subject: Suning Appliance Denied To "take Over" China Equity Fund - Suning Appliance, China Fund - [print this page] For resale of another 51% stake in Chinese fund new developments. Yesterday (April 29) there is news that there will be five buyers together then set, including a U.S. fund and
Suning Electric (002024) and other domestic companies, each taking about 10% share. However, securities transaction on behalf of Suning Appliance denied yesterday.
Suning Appliance denied "take over"
Media sources cited above, said CITIC Securities to sell 51% stake in China fund. After the transfer is still the China CITIC Securities Fund's largest shareholder, holding the same position as the absolute. However, the time needed to complete the relevant procedures, the program also be approved by the SFC.
CITIC Securities reporter called the responsible person is in Hong Kong business leader said that all of the subject rests notice, comment on the current inconvenience. Suning Appliance securities on behalf of the Han Feng yesterday in an interview that said he was surprised by the rumors, saying that can not understand, from her job status, the "never heard of this." Han Feng deliberately, Suning Appliance and CITIC Securities is no recent contact, so then the issue is set China Equity Fund "groundless."
A source told reporters on the Post, as stock transfer imminent, CITIC Securities did better in the search for some relationship, sufficient amount of funds connected with large domestic firms for the time being set. Earlier periods of foreign news reports that the U.S. fund company T. RowePrice talks with CITIC Securities, which the transferee intends to fund part of the stake held by China, the related due diligence has been completed.
"CITIC Securities is looking for the best way to assign a company registered in the outside access disk, so that China fund joint venture fund management company transfiguration." Many of the trade were held this view. The way this transfer has also been made in the Fellow to the valuation of CITIC Securities reached a "consensus."
China within three months Can not develop new products Rigid target under domestic control, the fund management company shareholders, the highest proportion of capital contribution shall not exceed 49%, but the Chinese joint venture fund management company shareholders are not limited proportion of capital contribution. But the transfer deadline from April 1 this year, dragged on July 1.
In CITIC Securities on the evening of April 7 this year, the notice published in the show, the Commission has limited the last time on July 1 this year, CITIC Securities will have to complete the China fund management companies equity issues norms, if still can not be standardized, the Commission will fund the Department of the China Fund and the appropriate company to take further regulatory measures.
Prior to this, for equity transfer exceed the prescribed time limit (the previous time this year on April 1), the SFC is the most prestigious domestic funds only taken punitive measures?? Addition to social security and pension management outside , China Fund for the launch of the new business of ordinary investors have been suspended. Including the approval of the Hang Seng Index ETF products have also been placed in a waiting phase.
CITIC Securities executives in an interview that when they open a "reluctantly must sell" attitude. The executives said the current China CITIC Securities has completed the assessment of the Fund's assets, negotiations with potential shareholders are actively advancing into. However, due to fund mergers in complexity than expected, fund mergers in China CITIC Fund Management Co., the company has not yet been completed, equity standard cycle extended accordingly.
Currently held by China CITIC Securities Fund 100% of total equity. The territory of assets under management as the number one fund management company, China CITIC profits fund contribution for most attention. According to CITIC Securities report shows that in 2009, China had 2.804 billion yuan fund the fund management fee income, operating income reached 3.126 billion yuan, total profit contribution of 1.47 billion yuan, net profit of 1.108 billion yuan, down 9.48% year on year. In 2009, the merger of a subsidiary of CITIC CITIC Securities Fund, Huaxia Fund's total assets increased by 9.6 billion, net assets increased by 770 million yuan.
