CSC Financial

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Not to be confused with China Securities Finance.
For Hong Kong brokerage firm, see China Securities Holdings.
CSC Financial Co., Ltd.
China Securities
public
Traded as
ISIN CNE100002B89
Industry Financial services
Predecessor China Securities Co., Ltd.
Founded 2005
Founder
Headquarters Beijing, China
Area served
mainland China, Hong Kong
Services
Revenue Increase CN¥19.011 billion (2015)
Increase CN¥11.461 billion (2015)
Profit Increase CN¥8.639 billion (2015)
Total assets Increase CN¥183.188 billion (2015)
Total equity Increase CN¥30.106 billion (2015)
Owner
Website www.csc108.com
Footnotes / references
in a consolidated basis; in Chinese accounting standards; ownership as at 8 December 2016[1][2][3]
CSC Financial Co., Ltd.
Simplified Chinese 中信建投证券股份有限公司
Traditional Chinese 中信建投證券股份有限公司
Literal meaning CITIC – Jianyin Investment Securities Company Limited by Shares
China Securities
Simplified Chinese 中信建投证券
Traditional Chinese 中信建投證券

CSC Financial Co., Ltd. trading as China Securities, is a Chinese investment bank and brokerage firm established by CITIC Securities and China Jianyin Investment in 2005 in a 60–40 ratio, as a successor of bankrupted China Securities Co., Ltd. (CSC). However, the firm now majority owned by Jianyin Investment's parent company Central Huijin Investment and an asset managing subsidiary of Beijing Municipal People's Government (zh).

The company registered in Hong Kong as a foreign incorporated company as China Securities Finance Co., Ltd. on 28 July 2016 and CSC Financial Co., Ltd. on 20 October, the latter was used in the IPO of CSC's H share. An unrelated company registered the name China Securities Co., Ltd. in Hong Kong in 2014[4] in order to prospecting the chance that CSC bought back the name. The unrelated company was filed for struck off for dormant[4] (and would be dissolved) by Hong Kong's Companies Register using the power of Chapter 622 Section 745 2.(b) of Hong Kong Law in September 2016.[5]

History[edit]

[old] China Securities Co., Ltd. (1992–2005)[edit]

logo of old China Securities

The predecessor of CSC Financial Co., Ltd. was incorporated in 1992 as China Securities Co., Ltd. (CSC) (Chinese: 华夏证券; pinyin: Huáxià zhèngquàn; literally: "Huaxia Securities"). Huaxia Securities established a subsidiary in Hong Kong as China Securities (International) Limited in 1994[4] (the stake was at first held by Huaxia Securities' chairman Shao Chun (Chinese: 邵淳) and CEO Deng Xi (Chinese: 邓其) as proxies;[6] China Securities (International) became dormant since 2010[4]).

As at 31 December 2004, state-owned enterprise Beijing State-owned Assets Management Co., Ltd. owned 29.82% stake of Huaxia Securities. The enterprise, which was a subsidiary of Beijing Municipal Government (zh), also owned 33.87% stake of Beijing Securities, 20.07% stake of the Bank of Beijing, 46.67% stake of Beijing International Trust, 40.725% stake of China Asset Management (Chinese: 华夏基金管理; literally: "Huaxia Fund Management") and the predecessor of insurance company Old Mutual – Guodian for 50.00% stake, making the enterprise owned several financial and non-financial associate companies as a mega conglomerate.[7] However, Hua Xia Bank, was partially owned by Shougang (a direct subsidiary of State-owned Assets Supervision and Administration Commission (SASAC) of Beijing Municipal Government at that time) for 14.29%[8] and other companies instead.

However, after several scandal which the staff illegally made investment without the consent of their client, Huaxia Securities went bankrupted (as in 2016 the firm was still being liquidated).

[new] China Securities Co., Ltd. (2005–)[edit]

A new firm with the same English trading name China Securities but different Chinese name (Chinese: 中信建投证券; literally: "CITIC Jianyin Securities") established by CITIC Securities and China Jianyin Investment in 2005[9] and receiving the client from the old firm, but did not bear any legal responsibility of the old firm.

In 2010, as CITIC Securities also had their own license, CITIC Securities was requested by China Securities Regulatory Commission to sell all but one subsidiary, including China Securities Co., Ltd. (CITIC Securities was allowed to keep at most kept 7% stake of CSC; CITIC Securities (Shandong) was kept as subsidiary, Kington Securities was put on the market),[10] which 45% was acquired by Beijing State-owned Capital Operation and Management Center (BSCOMC, Chinese: 北京国有资本经营管理中心) for CN¥7.290 billion and 8% by Century Golden Resources Group for CN¥1.296 billion through public offering on Beijing Financial Assets Exchange,[11] making SASAC of Beijing Municipal Government returned as the largest shareholder. In the same year China Jianyin Investment transferred the stake its held to Jianyin Investment's parent company Central Huijin Investment, a subsidiary of the State Council of the People's Republic of China. In 2011 China Securities was reincorporated as a joint-stock company with limited liabilities. (Chinese: 股份有限公司) In 2016 Century Golden Resources Group sold most of its stake to Shannan Jinyuan (4.92%) and Shanghai Shangyan (2.47%).[2]

In 2007 China Securities acquired the remaining stake of China Futures Co., Ltd. from other shareholders.

On 12 July 2012 China Securities re-established its Hong Kong subsidiary as China Securities (International) Finance Holding.[4][12] The holding itself also forming several subsidiaries.

According to the company, China Securities was ranked 4th by underwriting 135 companies in National Equities Exchange and Quotations.[1]:16

In November 2016, China Securities started the global offering for its new H shares that would be floated on the Hong Kong Stock Exchange. The Price was set at HK$ 6.81. Cornerstone investors subscribed 57.38% of the H shares, which equal to 9.47% total share capital of CSC. The largest H share shareholder was Glasslake Holdings, an indirect wholly owned subsidiary of CITIC Limited, which was the largest shareholder of CITIC Securities.[3]

Name[edit]

On 20 October 2016 China Securities registered its English name in Hong Kong's Companies Register as CSC Financial Co., Ltd.. Its original English trading name which was used in mainland China, China Securities Co., Ltd., was already registered by others in Hong Kong on 21 May 2014 (but with different Chinese name Chinese: 中國證券國際), as well as the present of unrelated company China Securities Holdings (Chinese: 中國証券控股), a small brokerage firm which used the name since 27 February 2012. Despite both companies were now being dissolved. China Securities Holdings ceased business on 31 December 2012 and the former staff was suspended by the Securities and Futures Commission of Hong Kong due to poor management.[13]

CSC Financial also used China Securities Finance Co., Ltd. as the registered name in Hong Kong from July to October 2016. However, it was in fact the trading name of another financial services company of the mainland China.

The predecessor of CSC Financial, China Securities aka Huaxia Securities, was named after Huaxia.

The new Chinese name of China Securities since 2005, literally CITIC – Jianyin Investment Securities, were in fact came from China International Trust and Investment Corporation (the founder of CITIC Securities) and China Construction Bank (the short name of the bank in pinyin was Jiàn yín; China Jianyin Investment was a spin-off of Construction Bank)

Subsidiaries[edit]

As of 31 December 2015
  • China Capital Management Co., Ltd. (100%)
  • China Fund Management Co., Ltd. (55%)
  • China Futures Co., Ltd. (100%)
  • China Securities (International) Finance Holding Co., Ltd. (100%)

Financial data[edit]

in a consolidated financial statements (in CN¥)
Year Revenue Profit Assets Equity
2005[14] 0000039 million 00(195 million) 00009.243 billion Decrease 02.504 billion
2006 (restated)[15] Increase 01.690 billion Increase 0315 million Increase 023.295 billion Increase 02.820 billion
2007[15] Increase 07.741 billion Increase 2.450 billion Increase 063.794 billion Increase 05.365 billion
2008[16] Decrease 04.130 billion Decrease 1.739 billion Decrease 035.818 billion Decrease 05.214 billion
2009[17] Increase 06.082 billion Increase 2.617 billion Increase 066.005 billion Increase 07.310 billion
2010[18] Decrease 05.681 billion Decrease 2.161 billion Increase 068.104 billion Increase 09.426 billion
2011[19] Decrease 04.000 billion Decrease 1.212 billion Decrease 048.506 billion Increase 10.500 billion
2012[20] Increase 04.430 billion Increase 1.342 billion Increase 049.885 billion Increase 11.935 billion
2013[21] Increase 05.650 billion Increase 1.787 billion Increase 067.410 billion Increase 13.091 billion
2014[22] Increase 08.587 billion Increase 3.407 billion Increase 123.406 billion Increase 16.669 billion
2015[1] Increase 19.011 billion Increase 8.639 billion Increase 183.188 billion Increase 30.106 billion
2016

Rankings[edit]

2015 ranking within mainland China:[23]

  • by total assets: 11th
  • by net assets: 14th
  • by operating income: 10th
  • by net profit: 10th
  • by return of equity: 15th
  • by net revenue of asset management (in group basis): 12th
  • by net revenue of investment banking (in group basis): 2nd
  • by net revenue of underwriting and sponsorship (in group basis): 3rd
  • by numbers of shares underwritten (in group basis): 2nd
  • by value of underwritten shares (in group basis): 3rd

See also[edit]

  • UBS Securities, another company owned by Beijing Municipal People's Government
  • China Investment Securities, wholly owned subsidiary of China International Capital Corporation, founded by China Jianyin Investment

References[edit]

  1. ^ a b c "2015 年度财务报告" [2015 Annual Report] (PDF) (in Chinese). CSC Financial Co., Ltd. 28 April 2016. Retrieved 12 November 2016. 
  2. ^ a b "Pospectus" (PDF). CSC Financial. Hong Kong Stock Exchange. 29 November 2016. Retrieved 29 November 2016. 
  3. ^ a b "ANNOUNCEMENT OF OFFER PRICE AND ALLOTMENT RESULTS: Summary" (PDF). CSC Financial. Hong Kong Stock Exchange. 8 December 2016. Retrieved 16 December 2016. 
  4. ^ a b c d e Companies Register filings
  5. ^ http://www.cr.gov.hk/en/companies_ordinance/docs/part15-e.pdf
  6. ^ 1996 Annual Return, Companies Register filing
  7. ^ "2004 Annual Report". Beijing State-owned Assets Management (in Chinese). Chinabond.com.cn. 3 December 2007 [Written on 10 March 2005]. Retrieved 29 November 2016. 
  8. ^ "2004 Annual Report" (PDF). Hua Xia Bank. 18 April 2005. Retrieved 29 November 2016. 
  9. ^ "CITIC, Jianyin set up joint ventures". China Daily. republished by gov.cn. 14 September 2005. Retrieved 29 November 2016. 
  10. ^ "2010 年第一次临时股东大会文件" (PDF). CITIC Securities (in Chinese). Shanghai Stock Exchange. 8 June 2010 [Written on 7 June 2010]. Retrieved 29 November 2016. 
  11. ^ "关于挂牌转让中信建投证券有限责任公司股权的进展情况公告" (PDF). CITIC Securities (in Chinese). Shanghai Stock Exchange. 30 July 2010 [Written on 29 July 2010]. Retrieved 29 November 2016. 
  12. ^ "About China Securities (International)". China Securities (International) Finance Holding. Retrieved 29 November 2016. 
  13. ^ "SFC reprimands and fines China Securities Holdings Limited $1.3 million and banned its responsible officer for 27 months". Securities and Futures Commission. 15 August 2013. Retrieved 29 November 2016. 
  14. ^ "2006年度财务报告" (in Chinese). CSC Financial. 2007 [circa]. Retrieved 14 February 2017. 
  15. ^ a b "2007年度审计报告" (in Chinese). CSC Financial. 2008 [circa]. Retrieved 14 February 2017. 
  16. ^ "2008年度审计报告" (in Chinese). CSC Financial. 2009 [circa]. Retrieved 14 February 2017. 
  17. ^ "2009年度审计报告" (in Chinese). CSC Financial. 2010 [circa]. Retrieved 14 February 2017. 
  18. ^ "2010 Annual Report" (PDF) (in Chinese). CSC Financial. 25 March 2011. Retrieved 29 November 2016. 
  19. ^ "2011 Annual Report" (PDF) (in Chinese). CSC Financial. 2012 [circa]. Retrieved 29 November 2016. 
  20. ^ "2012 Annual Report" (PDF) (in Chinese). CSC Financial. 2013 [circa]. Retrieved 29 November 2016. 
  21. ^ "2013 Annual Report" (PDF) (in Chinese). CSC Financial. 18 April 2014. Retrieved 29 November 2016. 
  22. ^ "2014 Annual Report" (PDF) (in Chinese). CSC Financial. 28 April 2015. Retrieved 29 November 2016. 
  23. ^ "2015年度证券公司经营业绩排名情况" (PDF) (in Chinese). Securities Association of China. 6 June 2016. Retrieved 14 February 2017. 

External links[edit]