Source: Reuters

Nine insurances, trusts, securities firms and futures companies including Tianan Property & Casualty Insurance were taken over by the China Banking Regulatory Commission and the Securities Regulatory Commission on Friday. They had violated operating behaviors stipulated in the insurance law, concealed the actual controller or the proportion of shares.This means that Xiao Jianhua's core financial institutions under the beginning of tomorrow are beaten by a net.

Tomorrow it was yesterday, and the industry commented so much.

China Banking Regulatory Commission announced on Friday that from July 17, 2020, six institutions such as Tianan Property & Casualty Insurance, Huaxia Life, Tianan Life, Yi'an Property & Casualty Insurance, New Era Trust and Xinhua Trust were implemented for one year.If the take -off work does not meet the expected results, the termination period will be extended according to law.

According to the CBRC, the reception stems from these institutions to trigger the corresponding conditions of the law.Among them, the four insurance institutions of Tianan Property & Casualty Insurance, Huaxia Life, Tianan Life, and Yi'an Property & Casualty Insurance have violated operating behaviors stipulated in the insurance law; the two trust institutions of the new era trust and Xinhua Trust have illegal operations.

In addition, another financial regulatory agency, the China Securities Regulatory Commission, also announced on Friday afternoon that from now until July 16, 2021, it takes over the new era, Guosheng Securities and Guosheng Futures.The reason is to hide the actual controller or the shareholding ratio, and the company's governance is unbalanced.

The CSRC has organized the establishment of the corresponding company's reception group to exercise the management rights of the company's business management from the date of reception.The group carried out in accordance with the guidance of the receiving group.

These companies are related to tomorrow's department, which is a clean -up.A senior management of a large securities firm in Beijing said that the clearance of tomorrow has always been carried out, including the last contractor bank.It has no impact on individual investors to take over these financial institutions, but there will be some losses for institutional investors to discount assets.But it has little effect on the financial market.

Both the CSRC and the CBRC mentioned that after taking over the above companies, the company's operations were normal, customer transactions were not affected, and funds were transferred and transferred.

Regarding the asset map of Tomorrow, New Fortune has been dismantled a few years ago.At that time, the results of the survey showed that tomorrow was the control of nine listed companies, holding and participating in 30 financial institutions. After that, after comprehensive statistics of more than 800 shareholders of financial institutions, a new discovery of the situation of shares holding financial institutions tomorrow's shares holding financial institutions will be discovered.It has increased from 30 to 44 through the controlled listed companies and a large number of intermediate shares holding companies.

Among them, 17 banks, 9 insurances, 8 securities, 4 trusts, 3 funds, 2 futures, and 1 financial lease.As of the end of 2016, the total asset size of the financial institutions controlled by Tomorrow Tomorrow has exceeded 3 trillion yuan.

Xiao Jianhua's early case will not cause industry vibration

Tomorrow's actual controller Xiao Jianhua has been met as a generation of heroes in the stock market by the market. He founded Tomorrow Holdings Group in 1999 and developed into a variety of fields across finance, industry, real estate, communication services, energy, and Internet.Large -scale holding group.

At the end of January 2017, Xiao Jianhua returned to justice, and the risks of multiple financial assets he controlled were gradually exposed.Since 2017, tomorrow's contraction action has continued, and asset disposal has gradually begun.

It was a few years ago, and Xiao Jianhua was arrested for a long time, and it would not have much impact on the market. A senior financial industry said.

While the China Banking Regulatory Commission and the Securities Regulatory Commission announced their takeover, they all issued reporters to ask questions that the actions of pickers will not affect the steady development of insurance, trust, securities, and futures industries.

The CBRC also explained in detail the reasons for taking over four insurance companies and two trust institutions and the process of taking over the process of taking over four insurance companies and two trust institutions.It also said that the entire insurance industry's solvency remained at a high level.The risk of four insurance companies does not affect the overall situation of stable operations in the insurance industry.

The principle of taking over must adhere to compliance in accordance with laws and regulations, and strictly abide by relevant laws and regulations.Persist in maintaining stability, maintaining the company's normal operation, and protecting the legitimate rights and interests of the parties and trust parties of insurance activities.

Adhere to classified policies and adopt different solutions according to the different risks of each company.The fourth is to adhere to marketization, give full play to the role of professional intermediaries, and strive to promote the marketization reorganization of the takeover agencies.Persist in keeping the bottom line and ensure that no systemic financial risks occur.

After taking over, investors can still buy financial products that six institutions such as Tianan Property & Casualty Insurance are selling normally.The six -family institution that has been taken off is not interrupted and the business can be carried out normally.No matter how the equity structure and the governance of the company and how risks are resolved, the four insurance companies will be guaranteed.

The CSRC stated that since the date of reception, the reception team exercises the management rights of the company's management and the leader of the takeover team to exercise the authority of the company's legal representative.New era Securities, Guosheng Securities, Guosheng Futures shareholders 'meeting or shareholders' meeting, board of directors, board of supervisors, and managers stop performing their duties.

During the takeover period, the receiving team and the custodian team will take effective measures to maintain customer funds security, continue to maintain the company's operating stability, and standardize the company's equity and governance structure.New era securities, Guosheng Securities brokerage business, asset management business, investment banking business, financing business, bond repurchase, interbank business and other businesses, and Guosheng Futures Futures brokerage and other businesses.Customer securities transactions and futures transactions are not affected, and customer funds are transferred to the normal progress; various business contracts between the company and customers continue to perform, and the application of asset management products will be carried out normally.

According to the CSRC, in general, the overall operation of the securities and futures industry is standardized, capital is sufficient, and has strong anti -risk ability.

As of the end of May 2020, the total assets of the securities industry were 7.91 trillion yuan, net assets were 2.10 trillion yuan, net capital was 1.68 trillion yuan, the risk coverage rate was 270.45%, the liquidity coverage rate was 246.50%, and the net stability rate rate was 150.06%.

The total assets of the futures industry are 783.2 billion yuan, net assets are 122.8 billion yuan, net capital is 67.7 billion yuan, the total proportion of net capital and risk capital reserve is 312%, and the proportion of mobile assets and mobile liabilities is 640%.