Because no one bids, Bohai **16.7 billion shares were unsold.
On January 30, Ali's judicial auction platform showed that Tianjin Haowu Jiade Automobile *** hereinafter referred to as Haowu Guardian) held Bohai **1The auction of 6.7 billion shares ended. Although this auction** has been discounted by 7% on the appraised price, it is 42.3 billion yuan. But no one signed up, no one bid, and the auction was ultimately lost.
Shen Meng, director of Xiangsong Capital, told the Chinese reporter that Bohai's ** equity is relatively dispersed, and the influence of local state-owned assets on it is more obvious, so the willingness to take over this auction is limited.
Bohai **16.7 billion shares were unsold.
Bohai ** was officially opened on June 8, 2001 with a registered capital of 803.7 billion yuan. Tianjin State-owned Assets Supervision and Administration Commission is the actual controller of Bohai, and it ultimately controls 6328% equity.
This time will be Bohai **1Haowu Guardian, which has 6.7 billion shares on the "shelf", is also controlled by the Tianjin State-owned Assets Supervision and Administration Commission. Based on the first-instance judgment of the relevant court and the Bohai ** prospectus, due to the pledge contract dispute between Haowu Guardian and Bank of Jiangsu Beijing Branch, the court ruled that Bank of Jiangsu Beijing Branch has the right to 5Within the range of 3 billion yuan, 1The price from the discount or auction and sale of 6.7 billion shares of Bohai ** will be compensated in priority.
According to the evaluation report, as of December 31, 2022, Bohai ** was auctioned 1The book value of 6.7 billion shares is 16.7 billion yuan, with an appraised value of 60.4 billion yuan. The final starting price was set at 42.3 billion yuan, equivalent to 253 yuan.
There were 46 people who set reminders for this auction, and 3,041 onlookers. But judging by the auction results, the market is not very enthusiastic about the sale.
Haowu Guardian is not among the top ten shareholders of Bohai**, and it was auctioned 1The ratio of 6.7 billion shares to the total share capital is 208%。However, because Bohai ** is breaking through the IPO, and the prospectus has disclosed that many shareholders controlled by the Tianjin State-owned Assets Supervision and Administration Commission have pledge or enforcement risks in their shares, so the change in Bohai **'s equity has attracted more attention from the market.
According to a previous report by a brokerage China reporter, Bohai**'s pledged and frozen shares have been pledged by 42 at the time of declaration89% down to 814%。At present, the State-owned Assets Supervision and Administration Commission of Tianjin Municipality controls Bohai through 14 enterprises**6328% of the equity, of which the court ruled to freeze the upcoming auction of Haowu Jiade and Tianwu Electromechanical held a total of 416% equity. If the above-mentioned shares are enforced by the court, the proportion of shares controlled by the Tianjin SASAC will become 5912%, still higher than 50%, will not affect the control of Tianjin SASAC over Bohai**.
Xia Sunming, a senior partner of Zhongyou Law Firm, also told reporters that the clarity of the issuer's equity is the basic requirement and substantive condition of the IPO, and although the auction of minority shareholders' equity will have a certain impact, 208% of the equity is frozen or auctioned, which generally does not lead to the failure of the IPO. Since it does not lead to a change in the control of the controlling shareholder, it is only necessary to disclose the true situation.
It is difficult to find a "taker" for the equity of small and medium-sized brokerages
The unsuccessful auction of Bohai** equity is not an isolated case. In the past two years, equity transfers or auctions of small and medium-sized brokerages have occurred frequently, but buyers are difficult to find. Since 2022, there have been many cases of small and medium-sized brokerages failing to sell their shares, or finally finding buyers after repeatedly cutting prices.
In September 2022, Shengang, which experienced one unsuccessful auction and two suspensions**1The second auction of 100 million shares was successful. The sold price was 12.4 billion yuan, about 10% of the appraisal price.
In September 2022, Dalian Port Investment and Financing Holding Group, the second largest shareholder of Datong**, cleared and transferred 1542% equity (50901.)274456 shares), but to date, has not been sold. According to the Beijing Equity Exchange, the deadline for disclosure of the equity transfer is July 02, 2024.
In October 2023, Chengxing Industrial Group held more than 50 million shares of Hualong ** in the second auction. Although the starting price of the second auction has been reduced by nearly 40 million yuan compared with the first auction.
In November 2023, after several failed transfers, CDB Financial Leasing*** was listed on the Shenzhen United Equity Exchange for the transfer of Yintai **499% equity. At that time, the reserve price of the transfer was 8670920,000 yuan. However, the brokerage China reporter noticed that the current listing amount has been reduced to 7803830,000 yuan. On February 1, the equity transfer listing will expire.
A similar fate happened to Zhongtian**. In December 2023, Benxi Iron and Steel Group intends to hold Zhongtian **2135% of the equity is fully liquidated, and the reserve price for the transfer is 1263.5 billion yuan. According to the Shanghai United Equity Exchange, the deadline for the disclosure of information on the equity transfer is January 31, 2024, which is obviously longer than the previous disclosure.
Huayuan**, East Asia Qianhai**, Guodu ** and other securities companies have also had news of equity transfers. The common feature of the above-mentioned brokerages is that they are small in size and rank low in the industry.
Under the expectation of mergers and acquisitions in the securities industry, will the equity circulation of small and medium-sized securities companies usher in new possibilities?
A non-bank analyst told a brokerage China reporter that it would not be acquired unless there is an expectation of absorption and merger in the future. However, it is difficult to achieve 1+1>2 mergers and acquisitions in the industry, and many prerequisites are required for efficient integration, and the redistribution of benefits also faces resistance. If it is only a financial investment, the comparative advantage of ROE of brokerages in the whole industry in recent years is not obvious.
Looking at Bohai ** alone, its revenue in the first half of 2023 will be 140.6 billion yuan, a year-on-year increase of 13292%；Net profit attributable to parent company was 52.8 billion yuan, a year-on-year increase of 17718%。Going back further, from 2019 to 2021, Bohai's ** revenue increased from 272.1 billion yuan rose to 300.7 billion yuan, net profit attributable to the parent company from 9$4.0 billion to $1.8 billion. In 2022, the performance has declined, with revenue of 141.6 billion yuan, net profit attributable to the parent company of 50.1 billion yuan.
According to wind statistics, in terms of performance in the first half of 2023, Bohai** ranks 45th in the industry in terms of revenue and 44th in net profit. Compared with the above-mentioned equity auction brokerage, Bohai ** has better performance.
Shen Meng believes that because Bohai's equity is relatively dispersed, and the influence of local state-owned assets on it is also relatively obvious, the willingness to take over the auction is limited. Even after taking over, it is difficult to reflect the right to speak, especially the Bohai ** business does not have particularly outstanding characteristics, and it is not attractive enough for large brokerages. In addition, in the current market environment, such a small percentage of equity is also easy to unsell.
Bohai ** this 1Where will the 6.7 billion equity go? To be followed.
Editor-in-charge: Yang Yucheng.
Proofreading: Zhu Tianting.
Millions of users are watchingDeposit in the bank or buy **? The dividend yield of these companies has far exceeded that of the 5-year bank fixed deposit, and the weekend swipe! Well-known actress"Rollover", the merchant called the police! The 200 billion big white horse suddenly **, the latest response came this morning, 3 trillion"Yangcheng", suddenly shot! The most bullish"Beautiful ** hands", at the helm of the 26 billion big white horse! "Mesozoic tour capital"What happened to the fatal blow? Illegal and bad information report**: 0755-83514034 E-mail: bwb@stcncom