The Xinhu Department of Xiangcai Securities took the opportunity to list and update: 150,000 words in response?

The “New Lake System” Xiangcai Securities’ A-share listing road did not go well.Recently, Harbin Hi-Tech, which plans to acquire Xiangcai Securities, issued a 210-page announcement and responded to the SFC’s 20 feedbacks on the acquisition of Xiangcai Securities with more than 150,000 words.In the feedback response, Harbin High-tech explained the qualifications of shareholders, Xiangcai Securities’ estimates and other issues that have been receiving much attention.Qualification + estimate, the acquisition of Harvard ‘s response to the “barrier” problem started last year. According to the relevant announcement at the end of 2019, Harvard intends to purchase the counterparty Xinhu Holdings, State Grid Yingda, Xinhu Zhongbao by issuing sharesXiangcai Securities held by other multinational companies totals 99.73% of the shares, and issue no more than 10 specific shareholders to raise funds matching funds.After the acquisition is completed, Harbin Hi-Tech will become the controlling shareholder of Xiangcai Securities.However, whether it has the qualification to become a controlling shareholder has become a topic of market concern.In the feedback response, in addition to the size of the assets, Harbin High-Technology has doubts that it can meet the requirements for becoming a controlling shareholder of Xiangcai Securities from its main business and business development in recent years.According to regulations, the major shareholders and controlling shareholders of a securities company should meet the conditions of not less than US $ 50 billion in total assets and not less than 20 billion yuan in net assets.However, judging from the 2019 three quarterly report, until September 30, 2019, Kazakhstan’s total assets were 11.610,000 yuan, only 8 net assets.4.5 billion.This difference has also become a hotly debated topic about whether Harbin High-Technology can acquire Xiangcai Securities as expected.”According to Article 2 (2) of the” Regulations on the Implementation of the “Provisions on the Equity Management of Securities Companies” “, shareholders who have already invested in securities companies before the implementation of the” Regulations “do not meet the requirements of Article 11 of the” Regulations “, Within 5 years from the date of implementation of the Regulations, meeting the requirements of the Regulations.”Recently, Harvard explained this in its reply.”However, this rule applies to existing shareholders, and until the implementation of the new regulations on July 5, 2019, Harbin Hi-Tech held shares in Xiangcai Securities.But even if Hahatech interprets the condition of “stock shareholders” as the requirements for the size of the securities firm ‘s controlling shareholder, there is still doubt in the market whether Hahatech can truly call “stock shareholders”.According to statistics from Fengyun data, there are a total of 219 listed companies with total assets of more than US $ 50 billion and net assets of more than US $ 20 billion in the A-share market. Industrial and commercial banks, China Construction Bank, Agricultural Bank of China, Bank of China, Postal Savings Bank and other large joint-stock companiesHeaded by the bank.In addition, in the reply, Xiangcai Securities’ estimates were also mentioned.Judging from the 2019 Interim Report, as of June 30, 2019, Xiangcai Securities’ assets totaled 262.2.6 billion yuan, attributable to shareholders’ equity of the parent company 73.2.8 billion yuan.According to the announcement issued by Harbin High-Tech in late 2019, it is planned to purchase the shares it holds from 16 shareholders of Xiangcai Securities by issuing shares, and the final price of the shares will be 106.0.8 billion yuan.In this way, Hagao explained that Xiangcai Securities ranked 114 as the highest city in the three months prior to the termination of listing.9.1 billion, with a minimum market value of 110.8.6 billion yuan, with an average market value of 113.1.8 billion yuan, this transaction is estimated to be 106.3.7 billion yuan.Harcourt believes that in recent years, Xiangcai Securities’ operating income and the net profit attributable to the parent company have changed, but the relative changes in the operating income and net profit industry rankings. The operation of Xiangcai Securities fluctuates with changes in the market environment, and its valueEasily affected by the market environment.”The benchmark daily price-to-book ratio and price-earnings ratio of Xiangcai Securities are consistent with the average price-to-book ratio and price-to-earnings ratio of the same industry. Therefore, the difference between the conversion results and the valuation and valuation of Xiangcai Securities in the past three yearsrationality.Harcourt said.In 9 years, it was put on the road to listing, and twice took the opportunity to meet Xiangcai Securities, which was established in 1996. As one of the earliest national comprehensive securities companies, the road to listing was quite bumpy.At the end of March 2011, Xiangcai Securities and Wealth Securities planned to merge and seek to land on the A-share market.However, due to issues such as payment methods, the plan for mergers and acquisitions was finally restructured.Three years later, Xiangcai Securities officially landed on the NEEQ market and became the first broker to be listed on the NEEQ.In the following years, Xiangcai Securities did not stop there, but it twists and turns.On January 22, 2015, Great Wisdom intends to spend US $ 8.5 billion to purchase 100% equity of Xiangcai Securities through cash and issuing shares.But only three months later, Great Wisdom was investigated by the China Securities Regulatory Commission for suspected violations of securities laws and regulations due to company information disclosure. One year later, the acquisition was declared bankrupt.In February 2017, Xiangcai Securities announced that it had received a counseling record letter issued by the Hunan Securities Regulatory Bureau, announcing that it had entered the counseling stage of initial public offering and listing.According to the initial public offering and listing plan, Xiangcai Securities intends to adopt the method of issuing all new shares. The number of shares issued shall not exceed 1.6 billion shares, and shall not exceed 25% of the total share capital after the issuance.Since June 2018, Xiangcai Securities has terminated its stock listing.In 2019, Xiangcai Securities embarked on the road of “borrowing” Harbin Hi-Tech.The data shows that Xinhu Group, as the controlling shareholder of Harbin Hi-Tech, holds Harbin High-tech.08% of the shares.In 2007, Xinhu Holdings had acquired more than 50% of Xiangcai Securities.That is to say, Harbin High-Tech and Xiangcai Securities belong to the “New Lake Department”. Before and after this transaction, the actual controller of the listed company Harbin High-tech Branch replaced Huang Wei. This transaction is a “left-handed right-handed” of the new lake company.There is a fact that the actual controller has changed.Sauna, Yewang Zhang Siyuan Editor Wang Jinyu proofreading Li Shihui