Security Market Mystery Guest: Irresponsible sponsor sign 800,000

"There are 500 Versace ties, Shanghai, Beijing, Shenzhen three cycle fly, in Shanghai, BMW, for a ride, in Beijing, Audi, for the official master use, open Road tiger in Shenzhen, can bring different styles of beauty to drive the tour."　　"This is a description of one of the big Four (accounting firms) who claimed to have sharpened his head and wanted to enter the investment bank. In his eyes, the sponsor representative is the Golden collar in the golden collar.　　Because of jealousy, they even jokingly call these "cheap people" (recommended), currently in China, this group does not exceed 1500 people.　　This reporter Lu Ling from Beijing another sponsor was severely punished.　　Recently, China Merchants Securities sponsor Representative Kai because in the three gold pharmaceutical industry in Guilin as the sponsor of the first project is not fully diligent due diligence, the supervision department is sentenced to 12 months not to accept the recommended heavy punishment. First in early June, Li SHAOWU Securities original investment bank four general manager of the company was exposed to PE corruption was removed. Half a month later, the industry also exposed the two sponsor representative Yang Guang, Shanghu due to the failure of the issuer to carry out "continuous due diligence", resulting in the prospectus and the actual situation is inconsistent with the SFC to implement "regulatory talks."　　More absurd recently, Citic Securities investment bank's former executives Shei and his wife An Sherme even after the suspected insider trading was investigated directly after the mysterious evaporation. As the absolute golden Collar, the sponsor of this group currently in China not more than 1500 people.　　They determine in a sense whether a company can be listed; they are the cash cow in the eyes of the securities company, standing in the top of the food chain of the whole capital market, sometimes even the securities companies take him no way, "people have a hard time to rob";　　After entering the 2010, the problem of this group began to be exposed frequently.　　What kind of a group are they? "Irresponsible" sponsor statistics show that since the IPO restart last year, in the previous listing of the 297 listed companies, there are up to 45 of the first half of the year's performance, accounting for more than 15%.　　From the recent disclosure of the 109 companies in the six-year report, "face-changing" has become the annual gem of the company's biggest feature of the semi-annual report. "A big part of the responsibility lies in the lax supervision of the sponsoring organizations.　　"Some commentators think. The first is interest-driven. Because the sponsor's underwriting fee income is closely linked with the financing quota, the more the financing amount, the more the underwriting income of the sponsor institution. When recommending new shares, a good price is the biggest task. In order to obtain high sponsorship fees, or even to obtain higher direct income, the sponsors often put their own interests and the interests of issuers bundled together to help the issuer of the performance of packaging.　　Hastily packaged listed companies, the performance of the face is normal. The second is the lack of responsibility. The recent Kai of heavy punishment by the SFC is an obvious example. According to the Securities and Futures Commission, in June 2007 as the sponsor of the three gold projects in Guilin, only the project's prospectus, declaration documents and other materialsThe written audit, did not go to the project site supervision and inspection, betrayed the sponsor representative should be diligent due diligence duty. The lack of responsibility is already widespread. Even China's top brokerages, Citic Securities, have made low-level, childish mistakes. Its sponsor of the project Shanxi Securities, "Shanxi Securities prospectus" in the "catalogue", even the vast majority of the content of the pages are labeled "page 8th". "In such an important document as the prospectus, making such an obvious mistake can see from the side that the sponsoring body is very sloppy and irresponsible." Again, the mind is not here. "Prior to the IPO, the company held shares on behalf of relatives and other interests.　　Shei, Li Shaowu and so on. According to the Times weekly reporter understand, since July 2004 to Jiangsu Joan Flower Project sponsor representative to take "three months inadmissible recommended items" of the regulatory measures, the issuing Supervision department has adopted a "talk reminder" regulatory measure for 20 sponsor representatives or related responsible persons, and has taken "　　In a certain period of time not to accept the recommendations of the regulatory measures, the revocation of 14 sponsors of the sponsor representative qualifications.　　Signed a name of 800,000 yuan sponsor income rich industry share. One of the big Four (accounting firms) who claimed to have sharpened his head to the investment bank described the "buddy" of one of its investment banks: there are 500 Versace ties, Shanghai, Beijing, Shenzhen three cycle fly, in Shanghai, BMW, for a ride, in Beijing, Audi, for official master use; Take a different style of beauty to drive a trip. "The famous financial headhunter, the head of the international Financial Group told The Times weekly reporter," the sponsor's remuneration, generally composed of the following parts: Guaranteed annual salary + Sponsor allowance + transfer fee (if job-hopping) + Signature fee + Project Forwarders contractors and other dividends. "In these parts, the project contractors dividends accounted for the bulk of the sponsor's salary structure." At present, the sponsor's annual salary plus the allowance is generally 1.2 million-1.8 million yuan, plus the signing fee and project bonus, the annual income can be maintained at a level of 2 million-3 million yuan. Minsheng Securities, a sponsor revealed that his tax before a fixed monthly salary of 100,000 yuan, salary 20,000 yuan, bonus 80,000 yuan, "such a salary structure is to facilitate adjustment, once the market depression nothing can be done, the company will be the bonus part of a sharp reduction, and wages can not be casually adjusted, other income is not fixed, to see the operation of the project, But as soon as the prospectus is signed, 800,000 dollars will be put into the pocket. "The general need for a more urgent transfer fee is higher." "The head of the headhunting company told The Times weekly reporter.　　Recently, two or three brokerages have recruited or even given a basic salary of 2 million yuan after tax, a transfer fee of 2 million yuan, excluding the signing fee, the project Commission and so on. "Recently received several search phone calls," Beijing Citic built a sponsor told The Times weekly reporter, "transfer fee after tax more than 1 million." Now the market is good, everyone has a lot of items on hand, income is also high. The transfer fee is a bit light. After all, the process of leaving the sponsor is troublesome, and againAnother registered sponsor also needs a certain amount of time. "There are generally two types of sponsor compensation models in the industry," he said. One is the basic salary + year-end dividend, to CICC, Citic and other large brokers as the representative, the other is the basic salary + Allowance + Project Commission, to peace, national letter, GF as the representative. "Different brokerage industry. But the overall is the more people, the more the project, make more money.　　A sponsor of a brokerage in Guangzhou told The Times weekly reporter. Securities companies in order to retain the sponsor representative also "invented" the "renewal fee." That is equivalent to a certain proportion of the new sponsor representative's transfer fee.　　It is understood that a medium-sized securities company in Shenzhen is equivalent to the new sponsor's transfer fee of 80%; a large Northern Securities company renewal fee is equivalent to the new sponsor of the transfer fee of 100%, a small company in Guangzhou to renew fees equivalent to the new sponsor to transfer contributions to 100%. A survey of 19 domestic brokerages (top 50 in underwriting business) by the remuneration consultancy, a consultancy, showed that the highest annual income of thousands of sponsors in 2009 was almost 5 million yuan.　　Among them, the more attractive signature fee concentrates at 800,000 yuan, the maximum reaches 1 million yuan. Large-scale securities companies that have more projects retain the sponsor representative by way of a project commission. It is understood that a broker in Shenzhen, forwarders contractors 50% to the company, 50% to the project team, cost, such as their own commitment; another brokerage in Shenzhen forwarders contractors deduct the cost of commission 50%. The head of a brokerage investment bank said: "The sponsor took nearly half of the profits, now is the investment behavior ' sponsor ' the era of working." "Wandering in the edge of interest" in fact, only to see the treatment of high, but also tired ah. "A man who has just moved from the big four into investment banks is a bit overwhelmed," he said. "You do not see the sponsor's recruitment requirements, the first one is to be good health." "The sponsor is a physical activity." There are few women in this industry. Need a long-term business trip, often stay up at any time, to lead a telephone, you have to buy tickets to leave. "The sponsor is a young rice," Ms. Zhang, a foreign investment bank, said in an interview with a reporter from The Times weekly. Generally are in investment banking for several years, accumulated enough network, Money Pulse will consider transformation, plan to jump out for a few years to do PE. "This is the reason why so many sponsors are not here." Can not be a lifetime career, hard years to earn money is the right path. "Some sponsor representatives are busy with frequent transfer, do not do projects for a long time, and a very small number of sponsor representative even degenerate into a signed machine, not actually involved in the project." According to the above sources. "Even more so, busy earning extra money and selfish interests." It's like drug addiction. "For the sponsors, there are too many opportunities. "Always on the edge of interest." "In the face of the great temptation of the benefits, the sponsors, although they have high salaries, but still hard to restrain the desire to make a fortune."　　It is reported that the total investment of Li Shaowu in three companies is less than 1.43 million yuan, but its shareholding market value has reached 32 million yuan, the return of more than 20 times times. According to Times weekly reporter understand, because the company IPO canThink of the shareholders in advance to bring profits, so many VC, PE will find ways to attract sponsors, in order to gain participation in the guidance period of the prospective listed enterprises opportunities. The sponsor will seize the opportunity to the PE auction in the hands of project information.　　Some of the large appetite sponsors require venture investment in its withdrawal from the listed enterprises, pay a certain proportion of the return on investments as compensation, the amount from tens of thousands of to hundreds of thousands of yuan. After the listing of the company, the sponsor can be the role of financial advisor to lead the reorganization, the collection of consultancy fees, the most important thing is to share inside information with a large number of interest agencies, buy in advance, release the message high throw, get profiteering, generally in the shell listing or major reorganization projects on the operation　　Shei belong to this category. Although the industry unspoken rules, but because of concealment, not easy to find, more difficult to detect. Has the Beijing Securities Research Department Senior has asked the time weekly reporter, "Unless it is too much like Li Shaowu directly with his wife's name, many sponsors do not take stakes in their own projects, or to find unrelated people to sign a secret agreement, simply can not check, unless the familiar colleagues because the spoils are not reported. And the chain of interest is long, and all intermediaries are likely to be involved in the matter because of interest. "Things to rare for the sponsor of a lot of problems, the brokerage is not unclear, a lot of times are open one eye closed." "The people who have not been able to easily get to open." "" Now the major brokerage business has been the main business of the Commission in the past, it is difficult to have a big improvement, so the same important underwriting business naturally become the focus. On the other hand, for a long time, ' the scarcity of sponsors ' is a reality that cannot be changed.　　Industry insiders told The Times weekly reporter. The sponsor system, which was introduced in 2004, stipulates that the company must be recommended by sponsors who have the qualifications to sponsor, and the sponsor information submitted by the investment bank to the CSRC generally requires the signature of two sponsor representatives. "Most brokers have fewer sponsors than the project reserves. "Relevant data show that, in addition to the 2004 sponsor representative system in the first year pass rate of about 40%, since then, the regulatory level strictly control the number of sponsor representatives, 2005, 2006, 2007, 2008, the number of references are 1549, 1900, 2300, 3514, and the passing rate is only 9%　　, 5%, 10% and 18%. Some investment bankers jokingly said that such a low pass rate, "more difficult than fan chin." "Although it started to rise last year, it seems to have risen to 24%," he said. But with the start of the gem, there are many projects.　　Jin Yuan Securities sponsor told The Times weekly reporter. According to statistics, China currently has a total sponsor representative 1300 people, the prospective sponsor representative 1564 people.　　The so-called prospective sponsor is already passed the examination, but has not yet obtained the sponsor qualification. It is reported that the prospective sponsor to formally qualify as a sponsor, but also to meet a condition: within a year as a sponsor of financing projects. Even those who have already been eligible for sponsorship have not completed a security issue within two yearsThe city project will also lose the sponsor qualification.　　Since the IPO resumed in June last year, the big dealers ' underwriting revenue has soared, thus the "poach war" has become increasingly tense. At present, nearly half of the sponsors are concentrated in the national letter, Citic, Guangdong, Peace, Haitong, investment, joint, CICC, Anxin, Everbright these 10 brokerages. "In my impression, one out of every four sponsors skipped the slot," one SFC official said humorously. "In order to dig up sponsors from other organizations, we will not only make a huge transfer to the sponsors, but also deal with the possibility of a transfer," said a vice president of a small and medium-sized brokerage who declined to be named. And when the sponsor settles down, we start to prevent him from being dug out by other agencies. "Because of the current domestic sponsor representative of the job-hopping too frequently, the last company has not had a supervision period, the sponsor representatives have already gone to another company with the project." Such sponsorship, there is no guarantee that the sponsor representative of the project with in-depth understanding, not to mention supervision and help enterprises. "" The domestic sponsor represents the outrageous price, along with the sponsorship system gradually improve and sponsor representative number of the rapid increase in the value of shrinkage is certainly the trend. "The head of a brokerage investment bank in the south told The Times weekly reporter, a lot of sponsors have been aware of this problem, with the sponsor of the gradual increase in the project, the sponsor will sooner or later fall from the altar to the people."