Shanxi Securities shrinking stock issuing and hanging SSE

September 20, Shanxi Securities two times will be successful. The latest prospectus shows that the company's shares before the issuance of total equity of 2 billion shares.　　The proposed public offering of common stock (a a) 400 million shares, accounting for the total share capital after 16.67%, the fund-raising will be all used to increase corporate capital, expand the relevant business. It is noteworthy that Shanxi Securities two impact IPO distance last less than two months, quite quickly.　　The number of shares issued was slightly lower than previously, and the listed exchange, once vacant, was clearly the Shenzhen stock Exchange. Shanxi Securities a senior personage to the "Huaxia Times" reporter revealed that the company's early suspension will be mainly according to the requirements of the regulatory layer, supplemented by some 2010-year report, is not a number of anecdotal speculation.　　And this contraction stock, more is to consider the market reason. Reporter in the company will be the first time, call Dong Secret Wang Yi, its telephone no answer.　　And in contact with the main underwriter Citic Securities, the relevant people pointed out that the specific SSE of the motherboard or the board is not easy to say, the need to synthesize all factors to finalize. "In fact, for the company, on which Exchange hair how many shares do not matter, mainly to be able to complete the listing of financing, even if the subsequent issuance of the issue is no problem, if the listing has not been successful, behind the matter is not."　　"An analyst with a listed brokerage researcher. The bizarre listing of the suspension of Shanxi securities since August disclosed the prospectus at the beginning, it has been questioned.　　First, "son sponsor Laozi" suspected of related transactions, then exposure to the prospectus rough, and the Agricultural Bank Yi Fen Street sub-branches of the 80 million yuan dispute is the market as the first time will be the main reason.　　However, this reporter in a careful reading of the new prospectus of Shanxi securities found that the above contentious parts not only did not make a substantial cut, the entire number of pages instead of the previous version has increased, but the content is more detailed, the title, the outline also clearer.　　Among them, the increase of the trademark and classified supervision rating risk, sponsor lawyer-Beijing Guan Tao law firm, stock registration institutions and other information items; At the same time, after some share reform transfer information disclosure, attached to the "transfer of shares in a certain year of the completion of the delivery of the words". Most prominent is, regarding the company's profit situation and the business situation, has supplemented the 2010 first half year financial situation, relates to the self-employed, the investment bank, the economic business three big business, even is including Shanxi Coking Group Limited Company, Citic Guoan, The performance data of the main financial data (unaudited) of the shareholders of Shanxi Trust and other companies as at June 30, 2010.　　In addition, Sino-German securities of its joint venture company are still listed as the joint underwriter. "The suspension will mainly be supplemented by a number of 2010-year reports, as required by the regulatory authorities," the company said.　　A senior of Shanxi Securities company said to reporters. Data show that 2007, 2008, 2009 and the first half of 2010, the company's operating income of 1.744 billion yuan, 790 million yuan, 1.512 billion yuan and 598 million yuan, the net profit is 835 million yuan, 277 millionYuan, 624 million yuan and 201 million yuan. Low net capital Classification rating two-level reporter from a number of industry insiders understand that the Shanxi securities prospectus in particular highlighted some performance indicators in the industry's outstanding ranking, such as the growth rate of net income of brokerage business in 2009 ranked 11th in the industry, 2007 to 2009 cost management capacity indicators are 2.69 , 1.88 and 2.14, in the industry are ranked in the forefront.　　However, the net capital targets were evaded. According to the 2009 performance data of the Securities Industry Association, in the 106 industry rankings, Shanxi Securities net capital of 1,743,720,000 yuan, the industry ranked 59th.　　According to wind information statistics, as of June 30, 2010, 70 securities companies, Shanxi Securities net capital of 1,676,490,000 yuan, growth rate of 10.97%, the industry ranked 54.　　The reporter further found that, although the company's exposition of net capital has not set too many chapters, but in the company's competitive disadvantage to recognize the scale of net capital needs to be improved. Shanxi Securities said that the securities industry is a typical capital-intensive industry, net capital is the company to resist various risks of an important barrier. Corporate net capital is not only far below the level of international large investment banks, but also below the level of domestic leading securities companies.　　The net capital scale has become the bottleneck that restricts the company to enlarge the traditional business scale and develop innovative business. In fact, the lower net capital of Shanxi securities was reflected in the two level of the classification rating of securities companies in 2010. In this respect, the company in the new prospectus specifically added "classification of regulatory change Risk". The prospectus shows that the company's 2007, 2008, 2009 and 2010 Classified evaluation results were: B-Class BB, B-type BBB, B-type BBB and B-Class B.　　The company will further enhance the risk control ability in the future, but may still face the risk of the change of the classification evaluation result. "The company's downgrade is largely a matter of net capital, with 59 ranked in the back of the industry, and the risk will be great." However, there will be some improvement in the net capital after public financing.　　Mr. Wang, a senior industry researcher at a comprehensive brokerage in Beijing, analyzed the news. "As you can see, companies are taking a higher proportion of their own size, and they are rising every year." 2009, the self-scale of 148.7443 million yuan, and the first half of 2010, the self-scale amounted to 610.5143 million yuan, accounting for more than 35% of net capital, the risk is very large.　　"said Mr. Wang.　　Next Southwest security? Statistics show that the business income of Shanxi securities mainly relies on brokerage, securities underwriting and self-management and other traditional business, the proportion of innovative business is too low.　2009, the company brokerage, investment banking, proprietary business income accounted for 82.57%, 9.55%, 4.31%;2010, the first half of the year, the company's brokerage, investment banking, proprietary business income accounted for 71.11%, 17.9% and 7.78% of operating income respectively.　"Shanxi Securities performance is very general, there is no special features, there is no need to pay too much attention to, such as the IPO roadshow."　　"The middle of a listed brokerage researcher Miss Li told reporters, will be listed on the Societe Generale has not been particularly interesting, the so-called Hercynian concept of 3-5 years to see, Shanxi Securities is located in the inland, regardless of economic development speed or future prospects are not as good as the eastern region, the price will not be very high. "However, if the major shareholders can say, if the future can take advantage of this platform to make a difference, listed after the issue, do not rule out some of the points, may become the next Southwest securities."　　"said Miss Li.　　It can be seen that in the stock ownership structure of Shanxi Securities, the first three major shareholders are Shanxi State Trust Investment (group) company, Shanxi International Power Group Co., Ltd., Taiyuan Iron and Steel (Group) Co., Ltd., control of Shanxi stock equity up to 70%, and the three major group of shareholders are Shanxi Finance Department, Sasac 100% Holdings. In this regard, Shanxi Securities Chairman Zhangguanhui in the company will be the first time outside, Shanxi securities as a financial industry company is not only the first listed enterprises in Shanxi, but also the entire Midwest region's first, achieved 0 breakthrough, can not be separated from the provincial government's support and concern.　　Based on the development of economic structure transformation, the listing of Shanxi Securities will drive the financial services industry to "hurry up", help Shanxi economy to realize adjustment and transformation as soon as possible, and help Taiyuan become the central and western Region Financial center. According to wind information data statistics, as at June 30, 2010, Shanxi Province, as a total of 29 listed companies, more emphasis on coal, chemical enterprises, no financial enterprises.