What happened to the ＂Hard Steel Securities Regulatory Commission＂ and ＂brokerage

As China's largest securities firm, CITIC Securities has not been smooth in the past week.

First of all, the public opinion storm was caused by the "tough response" of the sponsorship project, which attracted the on -site supervision of the Shenzhen Stock Exchange, but it was just the beginning by the official "knocking".

On March 27th, the Shanghai Stock Exchange Index fell below 3,000 points. Some media buckled CITIC Securities with a hats of "taking the lead".In the vortex of public opinion, CITIC Securities issued a statement on March 28, saying that the relevant remarks are contrary to facts, and "will continue to promote the healthy and stable development of the capital market as ever."

Last week, CITIC Securities also disclosed the 2023 financial report.Data show that in the past year, the revenue and net profit of "Brokerage" have both declined.

At the performance conference, when facing the relevant regulatory requirements of "strict supervision and strict management", Zhang Youjun, chairman of CITIC Securities, responded that he would effectively implement the "watchman" responsibility of the intermediary agency.

However, the fact is that the 30 companies successfully listed through the Sailor Securities Solutions last year have been broken.

Figure/Vision China

Why was it supervised on the spot?

CITIC Securities was supervised on -site supervision, which originated from a controversial reply.

The incident originated from the inquiry letter of the inquiry letter of Liangang Optoelectronics, a listed enterprise in GEM.In the second round of the inquiry letter of the Shenzhen Communication Institute, he questioned the question of the high shareholding ratio of Liangang Optoelectronics's actual controller.After all, before the listing, the company's actual controller family controlled 98%of the shares, which was obviously easy to cause the "one -stock" situation.

But in the reply letter, Lian Gang Optoelectronics has listed 8 already listed companies, including Dinglong Technology, in addition to indicating that there is no problem in the internal control.Case.

The focus is that as the sponsor of Liangang Optoelectronics, CITIC Securities' verification opinions are consistent with their replies and believe that Liangang Optoelectronics has established a relatively complete governance structure and internal control system.The role.

Although it is reasonable to compare the precedent for comparison, the response is to the "hard rigid" of CITIC Securities to the Shenzhen Stock Exchange.

On the evening of March 22, the Shenzhen Stock Exchange issued an announcement saying that in order to further suppress the responsibility of the sponsor's "watchman", the quality of the listing entrance was closed from the source, and decided to start the site supervision of the Liangang Optoelectronics Subtraction CITIC Securities.

/> Figure/Shenzhen Stock Exchange

On March 25, the first trading day after being supervised on the spot, CITIC Securities A shares price fell 4.88%, the largest single -day decline since September 16, 2022.On the same day, the stock price of CITIC Securities Hong Kong stocks also fell 3.94%.

What does the sponsor are supervised by the Shenzhen Stock Exchange on the spot?

Zheng Zhigang, a professor at the School of Finance and Finance of Renmin University of China, interpreted the China News Weekly. On -site supervision was a regulatory measure taken in the process of the registration era.The main starting point is to worry that the information declared by the sponsor and the listed company is not complete and accurate, so it is further verified through on -site inspections to ensure that the information disclosure is safe and reliable.

On March 15, the China Securities Regulatory Commission has issued multiple documents to focus on problems in the IPO market and other fields.It is mentioned that it will establish a normal -ized rolling on -site supervision mechanism for intermediaries.CITIC Securities was launched on -site supervision. After the release of the above documents, the first IPO sponsor broker was launched on -site inspection.

Based on this, Zheng Zhigang also pointed out that CITIC Securities was just one week after the on -site supervision of the IPO "315 New Deal", which has certain warning significance.

It is worth noting that on -site supervision has a certain "power", and existing sponsor is punished after being supervised by the Shenzhen Stock Exchange.

In January this year, the Shenzhen Stock Exchange issued a supervision letter under Guoxin Securities. During the on -site supervision of the Shenzhen Stock Exchange, the Shenzhen Stock Exchange found that the issuer had the lack of internal control of the promotional activity, some promoters were actually controlled by the issuer, the promotional documents were irregular or a large number of re -supplementary supplements were re -supplemented.The situation and the existence of Guoxin Securities are not in place to verify the issuer's distribution income.Based on this, Guoxin Securities, as an institutional agency and sponsor representatives, was taken in writing self -discipline supervision measures.

Zheng Zhigang added that supervision on -site inspections are an alternative "alert" proposed by the sponsor's performance, which will affect the reputation of the sponsor to a certain extent.

"This transmits a signal. The exchange can not only find problems in the on -site inspection, but also bring some challenges to the role of the" watchman ", thereby improving the quality of information disclosure."

Behind public opinion storm

Interestingly, this supervision attracted a good name for shareholders, and even shouted to ask for "thorough investigation."

In fact, shareholders are dissatisfied with CITIC Securities "long -standing."In terms of controversial investment banking business, CITIC Securities has not performed well in the past year.

Wind数据显示，截至今年3月20日，中信证券共31家IPO保荐项目，其中主动撤回认养一头牛、大族封测、汉桐集成、中航石油、爱科百发、博纳精密、Seven projects such as Huimangwei reached 22.58%.

Among these 7 companies, Han Tong Integration "can't read it" in the supervision inquiry;Niu also received more than 13,000 questions from the CSRC's serial 48 question; the application for the first round of inquiries after the first round of inquiries was retreated.

Time is eliminated again, and the non -retreat rate of CITIC Securities has also increased significantly.According to Wind data, CITIC Securities was 7.62%in 2022, and took the initiative to withdraw from 20.The no rate in 2023 was 16.67%, and the number of withdrawals from the initiative reached 41.

Even if the company that has been successfully listed through the Spoken Securities sponsored, the market performance is not satisfactory.In 2023, CITIC Securities sponsored 30 companies. So far, 21 of them have fallen below the issue price, with a breaking rate of 70%.Compared with this, in 2023, CITIC Securities' underwriting sponsored pure profit was 2.81 billion yuan.

In an interview with the media, CITIC Securities said that the break rate of the sponsor IPO project is at the average market. The break is mainly affected by the overall downward settlement of the secondary market, which is not directly related to the sponsor company itself.

However, the above statement is difficult to convince the public.

For example, the*ST Zuojiang, which was once known as the "most expensive ST stock in history", and the highest in the history of issuance, and quickly "getting rich" by the listing, the stock price has gone through a mountain car shock.Essence

Today, the demon stocks*ST Zuojiang have been informed by the Securities Regulatory Commission and suspected of being fraudulent in major financial fraud. After the Homai shares were super -raised, it announced nearly 4.5 billion financial management on the day of listing.

This also makes some shareholders doubt what the quality of CITIC Securities is the quality of the practice of CITIC Securities. While earning sponsor profits, does it effectively practice the responsibility of the "watchman"?

Specifically, it is specific to the settlement of regulatory penalties. In 2023, CITIC Securities and their employees were warned by regulatory warnings due to business violations.

In January 2023, the Shanghai Stock Exchange supervised and warned by CITIC Securities Bao Shaochun and Lu Ming, and pointed out that the two had the same situation in the IPO project of Huada Intelligence's Intelligent Manufacturing.

2023 4In the month, Xu Xin and Song Yongxin, the Bao Dai of CITIC Securities, were taken out of the Tibetan Securities Regulatory Bureau with a warning letter, and the next month was regulated by the Shanghai Stock Exchange.The reason is that, as a sponsor, CITIC Securities has not been in place in the continuous supervision work of related parties and affiliated transactions in June 2017 to June 2018.

In September 2023, the Securities Regulatory Commission reported on the decision to take supervision and conversation measures on CITIC Securities, and had a warning letter from Zhang Jian, the head of the financial advisory department of CITIC Securities.Jiao Yanyan was also taken administrative measures for regulatory conversations.The reason is that CITIC Securities found a number of violations in the process of acquiring Smart Sea Pai Technology Co., Ltd.'s major asset reorganization financial advisory in the acquisition of Smart Haipai Technology Co., Ltd.

On January 12, 2024, CITIC Securities received a warning letter from the Securities Regulatory Commission due to violations of investment banking.Its sponsor Hengyi Petrochemical Co., Ltd.'s convertible bond projects have lost money in the year of the issuance and listed, and at the same time, the operating profit fell by more than 50%compared with the previous year.On the same day, two CITIC Securities Mao Zongxuan and Zhu Wei were taken administrative supervision measures for regulatory conversations by the Securities Regulatory Commission.

Two -consecutive revenue profit

On March 26, CITIC Securities, which is on the cusp of the wind, released the 2023 annual report.

During the reporting period, CITIC Securities realized operating income of 60.68 billion yuan, a decrease of 7.74%year -on -year; the net profit attributable to shareholders of the parent company was 19.721 billion yuan, a decrease of 7.49%year -on -year.Weighted average net assets yield of 7.81%, a decrease of 0.86 percentage points year -on -year.

It is worth noting that this is already the net profit of CITIC Securities for two consecutive years. In 2022, the company's operating income and net profit of returning home were 14.92%and 7.72%, respectively.

In terms of business sector, in 2023, CITIC Securities brokerage brokerage, asset management and securities underwriting business created a revenue of 15.201 billion yuan, 10.846 billion yuan, and 6.246 billion yuan, respectively, a year -on -year decrease of 7.81%, 10.99%, and 26.61%.

The investment banking business, which trigger public opinion storms, is also obvious.Judging from the annual report, in 2023, its investment banking business achieved net income of 6.293 billion yuan, a year -on -year decrease of 27.28%.

Among them, the company completed 34 IPO projects, with the main inheritance scale of 50.033 billion yuan, a decrease of 66.61%year -on -year, and the market share dropped from 25.53%in 2022 to 14.03%.

However, the leader of CITIC Securities is still there.Taking the issuance day as a caliber, the A -share IPO share of CITIC Securities ranked first in the industry in 2023.

The pressure on CITIC Securities on the performance side, the reason for Tian Lihui, the dean of the Institute of Financial Development of Nankai University."The current market environment is complex and changing, the homogeneity of domestic securities firms is serious, the demand for wealth management for wealth management is increasingly diversified and personalized, and the brokerage industry is fiercely competitive. More importantly, the regulatory authorities have proposedTo higher requirements, regulatory policies are tightened, and CITIC Securities needs to strengthen internal management and risk control.

For the storm of public opinion that is happening, Tian Lihui told China News Weekly that the performance in the Liangang Optoelectronics Substitute is just the fuse. CITIC Securities should use this public opinion storm to examine themselves and enhance competitiveness, strengthen their own themselvesConstruction and management.

How to get out of the public opinion storm and truly be the role of "seeing the door" as soon as possible?China News Weekly has contacted CITIC Securities on related issues, and has not received a reply as of press time.

Author: Yu Shengmei