Pacific Securities 3-year dividend 30 million to circle back to 5 billion

5 billion investment projects and three years ago almost unchanged, only the issue price from 18.93 yuan/share to 10.28 Yuan/unit February 17, Pacific Securities (601099.　　SH) announced the issuance of additional plans, the plan to 10.28 yuan/share price to not more than 10 institutional investors directed additional 500 million shares, raise capital of 5 billion yuan. However, this increase in corporate capital, expansion of the company's business for the purpose of the additional plan, but with three years ago, a final miscarriage of the issuance plan is the same.　　Only, this time the issue of additional pricing than the previous 18.93 yuan/share price lower 46%.　　Even so, the three-year dividend of 30 million, but now to make a big 5 billion of the brokerage is still not optimistic, and even investors because the Pacific finance failure precedent, also think the issue is still difficult to make people willing. IPO not financing sad Pacific in fact since the listing, the Pacific's various accidents have never stopped.　　The reason, perhaps, is that the Pacific's listed transactions are not "Zhongsheng" caused.　　In the last trading day of 2007, the Pacific, a small regional brokerage after the reorganization of Yunnan Securities, was listed directly in the Shanghai Stock exchange through the way of exchanging shares with cloud technology without the review of the SFC and the major reorganization committee. Perhaps the IPO did not raise funds for the sake of the Pacific expansion of shares in the hope of raising capital is particularly strong.　　As early as 2008, when the Pacific Securities Exchange listed three months ago, the Pacific Board of directors can not wait to throw out a 9 billion yuan financing plan.　　Financial weekly reporter inquires, in the April 10, 2008 emergency meeting of the Board of Directors, the Pacific Securities passed the name of the "on the issue of non-public offerings to specific proposals," the plan to raise not more than 9 billion yuan, all the funds used to increase corporate capital, expand the main business. At that time, the main investment direction includes: 1. Optimize the distribution of brokerage business; 2. Increase the underwriting reserve; 3. Moderately improve the scale of securities investment business; 4. To establish or participate in a holding fund management company or a merger and futures company at the appropriate time　　5. To carry out asset management approved by the relevant departments; 6. Increase research and development input; 7. Increase investment in infrastructure construction; 8. Timely expansion of international business.　　Listed to raise the project is unavoidable, but compared to the 2008 issuance plan and February 17, 2011 Announcement of additional plans, but can be found, eight business contrast almost a word, only in the warrants and derivatives business has made a little change.　　However, the 2008 issue of additional plans, but after the death of conferred on April 29, has not been mentioned.　　The actual control of the vacancy management to change the same issue plan, the same wording, three years ago failed to pass 9 billion yuan, three years later, and the plan to do so conservative, is the main performance of three years no growth, or the board is not confident? According to the Pacific financial data, its net profit in 2007 609.19 million Yuan, 2008 years loss of 635.25 million yuan, 2009 405.34 million Yuan, 2010 years ago three quarter 148.8 million yuan.　　Thus, there is no growth or recession, and it seems that the drastic changes in the capital market environment have masked the obstacles to the actual control of the lack of people. The Pacific IPO bulletin shows that, as early as the end of the 2007 Pacific and Cloud Technology swap, the Pacific securities are no holding shareholders and a single actual controller. Although on March 1, 2007, Pacific shareholders Beijing Xi Meng Real estate, Beijing Huaxin Liuhe, China's foreign economic and Trade Trust, Dahua Mainland, Central reserve development and Yunnan State-owned business company six parties signed the Agreement on concerted action, agreed to act as a concerted action in determining the company's major decisions in the exercise of shareholder rights, Become the actual controller of the Pacific Securities.　　However, from the operation of the Pacific Securities in the last three years, the actual controller has done very reluctantly. "In the Pacific, there is a constant sense of leadership, and policy formulation and innovation are very slow," said one insider at the Pacific Securities Company. Another brokerage researcher said that all controls amounted to no control, and that the consequences of not having big shareholders and actually controlling people for Pacific securities were obvious.　　Of the 15 brokerages listed, the Pacific should be the least qualified. In fact, the management of the Pacific has also seen a big change after the IPO.　　Through the current general manager and the legal representative of the Wang of the path of the promotion is evident. At the end of 2007, Wang, Lio Yi as Pacific General manager, Wang Daqing as chairman of the board, four months later, Lio Yi resigned, Wang as general manager, Wang Daqing still as chairman; in September 2008, the Pacific amended the Articles of Incorporation, stipulating the general manager to be the legal representative of the company, and before that,　　The legal representative has been Wang Daqing by the Chairman of the board; in July 2009, chairman Wang Daqing resigned, with a supervisor who resigned at the same time. "The complex personnel changes are actually the competition for shareholder interests, which increases the intensity of internal friction in the Pacific," said the brokerage researcher. "Management internal friction, natural unintentional operation." Whether it is brokerage, self-employment or underwriting, the Pacific has not been a prominent performance in recent years.　　Whether the 5 billion-dollar fundraising project will bring a turnaround for Pacific securities may depend more on the company's shareholders being able to work together. The countdown to the main business, three-year dividend only 30 million "Pacific Securities capital strength and asset size is still relatively small, in the domestic only medium-sized brokers, whether the company's net assets or net capital, and the top of the securities companies still have a big gap."　　"This statement is also a self-introduction to the 2008 programme and the 2011 programme, which can be described as a true portrayal of Pacific Securities." According to wind data, for the standard of data announced in the three quarter of 2010 years ago, the operating income of Pacific Securities, net profits, net capital per share and brokerage fees and commission net income are the last in 15 listed brokerages, although the underwriting business in 2010 has improved, But is still in the bottom three of the list;In the asset management business, Pacific Securities are not yet in operation.　　Because of the less net profit, the Pacific listed in the past three years, only in 2010 per 10 share of the 0.2-yuan standard for all shareholder dividends of 30 million yuan, the number of small, almost all listed securities company dividends most. Fortunately, the shareholders of Pacific Securities have already seen a sign of consolidation, and the operations of Pacific securities have also improved in 2010.　　Jin Yuan securities brokerage industry researcher Zengqiang said that the securities company is a capital-intensive industry, perhaps after raising funds to overcome the net capital constraints, Pacific Securities can enter a fast-growing channel. According to the relevant regulations promulgated by the SFC in 2008, the net capital scale is an important index to evaluate the securities firms. If the additional success, for the promotion of Pacific Net capital and business expansion will be a big positive.