The brokerage company has raised more than 60 billion during the year, and there are 37.9 billion on the road.

Zhongxin Jingwei, August 5th (Ma Jing) The enthusiasm of the coupon industry has only increased. Data show that since 2022, six listed brokers have implemented re -financing, raising a total of 62.917 billion yuan. In addition, the re -financing plan of Xingye Securities and Great Wall Securities is to be implemented, while Guohai Securities and Central Plains Securities remain to be approved. The four securities firms are raised about 37.964 billion yuan. From the perspective of fundraising, investment and trading business and capital intermediary business are the main options.

10 brokers plan to raise funds for more than 100 billion yuan

According to the announcement of Zhejiang Business Securities, it publicly issued 3.488 billion yuan in convertible bonds in March 2019. It intends to change the use of fundraising and invest 890 million yuan into its own business on the basis of the original 1 billion yuan. Zhejiang Commercial Securities said that the use of some funds raised this time can meet the funding demand for self -employed businesses such as the company's equity securities, fixed income securities, and financial derivatives, which will help the company to seize the market investment opportunities and enhance the competitiveness of self -operated business market. , Optimize the revenue structure and enhance the company's profitability.

It is worth noting that Zhejiang Business Securities has repeatedly re-financing from 2019-2022, of which each issuance of convertible bonds issued in 2019 and 2022 will be issued once in 2020 1/3 of the market value. Among the 13.289 billion yuan raised by Zhejiang Business Securities, 7.319 billion yuan (intended) invested in investment and trading business, and 4.7 billion yuan (intended) was invested to the capital intermediary business.

Guohai Securities launched a non -public offering stock plan as early as January 29, 2021. However, the plan has not been issued during the validity period of the first authorization of the shareholders' meeting, and later extended to March 23, 2023. On April 2nd, Guohai Securities re -released the fixed increase plan, which plans to issue 1.633 billion shares, and is expected to raise 8.5 billion yuan.

The industry believes that under the current risk control supervision system with net capital and liquidity as the core, the development capacity of securities companies is closely related to capital scale, and securities firms continue to increase capital through reinstation of capital, which is conducive to promoting capital intermediaries such as capital agencies and other capitals. Business development, especially with the current concentration of the industry, competition is becoming increasingly fierce.

"In the past two years, the scale of the equity financing of the voucher industry and the number of companies in the company are at a historical high." Xu Yizhou, a non -silver analyst of Xingye Securities, believes that from the perspective of channels, the equity financing through the capital market is the most effective path for rapid capitalization. One is one of the most commonly used capital supplements strategies for small and medium -sized securities firms.

According to Wind data, the number of fixed issuance date and equity registration date is the caliber. In 2020 and 2021, the shares of the equity of securities firms were 110.176 billion yuan and 43.566 billion yuan, respectively, and the number of re -financing was 15 and 6, respectively. In 2022, the brokerage company's re -financing accelerated and accelerated. Those who have already landed on the road were "on the road". A total of 10 brokerage firms launched a plan, with a total funding of more than 100 billion yuan.

Data show that in 2022, six listed brokers have implemented a re -financing plan, raising a total of 62.917 billion yuan. Among them, in terms of distribution, the three brokers of CITIC Securities, Oriental Securities, and Caitong Securities raised 22.396 billion yuan, 12.715 billion yuan, and 7.172 billion yuan, respectively. In terms of fixed increase, Guojin Securities has been implemented with a fundraising of 5.817 billion yuan. In terms of convertible bonds, the convertible bonds of Galaxy Securities and Zhejiang Business Securities have been listed, with a issuance of 7.8 billion yuan and 7 billion yuan, respectively.

In addition, Xingye Securities plans to raise funds for not more than 14 billion yuan through the distribution of shares. Great Wall Securities plans to raise funds by not more than 8.464 billion yuan, and the total fundraising of about 22.464 billion yuan. At present, the re -financing plans of the two securities firms have been approved by supervision, but they have not yet been implemented.

In addition to the above -mentioned securities firms, in addition to the Guohai Securities, which has just been obtained by the CSRC, which is now announced, it also includes Central Plains Securities. Central Plains Securities intends to be approved by the shareholders' meeting through a fixed -increase fund -raising fundraising. This means that there are currently 15.5 billion yuan re -financing plans for listed brokers to be approved.

The momentum of recycling of securities firms is not diminished

From the perspective of fundraising, investment and trading business, capital intermediary business is the main direction of CITIC Securities, Caitong Securities, Caitong Securities and other securities firms. Taking Guohai Securities as an example, it plans to raise 8.5 billion yuan, of which 4 billion yuan invested in investment and trading business, and 2.5 billion yuan was invested in capital intermediary business.

"From the perspective of capital application paths, the investment business is one of the expansion directions of small and medium -sized securities firms. At present, the two -financing business is still mainly financing business. In the context, most securities firms have begun to shrink, so investment business will become an important direction for small and medium -sized brokers to counter the accumulation of profits. "Xu Yizhou team said.

Xu Yizhou's team also mentioned that in companies that completed equity financing this year, the size of its financial assets has increased significantly compared with the beginning of the year, which means that self -investment investment has become an important fund for re -financing. At the same time, from the current disclosure of issuing issuance and distribution companies, the self -operated investment business occupies an important weight. Therefore, relying on capital supplementation as a large investment business scale, and retaining the feedback business through profit is an important path for small and medium -sized securities firms to change.

However, although brokerage firms have not been enthusiastic about financing, the secondary market is not "enjoying it." Between the dilemma of "subscribing or suffering from shares", the subscription rates of CITIC Securities, Oriental Securities, and Caitong Securities were 97.17%, 89.96%, and 97.96%, respectively. On the day of the implementation of the shares or the regulatory approval, the stock price was "fell sharply" the next day. In terms of fixed increase, the subscription ratio of Guojin Securities was 96.95%, which was aimed at the goal of 6 billion yuan; Great Wall Securities reduced the amount of fundraising from not more than 10 billion yuan to no more than 8.464 billion yuan. In addition, the valuation of the brokerage sector is continuous, which also reflects that investor expectations are not optimistic. With the Shenwan 2nd Index Securities II as the caliber, as of August 5, the sector fell 16.40%in the past year. The extent exceeds 30%.

Wang Simin, a non -silver analyst at Everbright Securities, believes that in the short term, active funds to continue to reduce their holdings of brokerage stocks and some brokerage companies are the main reasons for the decline in the industry valuation.

Non -silver analysts of open source securities said that the business structure of the securities firm is constantly migrating to the capital, the capital business has high leverage, high volatility characteristics, the uncertainty of investment income and impairment measures The risk control indicators require that these factors have reduced the valuation of the industry.

Men also mentioned that the valuation of securities firms may differentiate or cause financing capabilities. The trend of the valuation of the brokerage sector is obvious, and the number of net brokers has gradually increased. The high valuation brokers have stronger advantages in terms of financing plan selection and financing quotas. The difference in financing capacity has increased or further promoted the improvement of the industry.

However, Zhang Jingwei, an Anxin Securities non -silver analyst, said that with the continuous competitive environment of the brokerage industry, the future brokerage firms pay more attention to their own capital improvement and the consolidation of strength. Although "blood replenishment" is not easy, it is expected that securities companies will continue to accelerate. (For more report clues, please contact the author Ma Jing: [email protected]) (Zhongxin Jingwei APP)

(The views in the article are for reference only, do not constitute investment suggestions, have risks in investment, and need to be cautious to enter the market.)

Editor in charge: Li Zhongyuan

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