Pacific Securities

The Pacific Securities Co., Ltd. is a Chinese investment bank and brokerage firm. The company is listed on the Shanghai Stock Exchange.

Not to be confused with China Pacific Insurance Company.
Pacific Securities
TypePublic
IndustryFinancial services
PredecessorYunnan Securities
Founded2004
Headquarters
China
Area served
  • Mainland China
  • North America
  • Southeast Asia
Key people
Zheng Yanan (Chairman)
Services
  • Asset management
  • Investment banking
  • Brokerage
  • Direct investment
RevenueIncrease CN¥2.743 billion (2015)
Increase CN¥1.442 billion (2015)
Increase CN¥1.133 billion (2015)
Total assetsIncrease CN¥34.092 billion (2015)
Total equityIncrease CN¥7.402 billion (2015)
Websitetpyzq.com
Footnotes / references
in a consolidated basis, excluding minority interest[1]
The Pacific Securities Co., Ltd.
Simplified Chinese太平洋证券股份有限公司
Traditional Chinese太平洋證券股份有限公司
Pacific Securities
Simplified Chinese太平洋证券
Traditional Chinese太平洋證券
Second alternative Chinese name
Simplified Chinese太平洋
Traditional Chinese太平洋
Literal meaningPacific
Third alternative Chinese name
Simplified Chinese太证
Traditional Chinese太證

As on 28 November 2016, The Pacific Securities is a constituent of CSI 300 Index (and mid-cap sub-index CSI 200 Index) and SSE 180 Index.

The company controls a SPAC listed on NASDAQ. The company also owns 39% stake in Lao-China Securities, a company based in Vientiane, capital and largest city of Laos.[1]

History

The Pacific Securities was founded in 2004 and received the clients of bankrupted Yunnan Securities. In April 2007 it was converted to company limited by shares,[2] with a nominal value of CN¥1 each.

It was reported that Xiao Jianhua was behind the operation on listing the company to Shanghai Stock Exchange in 2007.[3] Irregularity was founded after, by-then vice-governor of China Development Bank, Wang Yi (Chinese: 王益) was arrested.[4] Wang was the vice-chairman of China Securities Regulatory Commission (CSRC) until 1999.[5]

In December 2007, the largest shareholder of the Pacific Securities was the consortium of Beijing Ximeng Real Estate (13.34%), Beijing Huaxin Liuhe Investment (13.20%), China Foreign Economy and Trade Trust (FOTIC, 10.00%), UOB Mainland Investment[nb 1] (6.67%),[nb 2] Yunnan State-Owned Assets Management[nb 1] (3.33%) and CMST Development (SSE: 600787, 3.33%).[7] The Pacific Securities also exchanged its shares with the shares of Unida (former code SSE: 600181), a company delisted in 2007.[7] Other major shareholders were Puhua Investment (10.00%),[nb 1] Taishan Xiangsheng[nb 1] (10.00%), "China Energy Development Electricity (Group)"[nb 1][nb 3] (6.67%) and "Heilongjiang Century Huarong Investment Management"[nb 1] (5.77%)[7] Those shareholders owned 82.31% shares, with 36 months restriction to sell.[7]

5 out of 6 companies renewed the shareholders' agreement in March 2010 (FOTIC withdrew), as well as "Yunnan State-Owned Assets Management" transferred part of its stake to another Yunnan Government-owned company: Yunnan Industrial Investment Group (Chinese: 云南省工业投资控股集团).[9] The consortium owned 39.88% shares of the company as the largest shareholder, as well as the chairman of the Pacific Securities, Zheng Yanan (Chinese: 郑亚南), was also the chairman of UOB Mainland Investment.[10] However, the consortium sold most of their shares since 2011 (decreased to 32.68% in December 2011,[10] 25.38% in December 2012[11])

The shareholders' agreement was expired again in March 2013, which only Huaxin Liuhe increased its shares (from 10.83% to 10.89%),[12] as well as Yunnan Industrial Investment Group retained its 3.19% shares;[12] Beijing Ximeng Real Estate, UOB Mainland Investment and CMST Development sold their 7.62%,[12] 2.31%[12] and 1.42%[12] shares to 3.79%,[12] 0.31%[13] and unknown level respectively. It was reported that Pacific Securities was ranked the least among the listed "securities firms" of China, in term of revenue of the first half of 2013.[14]

In 2012 the Pacific Securities founded a joint venture in Laos.[15]

In April 2014 the company recapitalized for CN¥3.759 billion (CN¥5.37 each) by a non-public offering.[16][17] Each old share also received 0.5 new share in December that year (by converting the share premium into share capital), making the share capital had increase from 1,653,644,684 to 3,530,467,026.[18]

Shareholders

As at 31 December 2015, the only shareholder with more than 5% shares was Beijing Huaxin Liuhe Investment for 12.75% (450,248,500). Despite 225 million of them were restricted to sell (until 21 April 2019), more than half of its shares (251,020,000) were pledged (Chinese: 质押),[1] to China Fortune International Trust (160 million restricted shares) since December 2015,[19][20] to China Merchants Securities (51.98 million free-floating shares)[21][22] since March–April 2015, as well as pledged to other companies. The shares pledged to China Merchants Securities, all of them were also pledged to the same investment bank from March 2014 to February 2015 (108 million shares free-floating shares);[23] the shares pledged to China Fortune International Trust, were also pledged to New China Fushi from April 2014 to November–December 2015 (225 million restricted shares).[19][24]

The second largest shareholder (Chinese: 大连天盛硕博科技), which owned 4.25% shares (150 million), is a private company based in Dalian. The company bought 100 million number of shares from non-public offering for CN¥5.37 each[17] (before 0.5 additional new shares to each 1 old share). However, the company also pledged 140 million shares as at 31 December 2015.[1]

Financial data
in a consolidated basis (in CN¥)
Year Revenue Profit Earning per share Total assets Net assets NAV per share
2004[7]000015 million(16 million)(0.0244)0001.010 billionDecrease 0649 millionDecrease 0.98
2005 (restated)[25]Increase 0023 millionDecrease (201 million)Decrease (0.302)Decrease 00790 millionDecrease 0448 millionDecrease 0.67
2006 (restated)[25]Increase 0231 millionIncrease 132 millionIncrease 0.198Increase 01.461 billionIncrease 0580 millionIncrease 0.87
2007[25]Increase 1.052 billionIncrease 609 millionIncrease 0.452Increase 04.933 billionIncrease 2.025 billionIncrease 1.35
2008[26]Decrease (387 million)Decrease (645 million)Decrease (0.429)Decrease 03.493 billionDecrease 1.380 billionDecrease 0.92
2009[27]Increase 0835 millionIncrease 405 millionIncrease 0.270Increase 05.959 billionIncrease 1.785 billionIncrease 1.19
2010[9]Decrease 0675 millionDecrease 204 millionDecrease 0.136Decrease 05.856 billionIncrease 1.959 billionIncrease 1.30
2011[10]Decrease 0666 millionDecrease 157 millionDecrease 0.104Decrease 04.940 billionIncrease 2.116 billionIncrease 1.41
2012[11]Decrease 0526 millionDecrease 70 millionDecrease 0.043Decrease 04.480 billionIncrease 2.135 billionDecrease 1.29
2013[12]Decrease 0486 millionIncrease 75 millionIncrease 0.045Increase 04.630 billionIncrease 2.183 billionIncrease 1.32
2014[18]Increase 1.359 billionIncrease 543 millionIncrease 0.171Increase 14.190 billionIncrease 6.402 billionIncrease 1.81
2015[1]Increase 2.743 billionIncrease 1.133 billionIncrease 0.321Increase 34.092 billionIncrease 7.402 billionIncrease 2.10
2016
  • Note, share capital and number of shares had changed in 2007, 2012 and 2014

Footnotes
  1. No official English name was known, English translation was for indication only.
  2. Chinese: 大华大陆投资, A company 40.1% owned by Chinascholars Group (SZSE: 000547, now known as Addsino) and 19.9% by UOB Venture Management (Shanghai) (Chinese: 优欧弼投资管理(上海)), a wholly owned subsidiary of United Overseas Bank;[6] the rest (40%) was owned by a private company (Chinese: 北京新荣拓展投资管理).
  3. the Chinese name was changed from Chinese: 中能发展电力(集团) to Chinese: 中能发展实业 in 2011;[8] according to the National Enterprise Credit Information Publicity System, it was 40% owned by a wholly owned subsidiary (Chinese: 中节能科技投资) of state-owned China Energy Conservation and Environmental Protection Group until mid-2014.

References
  1. "2015 Annual Report" (PDF). The Pacific Securities (in Chinese). Shanghai Stock Exchange. 5 March 2016. Retrieved 9 February 2017.
  2. 关于太平洋证券有限责任公司变更为股份有限公司及增资扩股的批复 (in Chinese). China Securities Regulatory Commission. 6 April 2007. Retrieved 10 February 2017.
  3. Barboza, David; Forsythe, Michael (June 3, 2014). "With Choice at Tiananmen, Student Took Road to Riches". The New York Times. Retrieved February 1, 2017.
  4. "Death penalty for corrupt banker". The Shanghai Daily. 16 April 2010. Retrieved 9 February 2017.
  5. 国开行原副行长王益承认受贿 牵出两女明星. The Peninsula Morning Post (in Chinese). Re-published by SOHU. 31 March 2010. Retrieved 10 February 2017.
  6. "2007 Annual Report" (PDF). United Overseas Bank. 7 April 2008. Retrieved 10 February 2017.
  7. "A 股股票上市公告书" (PDF). The Pacific Securities (in Chinese). Shanghai Stock Exchange. 27 December 2007. Retrieved 9 February 2017.
  8. 企业名称核准公告 (in Chinese). State Administration For Industry & Commerce. 25 April 2011. Retrieved 9 February 2017.
  9. "2010 Annual Report" (PDF). The Pacific Securities (in Chinese). Shanghai Stock Exchange. 22 April 2011. Retrieved 9 February 2017.
  10. "2011 Annual Report" (PDF). The Pacific Securities (in Chinese). Shanghai Stock Exchange. 27 April 2012. Retrieved 10 February 2017.
  11. "2012 Annual Report" (PDF). The Pacific Securities (in Chinese). Shanghai Stock Exchange. 25 April 2013. Retrieved 10 February 2017.
  12. "2013 Annual Report" (PDF). The Pacific Securities (in Chinese). Shanghai Stock Exchange. 29 April 2014. Retrieved 10 February 2017.
  13. "2013 Annual Report" (PDF). CMST Development (in Chinese). Shanghai Stock Exchange. 7 March 2014. Retrieved 10 February 2017.
  14. 上市券商上半年业绩两极分化 净利占全行业半壁江山. China Securities Journal (in Chinese). Re-published by Sina. 3 September 2013. Retrieved 10 February 2017.
  15. 关于核准太平洋证券股份有限公司在老挝人民民主共和国设立合资证券公司的批复 (in Chinese). CSRC. 22 November 2012. Retrieved 10 February 2017.
  16. 关于核准太平洋证券股份有限公司非公开发行股票的批复 (in Chinese). CSRC. 3 January 2014. Retrieved 10 February 2017.
  17. 非公开发行股票发行结果暨股本变动公告 (PDF). The Pacific Securities (in Chinese). Shanghai Stock Exchange. 22 April 2014. Retrieved 10 February 2017.
  18. "2014 Annual Report" (PDF). The Pacific Securities (in Chinese). Shanghai Stock Exchange. 5 March 2015. Retrieved 10 February 2017.
  19. 股份质押解除及股份质押公告 (PDF). The Pacific Securities (in Chinese). Shanghai Stock Exchange. 3 December 2015. Retrieved 10 February 2017.
  20. 股份质押公告 (PDF). The Pacific Securities (in Chinese). Shanghai Stock Exchange. 10 December 2015. Retrieved 10 February 2017.
  21. 关于股东进行股票质押式回购交易的公告 (PDF). The Pacific Securities (in Chinese). Shanghai Stock Exchange. 31 March 2015. Retrieved 10 February 2017.
  22. 关于股东进行股票质押式回购交易的公告 (PDF). The Pacific Securities (in Chinese). Shanghai Stock Exchange. 7 April 2015. Retrieved 10 February 2017.
  23. 关于股东股票质押式回购交易提前购回的公告 (PDF). The Pacific Securities (in Chinese). Shanghai Stock Exchange. 27 February 2015. Retrieved 10 February 2017.
  24. 股份质押解除公告 (PDF). The Pacific Securities (in Chinese). Shanghai Stock Exchange. 15 December 2015. Retrieved 10 February 2017.
  25. "2007 Annual Report" (PDF). The Pacific Securities (in Chinese). Shanghai Stock Exchange. 25 April 2008. Retrieved 10 February 2017.
  26. "2008 Annual Report" (PDF). The Pacific Securities (in Chinese). Shanghai Stock Exchange. 11 April 2009. Retrieved 10 February 2017.
  27. "2009 Annual Report" (PDF). The Pacific Securities (in Chinese). Shanghai Stock Exchange. 24 April 2010. Retrieved 10 February 2017.
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