Original title: Three months after the first batch of licenses landed, CITIC Financial Holdings started equity transfer
Three months after the first batch of financial holding licenses were issued, China CITIC Financial Holdings Co., Ltd. (hereinafter referred to as “CITIC Financial Holdings”) has begun the transfer of equity. On the evening of June 22,CITIC Bank、CITIC SecuritiesAnnouncements have been issued successively to transfer 64.18% and 18.45% of the shares held by shareholders to CITIC Financial Holdings respectively. After the equity transfer is completed, CITIC Financial Holdings will become the largest shareholder of China CITIC Bank and CITIC Securities. Based on the closing price on June 23, the total market value of the equity and convertible bonds of the two companies involved in the equity transfer of CITIC Financial Holdings is 232.542 billion yuan.
China CITIC Bank and CITIC Securities stated that this equity change is an internal free transfer of state-owned assets, and is an adjustment implemented in accordance with the relevant requirements of the People’s Bank of China to establish a financial holding company, and will not have a significant impact on the company’s normal business activities. The actual controller of the two remains unchanged and remains China CITIC Group.
CITIC Financial Holdings was established in accordance with the “small financial holding” model, that is, a new financial holding company was established separately within the group. The main reason is that CITIC Group has multiple financial licenses. It transfers the equity of financial institutions to the newly established financial holding company for centralized and unified management, and isolates it from the industrial part, which can effectively prevent cross-contamination of risks. In March this year, CITIC Limited stated at the performance meeting that, as one of the first companies to obtain a financial holding license, CITIC Financial Holdings will undertake the financial licenses and assets of CITIC Group, including China CITIC Bank, CITIC Securities, CITIC Trust, and CITIC-Prudential Life Insurance. and 5 financial companies of CITIC Consumer Finance.
In March this year, Beijing Financial Holdings Group Co., Ltd. (hereinafter referred to as “Beijing Financial Holdings”) was approved together with CITIC Financial Holdings. Different from CITIC Financial Holdings, Beijing Financial Holdings, as one of the five pilot institutions for the simulated supervision of financial holding companies in the country determined by the People’s Bank of China, has been operating in the direction of financial holding company supervision, and its main assets are financial assets. Financial holding” model, that is, the parent company of the enterprise group directly applies to become a financial holding company, and the enterprise group as a whole is recognized as a financial holding group.
In addition to CITIC Financial Holdings and Beijing Financial Holdings, the People’s Bank of China has accepted applications from China Everbright Group Co., Ltd., China Wanxiang Holdings Co., Ltd. and Shenzhen Zhaorong Investment Holdings Co., Ltd. to establish financial holding companies, which are pending approval.
Among the first batch of applicants for the establishment of financial holding companies, there are central enterprise groups, local financial holding companies and large private enterprises, with diverse types.
Zeng Gang, director of the Shanghai Finance and Development Laboratory, said that for financial holding companies established in the future, they can choose between “big financial holdings” and “small financial holdings” according to their own industrial layout structure and financial assets ratio. There will be no difference.
Financial holding companies have become an important part of the macroprudential management framework. Zeng Gang believes that consolidated supervision of financial holding companies should be implemented, which is consistent with the supervision principles of financial institutions, and capital adequacy ratio and related transactions will become the focus of supervision.
It is reported that the People’s Bank of China will carry out the examination and approval of the accepted enterprises in accordance with laws and regulations, and promote other qualified enterprises to apply for the establishment of financial holding companies in a stable and orderly manner. The People’s Bank of China will follow the concept of macro-prudential management and, on the basis of consolidated financial statements, implement comprehensive, continuous and penetrating supervision of financial holding companies, promote them to maintain adequate capital, improve corporate governance, strengthen risk isolation, operate in compliance with laws and regulations, and continuously improve services. The ability of high-quality economic development helps the economy operate within a reasonable range.
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Responsible editor: Wang Meng