CITIC Securities capital increase industry fund share big drop speculation

Yesterday (December 15), Citic Securities (600030, close 13.50 yuan) announced that the Board agreed to its Citic Industrial Investment fund Management Limited (hereinafter referred to Citic Industrial Fund) to increase capital, the registered capital from 100 million to 1.8 billion yuan. But this simple announcement reveals a lot of mystery behind it. According to the announcement, the Citic Industrial fund to increase capital, in accordance with the 1.35 yuan per 1 of registered capitals for the increase in prices. Citic Securities Capital contribution is only 755 million yuan, corresponding to the CITIC Industrial Fund new registered capital of 559 million yuan, after the completion of the capital, Citic Securities, although still the first major shareholder of Citic Industrial Fund, but the shareholding ratio from 71% to 35%, so the completion of the capital increase will not be merged into the consolidated financial statements.　　As for the remaining capital, Citic Securities did not make any introductions in the announcement.　　Because of CITIC Industrial fund in the capital market position, this mysterious announcement has aroused strong market concern, for the other joint ventures involved in the increase in capital, the industry also has a lot of speculation. CITIC Industrial Fund background strong According to the relevant information, CITIC Industrial Fund is the CITIC Group and Citic Securities engaged in investment business professional company, was founded in June 2008, the current CITIC Securities Holdings 71%, China branch into environmental protection Group shareholding 21%, the Chinese High-tech Investment group shareholding 8%.　　At the end of January this year, the first fund of the management operation of the CITIC Industrial Fund-Mianyang Science and Technology City Industrial Investment Fund (hereinafter referred to as the Mianyang Fund) was collected, and the final raise of funds amounted to 9 billion yuan, becoming the largest RMB industry fund in China. Although there is no official disclosure of the Mianyang fund of the investors, but from the investment projects-listed this June Shengyun shares (300090, closing price of 33.77 yuan) of the prospectus can be seen, the Mianyang fund limited partners including the National Social Security Council, bank investment and so on. CITIC Industrial Fund President Wu also publicly said that the Social Security Fund is the largest investor in Mianyang Fund, CITIC Industrial Fund's future goal is to build a foothold in China's world-class private equity companies.　　CITIC Securities 2009 Annual report shows that in 2009 Citic Industrial Investment Fund to achieve operating income of 143 million yuan, net profit of 18.7963 million yuan, employs 56 people. The company said it did not need to disclose the remaining capital. A securities industry analyst in Beijing said to the daily economic news Reporter: "Citic Securities to the Citic Industrial Fund after the completion of its equity ratio is diluted, one may be the company and Citic Industrial Fund existing other shareholders reached an agreement, Other shareholders have invested more to get more say; Another possibility is the introduction of new joint ventures with project resources. But either way, few listed companies are secretive about other parties when disclosing their subsidiaries. Citic Securities's vague announcement did not provide investors with enough information to make it easier for investors to judge the company's behaviour. Yesterday afternoon, the daily economic newsThe reporter calls Citic securities Dong Tanning, want to do further understanding of this matter. Tanning said that while the company's capital increase CITIC Industrial Fund, although the equity was diluted, but will not have a significant impact on corporate performance, assets, etc., this matter does not need to be considered by the shareholders, so the company believes that only the disclosure of the relevant part of the company.　　At the same time, Tanning said that in the 2010 Annual report, the company will be the capital increase CITIC Industrial Fund to make some explanation. In addition, Citic Securities also announced that the Chinese-certified futures will be increased by 200 million yuan, the capital increase after the registration of Chinese-certified futures into 500 million yuan.