China Securities Industry Report (Merger & Reorganization), 2005-2006
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By Dec. 2005, China has all together 1,381 listed companies in Shanghai and Shenzhen, with a total value of 762.95 billion capital stocks. The total number of investors is 73.36 million and a total amount of RMB3, 166.3 billion deals has been done.

 

Development Stages of China’s Securities Industry

 stage  period  Characteristics

Stage I Free trade

 1984-1989  Companies issued their own stocks and achieved stock deals through different financing companies, distributing companies and financing centers that spread widely in China.
Stage II Start concentrated transaction  1990-1992  Based on the Circular of Strictly Controlling Stock Issuance and Transference issued by The People’s Bank of China in Dec. 1990, two securities exchange centers were established respectively in Shanghai and Shenzhen, and the widely scattered financing companies, distributing companies and financing centers were all canceled.
 Stage III  1992-1997  The central government of China started to intervene in the securities market by establishing Securities Commission of the State Council and China’s Securities Regulatory Commission in Oct. 1992. Then in Dec. 1992, the State Council of China issued PROVISIONAL REGULATIONS ON THE ADMINISTRATION OF SHARE ISSUANCE AND TRADING, to forbid the currency of state-own stocks and corporation stocks. Since Dec 16, 1996, the securities exchange centers have officially limited the fluctuation of stocks within 10%.
 Stage IV  1998-2000  In 1998, China’s securities industry was boosting with total market value accounting for 24.46% of China’s GDP that year and played a more and more important role in China’s economic development. The official overpass of the Securities Law in Dec 1998 marked the formation of the legal system for the securities market.
 Stage V  since 2000  Since 2000, China has been implementing the Security Sponsor System and opened a special area for medium and small-sized enterprises. China’s Securities Regulatory Commission began to restructure securities companies and set the market-oriented development model to select the superior and eliminate the inferior.

Source: ResearchinChina

 

China’s securities market is undergoing a profound change. The formerly bundled stock market of China is open towards the world and gradually replaces its financing function and speculating function with investing and financing function. Yet the structure of stock ownership in China is still unreasonable, for example 63% of the market stocks is non-circulating and only 27% is circulating. Now China’s reforming of the stock market is bound to impact the securities market somehow and meanwhile bring some opportunities for investors.

 

With only a history of ten years more, China’s securities industry has many disadvantages compared with that of the developed countries. Firstly, similar operation structure, monotonous operation pattern and want of innovativeness enormously decrease the integral competitiveness of China’s securities industry. Secondly, the structure of securities companies is rather incomplete and their interior risk control system suffers serious unreasonableness. Thirdly, decentralization, small scale, low degree of differentiation, and weak risk-proof ability make China’s securities industry a failure in front of foreign-owned securities companies. Lastly, China’s securities industry is rather disorder in competition. In addition, it lacks complete and effective market supervision system and wants legal communication and coordination system.

 

China is aware of the above weaknesses and is continually adjusting to enhance and enlarge the securities industry. Under this condition, the advantage of merger and restructuring in the industry is self-evident. The status quo of China’s securities market determines that its future development model is bound to be merger and restructuring.

 

As China’s financial market is opened step by step, the merger and restructuring in China’s future securities industry will show the following tendencies: Firstly, mixed operation will become the mainstream. Secondly, merger and restructuring in the industry will become even fiercer as China’s securities companies aim to strengthen and enlarge themselves. Thirdly, foreign merger promotes the restructuring of China’s secretaries market. Finally, the securities market is concentrating gradually.

 

1. Status Quo of China's Securities Industry
1.1 Characteristics of China's Securities Industry
1.2 Analysis of the Industry Policy of China's Securities Industry
1.2.1 The Market Admittance Policy
1.2.2 The Supervision System
1.3 Competition Pattern of China's Securities Industry
1.3.1 Analysis of Main Competitors
1.3.2 Analysis of Potential Competitors
1.3.3 Analysis of Substitutes
1.4 Investment of China's Securities Industry, 2005-2006
1.4.1 Characteristics of Investment of China's Securities Industry, 2005-2006
1.4.2 Income from Investment of China's Securities Industry, 2005-2006
1.5 Analysis of Foreign-owned Securities Companies in China
1.5.1 Characteristics and Regional Distribution of Foreign-owned Securities Companies in China
1.5.2 Principal Modes of Foreign-owned Securities Entering China's Securities Industry
1.5.3 Development Strategies of Foreign-owned Securities Companies in China

2. Analysis of China's Securities Market Segment
2.1 The Stock Market of China
2.1.1 Overview and Characteristics of China's Stock Market
2.1.2 Market Positioning and Exploitation Strategies of China's Stock Market
2.1.3 Yield and Risks in China's Stock Market
2.2 The Bond Market
2.2.1 Overview and Characteristics of China's Bond Market
2.2.2 Market Positioning and Exploitation Strategies of China's Bond Market
2.2.3 Yield and Risks in China's Bond Market
2.3 The Futures Market
2.3.1 Overview and Characteristics of China's Futures Market
2.3.2 Market Positioning and Exploitation Strategies of China's Futures Market
2.3.3 Yield and Risks in China's Futures Market

3. Status Quo of Merger and Restructuring in China's Securities Industry
3.1 Background of Merger and Restructuring in China's Securities Industry
3.2 Trends of Merger and Restructuring in China's Securities Industry
3.3 Obstacles in Merger and Restructuring in China's Securities Industry

4. Competitiveness of Leading Enterprises in China's Securities Industry
4.1 China Galaxy Securities Co., Ltd.
4.1.1 Business Operation of Galaxy Securities
4.1.2 Competitiveness of Galaxy Securities in China's Securities Market
4.1.3 Marketing Networks of Galaxy Securities
4.1.4 Principal Client Groups of Galaxy Securities
4.1.5 Development Strategies of Galaxy Securities
4.2 Shenyin & Wanguo Securities Co., Ltd. (SYWG)
4.2.1 Business Operation of SYWG
4.2.2 Competitiveness of SYWG in China's Securities Market
4.2.3 Marketing Networks of SYWG
4.2.4 Principal Client Groups of SYWG
4.2.5 Development Strategies of SYWG
4.3 Guotai Junan Securities Co., Ltd. (GTJA)
4.3.1 Business Operation of GTJA
4.3.2 Competitiveness of GTJA in China's Securities Market
4.3.3 Marketing Networks of GTJA
4.3.4 Principal Client Groups of GTJA
4.3.5 Development Strategies of GTJA
4.4 CITIC Securities Co., Ltd (CITICS)
4.4.1 Business Operation of CITICS
4.4.2 Competitiveness of CITICS in China's Securities Market
4.4.3 Marketing Networks of CITICS
4.4.4 Principal Client Groups of CITICS
4.4.5 Development Strategies of CITICS
4.5 China Securities Co., Ltd.
4.5.1 Business Operation of China Securities
4.5.2 Competitiveness of China Securities in China's Securities Market
4.5.3 Marketing Networks of China Securities
4.5.4 Principal Client Groups of China Securities
4.5.5 Development Strategies of China Securities
4.6 Everbright Securities Co., Ltd
4.6.1 Financial Operation of Everbright Securities
4.6.2 Competitiveness of Everbright Securities in China's Securities Market
4.6.3 Marketing Networks of Everbright Securities
4.6.4 Principal Client Groups of Everbright Securities
4.6.5 Development Strategies of Everbright Securities
4.7 Xiangcai Securities Co., Ltd.
4.7.1 Business Operation of Xiangcai Securities
4.7.2 Competitiveness of Xiangcai Securities in China's Securities Market
4.7.3 Marketing Networks of Xiangcai Securities
4.7.4 Principal Client Groups of Xiangcai Securities
4.7.5 Development Strategies of Xiangcai Securities
4.8 GF Securities Co., Ltd (GF)
4.8.1Business Operation of GF
4.8.2 Competitiveness of GF in China's Securities Market
4.8.3 Marketing Networks of GF
4.8.4 Principal Client Groups of GF
4.8.5 Development Strategies of GF
4.9 Haitong Securities Co., Ltd
4.9.1 Business Operation of Haitong Securities
4.9.2 Competitiveness of Haitong Securities in China's Securities Market
4.9.3 Marketing Networks of Haitong Securities
4.9.4 Principal Client Groups of Haitong Securities
4.9.5 Development Strategies of Haitong Securities

5. Investment of Foreign Securities Corporations in China 
5.1 Merrill Lynch 
5.1.1 Investment of Merrill Lynch in China
5.1.2 Core Competitiveness of Merrill Lynch in China
5.2 UBSWarburg 
5.2.1 Investment of UBSWarburg in China
5.2.2 Core Competitiveness of UBSWarburg in China
5.3 Nomura Securities 
5.3.1 Investment of Nomura Securities in China
5.3.2 Core Competitiveness of Nomura Securities in China
5.4 Credit Lyonnais Securities Asia (CLSA) 
5.4.1 Investment of CLSA in China
5.4.2 Core Competitiveness of CLSA in China
5.5 Citigroup
5.5.1 Investment of Citigroup in China
5.5.2 Core Competitiveness of Citigroup in China
5.6 Morgan Stanley 
5.6.1 Investment of Morgan Stanley in China
5.6.2 Core Competitiveness of Morgan Stanley in China
5.7 Hang Seng Bank 
5.7.1 Investment of Hang Seng Bank in China
5.7.2 Core Competitiveness of Hang Seng Bank in China
5.8 Samsung Securities
5.8.1 Investment of Samsung Securities in China
5.8.2 Core Competitiveness of Samsung Securities in China

6. Merger and Restructuring Cases in China's Securities Industry
6.1 Hantang Securities Merged into Cinda
6.1.1 Background of the Merger
6.1.2 Processes of the Merger
6.1.3 A Scheme of the Merger
6.2 Liaoning Securities Purchased by Cinda
6.2.1 Background of the Merger
6.2.2 Processes of the Merger
6.2.3 A Scheme for the Merger
6.3 Hongyuan Securities Purchased by China Jianyin Investment Securities 
6.3.1 Background of the Merger
6.3.2 Processes of the Merger
6.3.3 A Scheme for the Merger
6.4 Goldstone Securities Purchased by CITIC Securities
6.4.1 Background of the Merger
6.4.2 Processes of the Merger
6.4.3 A Scheme for the Merger
6.5 First Securities Purchased by GF Securities
6.5.1 Background of the Merger
6.5.2 Processes of the Merger
6.5.3 A Scheme for the Merger
6.6 UBS Purchased Beijing Securities at RMB 1.7 Billion
6.6.1 Background of the Merger
6.6.2 Processes of the Merger
6.6.3 A Scheme for the Merger

7. Risks of Merger and Restructuring in China's Securities Industry

8. Suggestions on Merger and Restructuring of China's Securities Industry
None

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