Citic Securities suspension: Dong said it is not because Huaxia fund suspected H-shares

If the Citic Securities can be successful issuance of H-shares, can guarantee net capital abundant, but also open up international business March 23, Citic Securities suspension.　　The announcement said that due to the company's major issues are in the process of negotiations, suspension, not more than five days.　　Because of unknown reasons, a time to speculate, there is news that Citic Securities ready to refinance, there is news that Citic Securities to transfer Huaxia Fund equity. Financial Weekly reporter in the first time to Citic Securities Dong Zhengjing verification. Zhengjing said, not to transfer the Chinese fund stake, but other things.　　But the specific matters, a few days notice will be announced naturally, now inconvenient to inform.　　Until 3 o'clock in the afternoon March 24, the Caixin network quoted the insider conclusion, saying that the purpose of the suspension was to announce the launch of H-share issuance program.　　Financial Weekly call Citic Securities Dong Zhengjing To verify this matter, has not been confirmed, but also did not deny.　　If the news is true, this time if the successful issuance in Hong Kong, both to promote CITIC Securities international business, but also to raise a large amount of funds, is stone.　　Time financing Tide, H-Shares listed expansion net capital if the H-share listing news is true, Citic Securities will become the first two-listed domestic brokerage. Guotai was previously listed in Hong Kong but limited to Hong Kong company assets.　　So far, Guotai mainland assets have not yet been listed. After the Spring Festival, many domestic securities companies proposed a huge refinancing plan.　　Pacific Securities refinancing 5 billion yuan, macro-source securities refinancing 7 billion yuan, the Yangtze River securities refinancing 9 billion unsuccessful, GF securities is a huge price refinancing scheme 18 billion yuan, other listed securities companies have announced the refinancing plan.　　As of 2010, Citic Securities net capital size of 32.6 billion, plus the sale of CITIC Investment last year to bring a large amount of cash income, CITIC Securities net capital is abundant. However, in 2010, the investment of stone to invest a large number of registered capital, a new business department, still spent a lot of money.　　And the last time Citic Securities refinancing has been four years, after the face of the securities companies to pursue desperately expanding the size of the current situation, Citic Securities must also consider its own net capital adequacy ratio.　　Some brokers said that not only to ensure the net capital adequacy, but also to open up international business, the CITIC Securities if the issuance of the success of H-share, it is stone policy. Hong Kong's subsidiary has become a system this time Citic Securities suddenly raised the issue of H-shares, seemingly abrupt, but in fact prepared long.　　Since 2007, the Securities international has been increasing its registered capital to spy on one or two.　　CITIC Securities International was renamed by Citic Securities (Hong Kong) Limited, starting in 2007, Citic Securities in the form of additional investment, acquisition of other shareholder equity Holdings, such as Citic Securities 100% of the equity, so that Citic Securities International become its own wholly owned subsidiary. In 2007, Citic Securities International contributed a net profit of 135.57 million yuan to listed companies. According to data, CITIC Securities International is registered in Hong Kong with three wholly owned subsidiaries, namely CITIC Securities (Hong Kong) Limited, Citic Securities brokerage (Hong Kong) Limited, Citic Securities Futures (Hong Kong) Limited, respectively, are engaged in investment banking, securities brokerage and securities futures business qualification. Citic Securities also established in Hong Kong in 2008 the Dragon Stream Investments Limited and CITIC Securities International Asset Management Limited, which is responsible for the inactive business, although the registered capital of two companies is 1 U.S. dollars and CITIC Securities indirect Holdings,　　But the establishment of two companies marks Citic Securities International in Hong Kong already has the investment banking, securities brokerage, securities and futures, asset management and proprietary business and other securities licences.　　It is also possible that the marriage of the Eastern Conference of the suspension, there is also a speculation in the industry, or the development of cooperation with the Orient.　　The so-called smoke, as early as April 2010, Citic Securities has announced that it intends to carry out strategic cooperation with the Orient Bank, and last December 17, the signing of the memorandum of understanding between the two sides is to combine the success of the marriage added a insurance.　　As recently as April, Citic Securities and Orient Bank, although the trading framework has been signed, but the deadline for negotiations June 30 is coming, both sides have to rush. According to the initial set of trading structure: CITIC Securities and Oriental Bank in a holding company to hold a reciprocal stake, through the holding company to integrate CLSA, Shengfu securities,　　CITIC Securities International Limited is an institutional brokerage and equity capital market and corporate finance business in Hong Kong, as well as the Asian equity capital markets and mergers and acquisitions business of Oriental Factoring Bank. In fact, Citic Securities in Hong Kong's international business has been not smooth, CITIC Securities international, although it has been operating all brokerage business, but CITIC Securities International in the 2009 stock Underwriting market, the market share of only 2.1%, ranked 13th.　　By contrast, the international brokerage UBS Securities and Morgan Stanley have been far ahead, with market share of 17% and 14% respectively.　　At the same time, foreign investment banks have shifted their focus to Chinese companies ' overseas mergers and acquisitions and bond underwriting, while domestic brokerages have still failed to get out of the mainland market and the competitive environment of the securities industry has become increasingly fierce. According to the framework of the agreement, Citic Securities, the Eastern Union Bank, is the hope that through Citic Securities International and Orient Bank to jointly establish a global brokerage business platform, the Asia-Pacific equity capital market and investment banking business, the Oriental Bank in the global business and customer relations with the company's business in China fully integrated.