The National Team Should Adjust Its Shareholding Strategy. The Investment Platform Of The Safe Should Not Be Related To The Certificate.

There have been reports in the near future that a new member of the national security team, the three largest investment platform of the safe, has taken over some of the shares of the certificate company, and is suspected of "debt repayment by shares".

Another argument is that the company is quietly withdrawing.

Securities Times Xiaobian believes that the shareholding strategy of the company has changed, but it can not be said that it has already withdrawn.

On the surface,

Withdrew from the list of top 10 shareholders of several companies.

However, during the two sessions this year, the chairman of the SFC, Liu Shiyu, made a direct response. "In the future, it will be too early to discuss the withdrawal of CSI."

The occasion of Liu Shiyu's reply was the press conference of the four session of the twelve National People's Congress. The specifications were very high, and at that time Liu Shi Yu's media was officially "the first show", which could still be believed as the new chairman of the SFC.

In addition, Liu Shiyu said, "some unconventional temporary measures have been withdrawn or are withdrawing from the capital market after self repair."

Specifically, the "unconventional temporary measures" are not known, but the national team has made some adjustments to the shareholding structure.

1.

Huijin Investment Limited liability company (hereinafter referred to as Huijin Investment) pferred the newly increased share holdings in the three quarter to the Central Huijin asset management company (hereinafter referred to as "Huijin information management"). It was established in November 6, 2015 and its registered capital is 5 billion yuan. It is a wholly owned subsidiary of Huijin Investment. Its business scope is asset management, project investment and investment management, and the registration authority is the Dongcheng sub Bureau of Beijing industry and Commerce Bureau.

To set up a node, Huijin information management is specially designed to take over Huijin's new holdings in the three quarter of 2015, and its business scope also shows that it specializes in asset management business.

In contrast, Huijin's main responsibility is to accept the State Council's authorization to invest in state-owned key financial enterprises and other related businesses approved by the State Council.

"In special times"

"It is not a regular business, and it is more reasonable to pfer it to a subsidiary who specializes in asset management.

2, the shareholding strategy has changed.

For example, in October 2015, due to the holding of the national team and the potential limit of 13 consecutive trading boards, the three annual CSI financial asset management plan was missing in the 2015 annual report, while Huijin Investment became Huijin information management. The first largest shareholder of the first evil stock, Mei Yan, was no longer a gold medal company, but became a natural Liao Junfa. The Huijin information management company was listed as the fourth largest shareholder. However, the shareholding ratio had declined. Among the top 10 shareholders of the Nanjing high tech three quarterly report, there were 10 CSI financial information management plans, and only 3 in the annual report.

Media reports reported that the three largest investment platforms of the safe, Indus tree investment, Fengshan investment and Kunto investment listed companies, the card company has carried out a considerable reduction in proportion, and the suspected gold companies were forced to repay their debts with shares under the pressure of repayment.

The securities times Xiaobian believes that this statement is simply a link between the two phenomena, which is not convincing.

Although the number of certificates decreased and the number of investment platforms held by the safe was quite similar, none of them was exactly the same. The Bank of communications also showed that the number of investment holdings of Indus tree was more than that of the certificate companies.

On the other hand, the national team's rescue funds cost more than trillion, and the data disclosed now show that the market capitalization of these three platforms is about 30 billion yuan.

It is not necessary for a card company to "pay debts in stocks".

Safe belongs to the central bank, and a substantial part of the fund is actually from the central bank.

The central bank has 100 ways to lend money to the certification company, but the possibility of the safe through the "foreign exchange" attribute is very small, and it will also involve the "two settlement" problem.