It is planned that the additional capital raised will not exceed 10 billion, can Zheshang Securities fulfill the goal of the first echelon

It is planned that the additional capital raised will not exceed 10 billion, can Zheshang Securities fulfill the goal of the first echelon
On the afternoon of May 19, Zheshang Securities announced that it would increase the capital increase to no more than 10 billion US dollars for investment and trading business, capital intermediary business, debt repayment and brokerage business, research business and information system construction.It is worth noting that, from the beginning of 2020 to the present, in addition to this scheduled increase, Zheshang Securities has raised 8.8 billion yuan through bond channels.As of May 19, Zheshang Bank has issued 2 bonds in 2020 and 4 short-term financing bonds to raise funds.They are “20 Zheshang Securities CP001”, “20 Zheshang Securities CP002”, “20 Zheshang Securities CP003”, “20 Zheshang Securities CP004”, “20 Zheshang Securities C1”, “20 Zheshang Securities C2”, among them,The four short-term financing bonds were issued on February 24, March 2, March 12, and April 20, respectively, with an issuance scale of 1.5 billion, 2 billion, 1.8 billion, and 1.6 billion.The first issue of “20 Zheshang Securities CP001” and “20 Zheshang Securities CP002” will soon arrive on May 22, May 28 to the interest payment date.In addition to the intensive issuance of four short-term debt bonds, Zheshang Securities also issued two bonds on April 24 to raise funds. The issuance period of the two bonds is 5 years and 3 years, respectively, and the coupon rate is 4 each.08%, 3.50%, the amount of funds raised was 11 trillion and 8 trillion.What is the purpose of continuously raising funds?In the upcoming announcement, Zheshang Securities intends to spend no more than US $ 4.5 billion in investment and trading businesses, US $ 4 billion in capital intermediary businesses, and US $ 1 billion in debt repayments.Business, research business and information system construction shall not invest more than 500 million yuan.In fact, judging from the company’s 2019 annual report, Zheshang Securities’ two-finance business and self-operated business have grown for the long term last year.In 2019, the operating income at the beginning of the year was 56.5.9 billion, an annual increase of 53.17%; Net profit attributable to shareholders of the parent company.68 ppm, an annual increase of 31.29%.In terms of business, the brokerage business income was 10.1.1 billion US dollars, an increase of 24 per year.08%; realized self-investment business income 8.$ 3.8 billion, an annual increase of 76.86%; achieve asset management business income3.8.3 billion, an annual increase of 45.38%; realized investment banking business income 3.1.3 billion, an annual increase of 9.48%; realized credit business income 10.9.5 billion, an annual increase of 15.11%; achieve direct investment business income 0.4.7 billion yuan, an increase of 107 per year.59%; realized futures business income 27.2.4 billion, an annual increase of 85.19%.As of the end of 2019, the company’s margin financing size was 86.5.7 billion, an increase of 28 per year.80ppm, an increase of 49.85%, higher than the market growth rate of 17.62 total; market share from 0.77% increased to 0.85%, the average margin guarantee ratio of margin financing and margin trading customers with debts at the end of the period was 28076%, the company’s high-level liquidation amount of about 1.12 million yuan; the company’s stock pledge business scale from 66.3.9 billion fell to 52.9.9 billion yuan, with a market share of 0.83% increased to 1.14%.In 2019, the company’s self-operated business scale totaled 189.19 trillion US dollars, an increase of 48% per year, of which, the scale of fixed income products is 185.1.5 billion yuan, an increase of 49%, and fixed income was 9.3.8 billion US dollars, profits from self-operated business accounted for 31% of the company’s realized profits.88%.Last year, the growth rate of Zheshang Securities’ proprietary investment business was also consistent with the market environment and the overall trend of the securities industry in the previous year.According to the data published in the annual report, the gross profit of Zheshang Securities Credit Business is 10.79ppm, gross margin is 98.61%; self-operated gross profit was 7.83 ppm, the gross profit margin is 93.42%, the high gross profit margin of the two has also become an important promoter of the net profit growth of Zheshang Securities last year.But at the same time, the net capital of Zheshang Securities declined. Until the end of 2019, the company’s net capital was 125.1.1 billion yuan, down 4 from the same period last year.2.6 billion, a decrease of about 3.29%. According to wind statistics, in mid-2019, Zheshang Securities also issued bonds several times to raise funds, but the raised funds were used as supplementary capital.That being the case, at the same time as the net net capital fell, the restricted shares of the controlling shareholder of Zheshang Securities were lifted soon.According to the data, the predecessor of Zheshang Securities was Jinxin Securities, the largest shareholder was Zhejiang Shangsan Expressway Co., Ltd., and the company held 21 shares.2.5 billion shares, accounting for 63 of the total share capital.74%, all of its share capital was lifted shortly after June 29, accounting for 63% of the shares in circulation after the lifting of the ban.74%.At today’s closing price of 10.Calculated by 00 yuan / share, the reference market value for lifting the ban reached 212.500 million yuan.One year after listing, in the 2018 annual report, Wu Chengen, the chairman of Zheshang Securities, set a goal for Zheshang Bank. In 2019, it is the 70th anniversary of the founding of New China.The first year of the “National Securities Company First Echelon Action” plan officially launched the “second entrepreneurship” promotion year.Therefore, it is planned that Zheshang Securities will vigorously develop the research institute in 2019, dated Platinum Bank analyst Qiu Guanhua to take charge of the research institute, and join a number of well-known and well-known analysts.In addition, the futures business and brokerage business income also have outstanding growth.However, judging from the published annual reports of listed brokerages, Zheshang Securities recorded 56 in 2019.The total revenue of 5.9 billion US dollars accounted for the 17th, according to the first echelon brokerage still a certain distance.In the first quarter report this year, Zheshang Securities achieved a total revenue of 18.8.4 billion, accounting for 15th among listed brokers.Some people analyzed that, from the perspective of the proposed use of Zheshang Securities this time, Zheshang Securities may focus on self-employment and credit business this time, allowing the business to develop flexibility in the market environment, if it can seize the possibility,Zheshang Securities’ performance this year may have room for growth.Sauna, Yewang Zhang Siyuan Editor Wang Jinyu proofreading Li Shihui