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[Guo Cheng Investment Guideline] New regulations for public offering transactions are released, and the theme of mergers and acquisitions of securities firms continues to interpret

2024-03-05 03:14:21 130



event


The热门话题 reform of public offering transaction management was officially released, and brokers studied the competitive pattern or welcomed a huge change.On December 8th, the CSRC publicly solicited opinions on the "Regulations on Strengthening the Management of Securities Investment Fund Securities Trading Management (Draft for Solicitation)" on December 8. The main content includes: first, the securities transaction commission rate of public fundraising funds reasonably; secondIt is the upper limit of the proportion of securities transaction commission distribution; the third is to strengthen the supervision of public fund securities transaction commission distribution; fourth, to clarify the disclosure requirements of the annual summary expenditure of public fund manager's securities transaction commission.


Core view


We believe that the main impacts are: the research business may have significant pressure. Taking 23H1 as an example, the overall commission rate of public offerings may fall to about 40%, and the corresponding commission has decreased by more than 40%;The upper limit of commission distribution ratio is reduced from 30%to 15%. This regulation may reduce the concentration of public offerings on seller commission distribution, and the securities firms that control the public offerings may be affected to a certain extent.In summary, the reform of public offering transaction management has brought back to the research business of securities firms, and the research business competition pattern of securities firms or changes in great changes. Research resources and commissions income may be further concentrated in the strong research strength.Zhejiang Business Securities transferred the equity of Guodu Securities, and the main line of mergers and acquisitions of the securities sector continued to perform.



On December 9th, the Zhejiang Shang Securities issued an announcement that the total equity of the total transfer of 19.15%of the shareholders of Guodu Securities was intended to transfer the transfer of Guodu Securities. It is expected to become the largest shareholder of Guodu Securities.The integration of resources, give play to the company's existing business advantages and the cooperation effect of Guomu Securities' business, and enhance the company's competitiveness.At the beginning of November, the CSRC stated that it will support the first -class investment banks through business innovation, group operations, and mergers and acquisitions.We believe that regulatory encouraging the industry to purchase mergers and purchases is expected to be opened again, and the theme of mergers and acquisitions in the securities sector may continue to perform.


Investment Strategy


It is recommended to pay attention to the high -elastic opportunity of the Q4 of the brokerage sector Q4 and high elastic opportunities after the bottom of the market.


The above -mentioned individual stocks are only used as teaching cases, and they do not constitute investment advice, and are for reference learning.


Reference source: December 14, 2023 Yongxing Securities and Securities Industry Weekly: New regulations for public offerings are released, and the theme of the mergers and acquisitions of securities firms continues to interpret






Special statement: The content of the article is for reference only and does not constitute investment advice.Investors operate accordingly and risk themselves.


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