2.2 billion yuan betting direct investment business Citic Securities invested gold Stone

The transfer of CITIC Investment Stakes, transfer of China Fund Equity, after two consecutive bad news, Citic Securities this week issued a strong voice.　　This time, Citic Securities will be in the chips in the direct investment business, the company to 2.2 billion yuan to invest heavily in stone. "The brokerage business suffers from the volume price to fall, the proprietary business encounters the big market bad, at this time will hit the direct investment business so heavily, should be Citic Securities seeks in the innovation business to seek more profit the important decision."　　"The senior analyst in a securities industry so appraised Citic's move. However, after all, 2.2 billion yuan is not a small number, Citic won the gold stone is a direct investment company, invest heavily in the future can produce a considerable profit?　　This was investigated by the daily economic news.　　Direct investment business in the first harvest period and brokerage business, proprietary business, investment banking business and asset management business is different, for the securities companies, direct investment business is definitely in recent years, new innovative business. The so-called direct investment business, refers to the Non-public offering company's equity investment, investment income after the company's listing or acquisition of the sale of equity cash. At present, the regulatory authorities limit the "direct investment" business scope of domestic securities companies to Pre-ipo, that is, the investment of the listed companies and initially set the "investment period of not more than 3 years" and other rules.　　At present, the brokerage can only use its own funds for direct investment business, the upper limit of its own capital is 15% of the net capital of securities companies. Direct-investment business really started to attract the attention of the market is actually in September 2009. At that time with the introduction of the gem, brokerage direct investment business was approved. At present, there are about 15 brokerages began to pilot direct investment, the total size of more than 10 billion yuan.　　CITIC Securities wholly-owned gold stone investment, is one of the first pilot direct investment business companies.　　In the first half of this year, with the first batch of gem companies listed after the stock price soared, people began to pay more and more attention, direct investment companies are gradually becoming a cornucopia of securities. Haitong Securities, for example, its wholly-owned subsidiary Haitong Kaiyuan and equity companies than the fund to participate in 8 companies. Of these, 5 have been listed and the remaining 3 have already been issued to the Commission. Among the 8 companies, the most profitable is the long-letter technology that the Fund shares in April 2007. Although the company's share price has fallen from the top 38 yuan/share to the current 27 yuan/share, but still higher than the 24 yuan/shares of the issue.　　According to current stock prices, the 15 million-share book value held by the fund has reached as much as 400 million yuan, while in 2007 the fund bought the stake at a cost of only 18 million yuan and doubled 22 times times in less than 3 years. The book earnings of the stone investment are equally impressive. One of its best known investments is equity investments in the two gem companies of Shenzhou and Android.　　These two straight shots have been seen by the industry as a model of direct investment. According to CITIC Securities 2009 Annual report, Stone investment last year net profit reached 130 million yuan. On the face of it, the total profit of Citic Securities at $8.98 billion last year wasBucket。 But industry insiders pointed out that the stone investment held by the stock is still in the restricted period can not sell, so can not release profits. October 30 this year, the stone investment in the 3.2 million-share stake in the robot (Shang 7.04 million shares) will be lifted, so in the 4 quarter of this year, direct investment business will release huge profits. In addition, the Jinshi investment shares of the motherboard company Hao Hua Energy 24 million shares, will also be released next March 31 after the lifting of the ban.　　This part of the investment income is also considerable. 20 employees contribute hundreds of billions of dollars in profits is obvious, direct investment business is gradually starting to contribute to the brokerage profits.　　The reason why gold is the biggest pet of the brokerage is simple--only 20 employees contributed billions of dollars of profits last year. CITIC Securities established the Jinshi Investment Limited in October 2007 with a registered capital of $3 billion and 100% of the net capital available from Citic Securities. CITIC Securities Annual report shows that as of the end of last year, stone investment total assets of 3.44 billion yuan, operating income of 190 million yuan, the total profit of 147 million yuan, net profit of 129 million yuan, and the company employees only 20 people. In the case of the gem launched last year, how can 20 employees create billions of dollars in profits? What kind of company is the Jinshi investment? What kind of team do they have?　　Why is it so highly valued by the bond tycoon Citic Securities? Jinshi Investment official website on its own company's team to introduce, although the number of employees and the CITIC Annual report of the discrepancy, but only one more. According to the official website information, Jinshi's investment team consists of 1 CEOs, 1 Managing Directors, 1 executive general managers, 1 strategic development Directors, 1 wind control directors, 1 investment Directors, 9 investment deputy Directors, 5 analysts and 1 assistant analysts.　　From 21 people's qualifications, exclusively master's degree or above, many of whom received a doctorate, and many people have the experience of studying abroad. In the case of Tri Jianguo, chief investment officer, he served as senior Investment management position in the United States Cathay Wealth Investment Fund, World Bank Group International Finance Corporation (IFC) and China Securities Market Research and Design Center (Liaison Office), and served as a director of several investment project companies. Rich experience in investment and management. Tri Jianguo also received a master's degree from the University of London.　　In addition, 9 of the company's deputy investment director is responsible for the various industries and areas to find investment opportunities. 17 projects have become the source of profit with a high-quality investment team, gold stone investment natural investment projects. Including the listed Hao Hua Energy, Shenzhou Thai Yue and the robot, the company's current investment projects have a total of 17. In addition to the 3 companies that have already been listed, the Golden Stone Investment Equity project includes a variety of industries.　　such as the real estate industry CITIC Real Estate, forestry, Guangxi Abundant forest industry, manufacturing type of the North heavy industry, software outsourcing Enterprises in Jiangsu Run software, the new energy category of the day wind energy and so on. Jinshi Investment said that the company's investment strategy is to have a good past performance and credibility, throughProven business model, attractive high-growth leading enterprises provide long-term capital support.　　The mode of investment is a minority stake, the main exit path for the company after the listing of the two-tier market for sale. Industry insiders pointed out that, in the case of already has 17 investment projects, CITIC Securities continue to invest in gold to increase the value of 2.2 billion yuan, the purpose is to further enhance the gold stone investment business capacity. The background of CITIC Securities choosing to invest in direct investment is a bad expectation of traditional business. At present, Citic Securities has just announced the transfer of CITIC Investment and Huaxia Fund Equity, the company's performance will inevitably have adverse effects. At the same time, due to the shrinking brokerage business, turnover and commission rate both fall, which makes the entire securities industry is facing a very unfavourable situation. As a result, Citic Securities had to choose to invest more in innovative business and create more new sources of profits for the company.　　So, 2.2 billion yuan capital increase direct investment business, really can bring high return on investment, there is no risk? Annual compound yield is difficult to predict this week, into the fly integrated plan to raise nearly 1 billion yuan to enter the lithium project, the news to stimulate the stock price of 3 consecutive trading. However, Citic Securities 2.2 billion yuan capital increase direct investment, why is it difficult to have a greater impact on the company's share price?　　Industry insiders believe that, although the gold stone investment in the Shenzhou and robot investment scenery Unlimited, but in fact it is difficult in the short term for Citic Securities performance has a greater positive impact, and in the long run, such a large amount of investment composite yield can reach how high, there is a lot of uncertainty. Southwest Securities and Securities industry analyst Wang vigorously to the "Daily economic news" reporter said, from the business characteristics, direct investment business cycle is longer, a project from the investment to the company often takes 2-3 years, and the direct investment of the company to invest in the stake will be locked for another 1 years. Jinshi investment shares in the Shenzhou Tai Yue, also required to lock 3 years.　　Before the release of this part of the equity ban, direct investment companies can not sell shares to generate real profits. A senior financial expert said that for securities companies, if this part of the equity investment Report into the "available for sale of financial assets", will not affect the company's net profit, only the net assets of the impact. Only when this part of the equity transfer, the actual net profit will be generated. And how high the profit is, in fact, to see the stock market environment at that time. If the stock price drops sharply, the corresponding investment income will also be greatly reduced.　　As a result, it is hard to predict how high the annual compound yield will be for large sums of money. In addition, the gold stone investment, for example, despite the current 17 investment projects, but ultimately how many of these projects can be successfully listed, there is also a greater uncertainty. If the IPO is not, then face a greater risk, the investment of equity can only as long-term equity investment into the report, through the company's dividends to gain. The most typical example is undoubtedly the Guangdong Securities capital increase direct investment company wide letter to Germany. In June this year, GF Securities to the canton letter to increase the capital to 600 million yuan. But there is a big risk of this increase. At present, its stakes in the Tsing Lung pipe industry and huaren pharmaceutical industry, although already shunLee's meeting, but still not listed, the lifting of the ban on sale is not in the future, and the broad letter Germany shares of another company's Square software was in late March this year, the SFC issued by the Board of Auditors to veto.