Citic Securities Underwriting Group emerges: Chinese investment banks "big training"

Analysts said that the presence of foreign capital, or for market needs and protection of trade secrets in the light of Hong Kong media reports, earlier announced the implementation of the Hong Kong listing, to raise more than the tens of millions of Hong Kong dollar CITIC Securities (600030. SH), in the recent finalization of the list of underwriting investment banks, the Citic Securities issued by the sponsors of H-shares are all Chinese brokerages, foreign capital of a large bank, to ensure that the underwriting income "not flow outsiders field."　　Citic Securities recently after a "beauty pageant", has finalized its subsidiaries Citic Securities International, BOC International, Bank of China International and Xinda and other Chinese investment banks as their H-shares issued by the underwriting group members.　　For the above news, "The first financial daily" reporter to Citic Securities related to the responsible person to verify, but as of press time has not been confirmed by each other. Some market participants said CITIC Securities as China's largest brokerage, in recent years to strengthen the development of overseas business, in some cases, a direct look at Europe and the United States peers as rivals, this time no foreign investment banks to participate in its H-share underwriting plan, on the one hand, for market demand, perhaps through Chinese brokerages underwriting can obtain a higher　　It would also prevent foreign investment banks from prying into business secrets within the company.　　Wanguo (Hong Kong) Co director Zheng told our correspondent that the "beauty pageant" of Citic Securities also had market factors, and it was estimated that shortlisted underwriters would be able to raise more money by promising to issue them at a higher price. US, president of China's Low-carbon investment Guo Xinlin, said that the history of mainland financial stocks listed in Hong Kong are foreign investment banks underwriting, business secrets at a glance.　　And Citic's H-shares have raised more than tens of billions of Hong Kong dollars, which, by historical experience, could not have been underwritten by foreign investment banks in the past, which is a historic milestone.　　The head of a Chinese investment bank in Hong Kong believes that Citic Securities listed to the entire Chinese investment banking team underwriting, just to take the opportunity to exercise the investment banks in the absence of foreign support, the operation of large-scale listed projects, I believe that in the future will be more Chinese companies sponsor large enterprises listed, or even sponsor foreign enterprises to go to Hong Kong listing. Citic Securities announced the H-Share financing plan at the end of last month, offering no more than 10% of the total shares of the company after its issuance, and granting the bookkeeping administrator (the main underwriter) no more than 15% of the share-capital shares issued.　　By the end of 2010, Citic Securities had a total share capital of 9.946 billion shares, calculated at the latest closing price to exceed tens of billions of dollars. According to the above financing plan, the funds raised by Citic Securities to issue H shares will all be funded through supplementary capital for the construction of offshore platforms, including: establishing or timing acquisition of overseas research, sales and trading networks, including the formation of an international research team to build an international sales network,　　To develop other offshore and cross-border business such as securities margin financing, and to develop capital intermediary business, including bulk brokerage business, structured product business, fixed income, foreign exchange and commodity business. Citic Securities rose 0.62% per cent yesterday, charging 14.62 yuan. Responsible Editor: NF045