The first securities backdoor in more than 3 years is still unclear

The listing of securities brokers may not be smooth sailing. South, Guo Hai Securities to borrow shell of s*st set QI share reform approved the validity of a delay and drag; North, the first securities backdoor s striker is still unclear. After all, according to the management of the steady advance of the securities market, backdoor listing is clearly not the management is willing to promote the way.　　However, some insiders believe that after the "long-standing" issue of the IPO of the Guangdong Securities Market, the regulatory level will also speed up the process of listing the first securities lending, and the SEC's request for its replacement materials seems to confirm such speculation. The China Securities Regulatory Commission website recently disclosed that the first securities in the January 7 this year to the SFC to submit the change of the application materials, the SFC accepted and on January 15 to give feedback, the SFC requested that the original securities need to be another Beijing office of the application of materials to check the situation, June 29, First Securities submit feedback materials.　　Generally speaking, the project's audit period is 3 months, that is to say, from June 29, the longest 3 months before September 29, the SFC will give a reply.　　The reform is still under the initiative of the first securities and S forward are subordinate to the first group. Looking at the structure of ownership, S forward's largest shareholder for Sichuan Xintai Digital Equipment Co., Ltd. (hereinafter referred to as "Xintai"), holding the S-striker 41.13% stake, and Xintai is the Pioneer Group Sun Company (pioneering group through a wholly-owned subsidiary of the first Asset management company, holding a 94% stake in Xintai);　　Pioneering securities is also a holding subsidiary of the Initiative Group, which holds 46.15% of its shares.　　Because of this layer of relationship, S forward restructuring and share reform scheme for the S forward of the circulation of shareholders is still quite rich.　　The reorganization and share reform scheme is composed of four parts, which are replacement of assets, merger of new shares, capital accumulation, non-tradable shares, and increase of equity. First of all, the company intends to replace all assets and liabilities with the 11.6337% equity of the first securities held by the Pioneer Group and 61.1779 million yuan in cash. Since then, the S forward in the form of new shares to the original securities shareholder replacement to obtain the remaining 88.3663% of the original stock equity, absorption of the merger of the first securities. On this basis, the forward shares of Non-tradable shareholders in the proportion of 1:0.6 of the implementation of the contraction of shares.　　Finally, the company will increase the total shareholder of the company by the capital Accumulation Fund to the merger and contraction unit after the completion of the 10 shares of 6.8 shares.　　But the plan was issued on January 23, 2007, February 5, 2007 after the General Assembly of shareholders to enter a lengthy process of approval, and still have not been approved by the relevant departments, S striker's share price is also erratic. The reporter called S forward director Dong Office, failed to answer the phone.　　The answer to the chief executive's office staff is that the leader is not present.　　Delayed approval due to insufficient qualifications? Since February 2007 into the approval process has been 3 years, the pioneering securities backdoor has not yet achieved real progress. Some insiders believe that, compared with the IPO, borrowing shell listing is not too much moneyBusiness indicators pressure, so the securities company's own operating conditions are good, will ultimately determine whether the backdoor program can obtain management approval. First securities was founded in early 2000, is a securities brokerage, underwriting, self-management, investment consulting and other business qualifications of the integrated securities companies.　　At the beginning of 2004, the Company completed the work of increasing capital and expanding the shares, the registered capital after the expansion of the shares of 650 million yuan, by the Beijing Capital Venture Group Co., Ltd., Beijing Energy Investment (Group) Co., Ltd., Sinopec Financial Limited liability company and other 7 shareholder contributions. January 2007 when the plan came out, the same as the financial advisers to the first securities issued by the Valuation Analysis report can be seen, the first securities proprietary securities price differential income accounted for 55.51% of the total income, and the days of consultants choose the control of the 18 standard brokerage average level is only 5.23%. Accordingly, brokerage fees income accounted for the industry average of up to 74.91%, and the original securities accounted for only 32.77%. These data indicate that the proportion of the first proprietary business is higher than that of the market risk, which will lead to the increase of income.　　and the proportion of proprietary and brokerage businesses in total income does not seem to be appropriate. In the years since the release of the programme, the results of the first securities have not improved much. China Securities Association 2009 rankings show that the first securities indicators are ranked in the median, the top-ranked net profit is only 310 million yuan in 61st place.　　Others, such as the total assets of 6.46 billion yuan row 71st, net assets of 1.34 billion yuan 72nd, net capital of 1.9 billion yuan in the 73rd position, operating income of 660 million yuan in the 73rd position.　　However, some researchers believe that the pioneering securities as a mediocre brokerage, backdoor prospects, although not clear, but compared to other companies in the middle of the backdoor process, the company's backdoor process can last for nearly 2 years, fully demonstrates the attitude of shareholders and management is resolute, but also patient. It remains to be seen how the results of the original securities are awaiting the submission of the June 29 feedback materials.