原标题：股价下跌和长期缺乏资金的原因是什么？中国证券投资高管在网上回应
概括
[CITICConstructionInvestment’sstockpricehasbeenfallingendlesslycomparedwiththehighestpriceinAugustlastyearwhichiscloseto”halved”!Whatarethereasonsforthelong-termlackofcapital?】In2020theperformanceofChinaSecuritiesConstructionInvestmentcontinuedtogrowbutthestockpricefellendlesslyAsoftheclosingofApril2nditwasreportedtobe3219yuanpershareComparedwiththehighestpriceinAugust2020thestockpriceiscloseto”half”andhasalsofallenItbrokethe3521yuanofthe”non-publicoffering”ofAsharesinMarch2020(TheBeijingNews)
Building an aircraft carrier-level securities company has always been a topic of concern in the market.China SecuritiesWhat are your plans for this?
In revenue and return to motherhoodNet profitWith a growth of more than 70%, in 2020China SecuritiesSecurities returned to the top ten in the industry with a revenue of 23.351 billion yuan.Relative to pretty eyePerformanceSay,China SecuritiesThe share price of the company has fallen successively, the refinancing has shrunk significantly relative to expectations, and the aircraft carrier-classBrokerageIssues such as building strategies have attracted much attention from investors.
On April 2, CITIC Construction Investment held a performance briefing. Chairman Wang Changqing, General Manager Li Geping, Planning and Finance Department, Capital Operation Department Administrator Zhao Ming, and Secretary of the Board Wang Guangxue responded to this one by one.
The stock price keeps falling？ExecutivesResponding to stock price fluctuations is market behavior
In 2020, the performance of CITIC Construction Investment continued to grow, but the stock price fell endlessly. As of the closing of April 2nd, it was reported at 32.19 yuan per share. Compared with the highest price in August 2020, the stock price is close to “half” and has also fallen below. 35.21 yuan for the “non-public offering” of A shares in March 2020.
Faced with the issue of falling stock prices that investors are concerned about, Li Geping, general manager of CITIC Construction Investment, said that in 2020, the company will operate normally and various businesses will develop well.Operating incomeAnd net profit has a larger increase over the same period last year. Although stock prices are related to the fundamentals of listed companies, their fluctuations are more market behaviors and are affected by multiple factors.
In addition, at the performance briefing, investors paid a lot of attention to the adjustment of the organizational structure of China Securities Investment Bank’s investment banking business at the beginning of the year.It is understood that the investment banking business has always been one of CITIC Construction Investment’s trump cards. In 2020, CITIC Construction InvestmentbankThe business continued to be at the forefront of the industry, with 68 equity financing projects completed throughout the year, with a lead underwriting amount of RMB 161.878 billion, ranking second in the industry.
Li Geping, general manager of China Securities, said that in order to continue to promote business development, the original investment was cancelled.bankAccording to the characteristics of customer service and other attributes, the teams under the two departments are divided into each equity industry group, each equity regional department, and the growth enterprise financing department.
Second, the former Capital Markets Department was renamed the Equity Capital Markets Department, and the Bond Capital Markets Department was newly established to coordinate and manage the pricing and issuance of equity projects and debt projects.
Third, the Investment Banking Commission will coordinate the investment banking business of the Hong Kong subsidiary to realize the integration of domestic and foreign investment banking services for customers.
“The adjustment of the investment banking business organization structure is a decision made by the company after judging the market development trend. This reform is in line with the direction of industry development and is conducive to the long-term and healthy development of the company’s investment banking business.” Li Geping said.
Long-term insufficient capital?Actively research capital replenishment planAnd launch in due course
It is worth noting that in 2020, China Securities Investment plans to conduct a refinancing of 13 billion yuan, but the actual raised funds have shrunk to 3.8 billion yuan. In this regard, the Secretary of the Board Wang Guangxue responded to the insufficient funds raised this time and subsequent capital replenishment issues in the briefing.
He said that the actual issuance scale of this fixed increase was lower than expected due to two main reasons. One is that the plan was announced in January 2019 and was approved in March of the same year. The company’s stock price has risen sharply from the price of the plan in January 2019, and the forecast basis has changed, which has exceeded the industry average. Second, the cumulative net profit in the past two years has exceeded 15 billion, and certain capital supplements have been realized through the rollover of profits.
“The company’s capital has been insufficient for a long time, and it ranks last among the top brokers. At the end of last year, we have fallen out of the top ten in the industry.” Wang Guangxue admitted frankly that compared with the top five brokers’ average net assets of 150 billion yuan, we only have Less than 58 billion yuan (not including perpetual subordinated debt), even less than half of them.
According to statistics, the average equity financing scale of the top ten securities firms in the A-share and H-share markets is 50 billion yuan, accounting for nearly 50% of net assets. However, our listing itself was late, including the influence of the IPO pricing policy window guidance, etc. The total amount of funds raised through multiple times is only 12.5 billion yuan, and these two indicators are both ranked last among large brokerage firms.
“Insufficiency of capital is an indisputable fact. We have always emphasized the increase in net assets as the main line to accelerate the pace of capital expansion to catch up with leading brokers.” Wang Guangxue said that we are also actively studying the next step of capital replenishment plans, and will Launched in due course.
How to build an aircraft carrier broker？China CITIC Construction Investment has made efforts to improve market position from five aspects
Building an aircraft carrier-grade securities company has always been a topic of concern in the market. What is China Securities Investment’s plan for this? Wang Changqing said that China Securities has always made it an important goal to enter the forefront of the industry and become a leading brokerage firm.
He said that at present, China Securities Investment Corporation is making efforts in five major areas to promote the growth of its own comprehensive strength and the advancement of its market position.One is to replenish capital through domestic and overseas listings; the other is to strengthen and enhance investmentbankBusiness capabilities to serve the real economy and national strategies; the third is to better serve residents by promoting the transformation of wealth managementFinancial managementDemand; the fourth is to promote the continuous development and growth of institutional investors by strengthening institutional customer services; the fifth is to enhance its ability to meet the international needs of customers by strengthening the integrated development of cross-border business.
“In the future, the company will further expand its capital strength, expand its business scale, achieve balanced development, advance digital transformation, improve operating efficiency, and better meet the diverse financial needs of customers.” Wang Changqing said that as long as the above direction is unwavering, the company will have a certain future. It will continue to grow and develop and achieve its goal of becoming China’s leading investment bank.
(Source: Beijing News)
(Editor in charge: DF544)
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