 230 billion yuan.　　In other words, the Beijing State Management Center meets this condition, thus, the possibility of its eventual becoming an assignee is increasing. In addition, it is noteworthy that Beijing state Capital Management Center is the general manager of Citic Investment, vice President Yin Rongyan. ThisThe signal was interpreted by the securities researcher as "sorta, that's him".　　Another researcher who has long been concerned about CITIC Securities says that whoever owns the takeover should take over 45% and grab 8% of that part. "There is no point in having a holding right, otherwise you may have to talk to Huijin later." 45% This part should be talking about the price and then listing a form, the remaining 8% equity according to the listing conditions, there may be some competition, so that, 45% of the takeover Party may bidding to win the remaining equity.　　The researcher said.　　Leading position shaken Citic Securities after the completion of the transfer of equity, still hold a 7% stake in Citic Construction, but has met the CSRC "one to one control" regulatory requirements.　　According to the evaluation of Beijing Tianjian Industrial Assets Appraisal Co., Ltd., the 100% shareholder equity of CITIC Investment Securities has a market value of 16.2 billion yuan on September 30, 2009. Citic Securities to invest 60% of the initial investment cost of equity is 1.62 billion yuan, the proposed transfer of equity corresponding to the initial investment cost of 1.431 billion yuan.　　In accordance with the listing price of 8.586 billion yuan, Citic Securities to invest every 1 yuan investment amount of 6 yuan. From this calculation, the transfer is completed, Citic Securities will receive a one-time return of about 7.2 billion yuan. Its net assets will also be significantly thickened, the transfer directly brings about 0.85-0.90 yuan per share of net worth.　　This is the "helpless" transfer of equity is the only and most positive.　　On the other hand, according to Guotai researcher, regardless of the transfer of one-time income, and does not consider CITIC investment dividends, CITIC Securities 2010 net profit will be reduced from 7.61 billion yuan to 6.32 billion yuan, reduce 17%. More serious is, the Securities Research Report, 2010 1-April, Citic Securities equity brokerage share of 6.79%, ranked 1th in the industry, the transfer is completed, Citic Securities equity brokerage share will fall to 5.04%, the market position fell to 3rd;　　The number of merged sales offices will fall sharply from 234 to 114, down 51.3%. "The market leading position has shaken is affirmative." "A senior analyst at a Securities Trust said that innovative businesses, such as margin lending and stock index futures, would also be affected by the brokerage clients."