Yangtze Securities was "second kill" Oriental securities nearly 1.4 billion swallow bitter fruit

has not yet issued a "hit disk" break, the Yangtze River Securities "sadness" issue announced the end. March 8 evening, the Yangtze River Securities issued a share issue results announcement.　　The announcement showed that the Yangtze River Securities eventually issued a number of 200 million shares, raise funds for 2.534 billion yuan.　　Before this, the Yangtze River Securities in the open issue of the expected target is to issue more than 600 million shares, is expected to raise 7.6 billion yuan.　　The size of the issue has shrunk by Two-thirds, while raising capital is only one-third of the expected target. Also embarrassing is the main underwriter Oriental Securities.　　The announcement showed that the underwriting group underwriting 110,068,805 shares, accounting for the total amount of the issue of 55.03%.　　In this calculation, Oriental securities to take up nearly 1.4 billion yuan of cash to underwrite more than half of the Yangtze River securities issuance of shares. "The Yangtze River Securities issuance has two main underwriters, generally speaking, two underwriters should have a share of the underwriting, but the specific proportion is not in the scope of the announcement, the outside world is unknown."　　March 8, a medium-sized brokerage investment bank manager told our correspondent.　　That night, our correspondent on the issue of the issuance of the Yangtze River Securities and Eastern Securities, a number of high-level, have not been positive response. Oriental Securities passive into the big shareholder of the Yangtze River Securities Bulletin, said, "the company public offerings not more than 600 million shares (including 600 million shares) RMB common stock online, the net under the purchase has been completed on March 4, 2011." The issuer and the sponsoring agency (the main underwriter) according to the online and the overall purchase situation under the net, the consultation determines that this final issue quantity is 200 million shares, the fund-raising total amount is 2.534 billion yuan.　　"Despite a sharp reduction in the size of the additional shares to One-third, the results are not optimistic." The announcement showed that the number of priority placements was 25,219,334 shares, which accounted for 12.61% of the total amount of the issue, the proportion of the net through the placing of 100%, placing shares of 48,711,861 shares, accounting for the total amount of the distribution of 24.36%, the net subscription ratio is 100%, placing shares of 16,　　000,000 shares, accounting for the total amount of the issue of 8%. There are only two institutional investors involved in the net placement.　　"Friendship Sponsor" is one of the same shareholders with Oriental Securities (Shen Group) of the family of the Group of Financial Co., Ltd., which has been allocated 4 million shares; the other is ICBC's continued growth in equity-backed securities investment fund, with 12 million shares.　　The remaining 55.03% per cent of the total number of billion Yuchangjiang securities shares, will be led by the Eastern Securities Underwriting Group. Prior to the issuance of the prospectus, the description of the method of underwriting is, "this issue will be the main underwriter of Oriental Securities-led underwriting group to underwrite the balance of underwriting, the Yangtze River sponsor to sell the way underwriting." "From the literal understanding, the underwriting group in the Yangtze River sponsor only sell and not underwriting, so the Oriental Securities exclusive underwriting possibility." However, the above securities investment banking Manager to our correspondent pointed out that generally in private there will be other agreements and supplementary agreements, the Yangtze River Sponsor may also assume aPart, just not in the Bulletin range.　　In extreme cases, the total stock of the 55.03% shares of Oriental securities, in the hands of the transfer of chips, will temporarily become the sixth largest shareholder of the Yangtze Securities.　　Refinancing "series" of the Yangtze River Securities refinancing process is a sad "series."　　In fact, as early as May 2008, the Yangtze River Securities shareholders meeting to consider the adoption of the "Company's Non-public issue of shares of the bill", the proposed non-public offerings not more than 9 billion yuan capital, used to increase corporate capital, expand the company's business. But then, "because of the great changes in the securities market environment, the company's efforts to advance the non-public offering of shares have many disadvantages."　　Finally, the Yangtze River Securities Board in April 2009 announced that it agreed to abandon the non-public offering of the stock option, while considering the adoption of a 2009-year allotment plan: to all shareholders 10 shares placing 3 shares, can be put into a total of 502 million shares, to raise funds not exceeding RMB 4 billion yuan.　　After the issuance of the allotment, the net capital of the Changjiang securities still only 6.7 billion yuan, failed to cross the billion mark. At the same time, the National Yuan securities for regional securities companies have successfully issued 9.6 billion yuan, into a net capital "billion" club.　　Subsequently, the National Yuan Securities to expand the sales department to the Yangtze River Delta, the Pearl River Delta, continuous increase of its innovative business, with net capital strength to the first-line brokerage.　　In addition, with the Yangtze River securities are similar to the size of the Southwest Securities also followed the pace of the national Yuan, in September 2010, completed 6 billion additional, through this service, the total assets of southwest Securities increased to nearly 20 billion yuan, net assets from less than 5,000,000,001 leap through tens of billions of dollars.　　The Yangtze River Securities urgent issue, catch up with similar the anxious mood of the broker Imagine.　　In the IPO letter of interest, the Yangtze River Securities to the innovation business margin reserve 5 billion investment quota, now seems to have been a bubble. At the time of the new business era of capital consumption of the securities companies, the issue of the additional frustration, no doubt to the Yangtze River securities wiped a thick layer of sad color. Responsible Editor: NF045