National Yuan Securities 6 billion put banks to eat low interest performance decline executives taste high salaries

October 2009, the National Yuan Securities (000728, closing price of 12.26 yuan) public offerings of shares raised the net amount of 9.6 billion yuan.　　Surprisingly, in the past year, the 9.6 billion yuan raised 6.086 billion yuan in cash to lie in the bank account, to obtain interest income of 152 million, yield only 2.5%. There is a deeper reason behind the inefficient use of fund-raising. Yuan Securities 2010 reported that the company last year net profit, net assets yield, investment bank business rankings, such as operating indicators are falling, profitability of the decline in the capital of large-scale application.　　At the same time, executive pay surged 27% again in 2009. Net profit fell 10% in October 2009 last year, after the completion of the National Yuan Securities fund-raising, Guotai later published a report that: "National yuan securities after the completion of the capital strength greatly improved, abundant funds will continue through mergers and acquisitions in the future, the large-scale investment in the buyer's business, and quickly improve the competitiveness of the business lay a solid foundation."　　At the same time, Wanguo, BOC International and other big brokerages are also strongly optimistic about the additional issue.　　However, a year after the completion of the financing, the company 2010 reported the results of investors and brokerage institutions to exclaim "fooled." The annual report shows that, compared with 2009, the main business indicators of national Yuan Securities in the last year have been different degrees of decline. Last year, the company realized operating income of 2.242 billion yuan, an increase of 2.59%; The net profit attributable to the shareholders of the listed company is 925 million yuan, down 10.82%; earnings per share is 0.47 yuan, the year-on-year decrease is 31.88%; the weighted average net asset yield is only 6.25%,　　Significantly reduced by 11.32% in the previous year. The Changjiang Securities Publishing Institute said the overall performance of the company in 2010 did not achieve a larger scale, business elasticity to be improved: Brokerage Business "volume Price Qi", self in the scale of expansion without achieving the growth of the yield, and the poor performance of the product led to a decline in income, innovative business performance contribution is more limited;　　The level of corporate management costs has increased rapidly, weakening the operating profit rate.　　The three major business is not ideal the net profit of the annual report is only the final result, the reason of forming this result, still need to seek from the operation situation of national Yuan securities. First look at investment banking.　　In 2010, the company achieved revenue of 281 million yuan, an increase of 77.74%, which achieved underwriting business income of 249 million yuan, sponsorship business 23.6 million yuan, financial advisers income of 8.2 million yuan.　　Hongyuan Securities an analyst to the "daily economic news" that the growth of investment banking business is to benefit from the impact of the market environment, 2010 is the SME board, GEM listed companies large expansion of the year, the Company completed the Year 6 sponsorship work.　　Although the income growth, but the National Yuan Securities in the brokerage investment banking business rankings and market share have both declined. According to wind information data show that the National Yuan Securities in 2010 to achieve the main underwriting income of 280 million yuan, ranked 20th in all brokerages, with a market share of 1.53%.　　2009 to achieve the main underwriting income of 88.31 million yuan, ranked 17th in the brokerage, market share of 1.57%.　　Brokerage business, the company last year revenue 1.362 billion yuan, down 16.34%, operating costs increased by 15.66%, so the business gross profit margin fell 9.28%. The Changjiang Securities research report showed that the average increase in turnover was 4.44% in 2010.　　In 2010, the annual trading volume of the National Yuan Securities was 1.15 trillion yuan, which fell 1.25% compared with last year, while the company's brokerage market share was 1.04% in 2010, down 3.65% from 2009. Corporate commission rates also fell.　　In 2010, the company's annual average commission rate was 0.1065%, which was reduced by 19.29% compared with 2009, with three quarterly single quarterly commission rate of 0.1053%, the chain down 3.54%, Quarter Quarterly commission rate of 0.0983%, and 6.6% per cent.　　Changjiang Securities further pointed out that the "Volume Price Qi Drop" is the main reason for the decline in the company's brokerage business: On the one hand, the company only added 8 sales department, DOT expansion speed slightly slowed; on the other hand, because nearly half of the company is located in Anhui Province, resulting in higher commission rate base, The asset management business is also less than ideal. Last year's asset management business to achieve business income of 25.9573 million yuan, down 56.76% per cent, gross profit margin fell 11.72%. The average entrusted assets scale is 1.008 billion yuan, the value of the entrusted assets increment is 58.6002 million yuan, the average entrusted asset management scale increment rate is 5.81%. June 7, 2010, the National Yuan Securities issued a new collection asset management plan-Guo Yuan Huangshan No. 3rd.　　Wind information data show that the National Yuan Huangshan 1th, the National Yuan Huangshan 2nd, the National Yuan Huangshan 3rd, 2010 Year Total Return is 4.24%,-11.99%,-4.49%.　　6 billion financing deposit in the bank to eat interest if the existing "stall" are not good, then 9.6 billion of the fund-raising can be put to where? In fact, the company last year's inefficient use of funds, many of the original commitment to the investment project has not been injected funds.　　2010 reported that the National Yuan securities last year only invested 1.617 billion yuan supplementary operating funds, as of the end of last year, there are still 6.086 billion yuan in cash lying on the bank account, to obtain interest income of 152 million yuan. The company mentioned in the additional, plans to raise funds according to the amount of 1 billion yuan ~15 billion yuan (Hong Kong) to increase capital, but so far the company has not started the plan. At the same time, the company also clearly mentions the plan to raise funds 500 million ~10 billion for direct investment business. However, in 2010 the report showed that the capital of the increased capital Holdings Limited is still not moving. It was not until March 1 this year that the company said it would add 500 million yuan to the National Yuan Equity Investment Limited (twoCompletion).　　An analyst who declined to be named told the Daily Economic news reporter that the National Yuan securities are "forcible-type", the traditional business seems to be expanding, but in fact the rankings and status are falling, their level needs to be improved. Large shareholder dividend Rich chairman salary doubled after the completion of public offerings, the company for two consecutive years big dividend.　　In 2009, the company gave a distribution plan of 10 5, and the company proposed to allocate 3 yuan per 10 shares (including tax) in 2010. Although the major shareholder Anhui National Yuan Holding Group did not participate in the original issuance, but through the two dividend, large shareholder profits quite abundant.　　2009, 2010, Anhui National Yuan holding group received dividends of 231 million yuan, 139 million yuan, totaling up to 370 million yuan. In addition, the salaries of national securities executives began to soar after the 2009 round of huge sums of money. According to the data, in 2008 the company's executives were paid 5.4567 million yuan from the company, and 2009 executives ' salaries soared to 12.1265 million yuan, doubling from 2008.　　2010 executive pay rose further to 15.4382 million yuan, up 27% Year-on-year, the company chairman Fung Zhi's remuneration also from 2008 620,000 Yuan soared to 2010 1.7207 million yuan, salary headhunt.　　Despite disappointing investors, executives still reward themselves with a big raise, and investors have no interest. Zhongyuan Securities analyst Chepeje in the daily economic news, said in an interview, the National Yuan Securities 2010 business and management fees than the same period in 2009 increased by 25.34%, related to the increase in the number of staff related to the costs of wages such as the growth is the main reason.　　Business and management fees accounted for 41.48% of revenues, up 7.53% from a year earlier. Reporters are trying to get in touch with national yuan securities over the above executive pay multiplier. But a woman at the company's office insists that the company's rules are not to be interviewed by the media, and Dong Wan Shiqing is not in the offices.