Huge profits attract brokers to promote the abnormal interest circle

Gem-rich is not only a corporate owners, but also "ahead of the latent" of the brokerage direct investment company to earn a pot full. Through the "Sponsor + direct investment" even after the listing of stock price control of one-stop service, brokers to low risk return to become a low-key "stock market", also provoked a lot of accusations.　　Market insiders have called for such "one-stop" service, which may be rife with insider trading such as packaging listings and PE corruption, although regulators have made a difference, but they are far from enough. Large profits attract brokers direct data show, as of July 21, the gem listed a total of 93 companies, of which 65 companies introduced 154 PE (private equity investment) institutional investors. 154 PE institutions in 65 companies in 175 investment in the Communist Party, in 93 gem listed companies, the average of each gem listed companies in about 1.67 PE agencies involved.　　And a large part of the securities companies are subordinate to the PE company. Haitong Securities, for example, its wholly-owned subsidiary Haitong Kaiyuan and equity companies in the fund to participate in more than 8 companies, of which 5 have been listed. And the 8 companies, the most profitable is the long letter technology.　　Although the company's share price is currently about 27 yuan/share, in the current share price, the 15 million shares held by the fund in the book value of up to 400 million yuan, and the fund in 2007 to buy the stake in the cost of not more than 18 million yuan, less than three years Rose 21 times times. and Citic Securities under the gold Stone investment in the book income is equally substantial. One of its best known investments is equity investments in the two gem companies of Shenzhou and Android.　　Gold stone investment in the eve of the listing of China Thai Yue Lightning 2.1 million shares, although it caused widespread controversy, but after the stone investment to 8 yuan per share of the robot 3.2 million shares, the current stone investment only in the above two gem hot cattle shares in the profit has exceeded 500 million yuan. "From the sowing to the short harvest time, let us these ordinary PE is far behind." "A general private equity fund director said that the general PE investment time in about three years, while the direct investment brokerage (direct investments) cycle is short, the average period of only 9 months. "And the cost of equity brokerage is also too low to imagine."　　"In the face of such a huge cake, the major brokerages in the near future, ready to" Sponsor + Direct vote "This new chain of interests to do a big deal. Recently, Citic Securities has staked a huge chip in the direct investment business, the company to 2.2 billion yuan to invest heavily in stone.　　Although the Citic Securities 2009 Annual report showed that the gold was only 130 million yuan last year, but the industry pointed out that the stone investment holdings are still in the restricted period can not sell, once the lifting of the release of the profits are considerable. In fact, many brokerages started racing in 2009. Everbright Securities, which was listed in August 2009, said in its prospectus that the company's financing would be mainly used to increase the number of securities outlets, direct equity investment and offshore operations, and to increase capital to its direct investment company in September, and that the National Yuan Securities, which had been issued at the end of October, also explicitly planned toBillion funds for direct investment business, the Yangtze River Securities issued on November 4 announced that the proposed rights and shares financing of 3.2 billion yuan, some of its financing will be used to carry out direct business. "Gem Open board is undoubtedly a broker to accelerate the development of direct investment business catalyst." "Italian-rich state analyst said that the September 2009 gem launched on the eve of the 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.　　Packaging listing and PE corruption exposure gray trading in the major securities companies have announced a high-profile march into direct investment business, "Sponsor + Direct investment" exposed the packaging listed and PE corruption issues make this "new profit exciting point" has become the focus of market criticism. Ping An package of the National Union of aquatic products after the listing is also implicated in gray trading, processing joint identity Shing. The status of "fake foreign capital" of the National Union Aquatic product is revealed in the prospectus, and three Chinese companies set up an investment company in Hong Kong-------------------------------------- Before the noisy temporary state-backed securities senior managers PE corruption case more exposed the drawbacks of direct investment brokerage.　　Guo Xin Securities Li Shaowu Crime will sponsor, venture capital enterprises and related stakeholders surprise equity, on behalf of the public shares of listed enterprises, is regarded as a disorderly image of China PE, but also opened the iceberg of PE corruption. "In particular, brokerage investment banks, in the Enterprise IPO, playing the absolute role of the trader," said market participants that the securities investment banks are listed as sponsors, underwriters, financial advisers, but also shareholders, this direct investment, sponsorship, underwriting the multiple roles imply the direct relevance of the interests. " "A reasonable price-earnings ratio is magnified by them, compared to underwriting the sponsorship fees, direct investment after the withdrawal of the profit is more substantial, listed companies are willing to, in any case, is the underwriting, do not worry about stock sales, the higher the issuance of P/E, the more funds received."　　"A broker investment banker said, for securities investment banks, corporate IPOs like packaged goods, not only the" sedan "behavior, brokerage investment banks also use a variety of gray means, packaging enterprises listed, to obtain more direct investment benefits. Professor Dongdengwen, director of the Institute of Finance and Securities, Wuhan University of Science and Technology, said that "sponsorship + Direct investment" mode of "sponsorship", so that the sponsors lost independence and impartiality. The interests of the sponsor organization are in full conformity with the interests of the issuer.　　Such "sponsorship" can only be for the issuer to cover up the problem, make false statements, raise the issue price, in order to maximize the pursuit of their own interests.　　Gem encourages the circle of abnormal interests although the "direct Investment + underwriting" model of Ping An securities is suffering from outside questions, the first half of Ping an securities with 22 IPO items, 1.059 billion yuan sponsor underwriting income to stabilize the first half of the sponsor income of the first. An investment banker familiar with Ping An securities said that many of the projects sponsored by Ping An securities company have been questioned the listing of fake, not only did not make Ping an securities reputation damaged, but to ping an securities in the industry to bring greater fame, many private companies to find the door to ping an securities sponsor, because Ping ' an "will beauty", even if a piece of money to the brokerage firm at the expense of direct investment. This year, a number of investment bankers were exposed to illegal participation in PE investment, from which profiteering. In this respect, the head of a brokerage investment bank said that this is not an example in the industry, some project organizers will be in different ways to their projects to invest in PE.　　The reasons for the above "unspoken rules" "in most cases, whoever pulls the project is the project sponsor, so the relationship between the project sponsors and the project company is best, and it is easy to get some shares when the project company increases its share or issues a natural person," said a brokerage banker. Gem has just made a fortune in the "Sponsor + direct vote" on more profit opportunities. In the industry, the main board market similar cases, because the project is larger, individuals have no financial resources to vote, or the enterprise is very excellent, no rent-seeking space. But the opening of the gem changed the ecological environment, enterprises, venture capital company and the sponsor of the world gradually formed a relatively fixed interest circle.　　Some "not good or bad" enterprises to squeeze into the listing channel as soon as possible, looking for sponsors to help the listing, sponsors and through to venture investment company to introduce the project, and guide its equity participation to obtain the corresponding reward rewards, such as the smooth listing, sponsors, VC companies and listed enterprises will win each other. "PE now more like a speculative casino, around the relationship between the various interests of the market to disrupt the normal ecological environment of enterprises." "A foreign investment banker said that the nature of PE abroad is to provide value-added services for the growth of enterprises, training enterprises to share value after development, China PE deviated from this essence. [Page] Interest delivery has been the vigilance of the regulatory department "sponsor + Direct investment" generally refers to the securities companies as the IPO sponsor, its direct investment companies and shares the IPO enterprise.　　At present, "Sponsor + Direct investment" mode has brought huge profits, but there are considerable risks, and the regulatory authorities seem to be aware of the implied violations of the securities market must follow the "three public" principle, has made a difference. Brokerage direct investment business has always been a double-edged sword, in the past a period of time, a large number of brokerages because of direct investment business and "life lost." As early as the 90 's, there have been brokers through various means to enter the field of industrial investment, but later, due to the securities brokerage investment in the formation of non-performing assets is too large, the relevant departments to clean up and rectify the investment direction of the securities companies have made strict restrictions. 2000 before and after the big Peng Securities and other brokerages have invested heavily into the venture Board company, but the gem failed to set up at that time, so that these brokerage investment capital, so that 2001 SFC again ordered securities companies are strictly prohibited venture capital.　　In the past, China's dead brokerages were partly caused by the fact that long-term investments were not brought back. Regulators now seem to be aware of the problems involved in the transfer of interest, and many of the companies suspected of "surprise shares" have been vetoed by the CSRC, and the securities firms ' wishful thinking has been dashed. According to people familiar with the situation, the impact of the gem of the Hangzhou Square failed to be an important reason, is the direct investment of GF Securities company widely sent Germany surprise shares. And by the Ping an certificateThe first-hand planning of Suzhou Tianma also because of 3 PE surprise shares but the same right different prices, suspected of the transfer of interest issues did not pass the audit and has not yet listed.