China's economy is controlled by the 77 families, private enterprises, HNA department, Fosun Department of the largest2017-09-18 09:53:59 475 ℃
Private capital group is often tied to excessive financing, malicious misappropriating
This is the nineteenth original article of "see financial"
Listed companies are the essence of China's economy, and these 77 families control the assets of more than half of listed companies!
Of the 77 families, the largest is called the state capital system, while the other 76 are mostly private, with only a minority of the ESOP or collective enterprises.
77 families control 1045 listed companies, accounting for 33.8% of the total number of listed companies A shares, although the number is not more than half, but these companies have more assets than the rest of the company.
For example, the average assets of 179 private listed companies and 1808 non listed companies are 15 billion 400 million yuan and 5 billion 300 million yuan respectively, the former is significantly higher than the latter.
If you do not consider the largest state-owned capital system, the remaining 76 families, the top three are HNA, Fosun and Wanxiang, respectively, they control 7, 5, 4 listed companies.
The Shanghai Stock Exchange discloses the economic landscape of the Department
The above alarming figures are derived from a recent study by the Shanghai Stock Exchange, entitled "A shares, capital families: Status and thinking.".
The Shanghai Stock Exchange website showed that the report was released in May, but it is strange that the content of the report has only recently been disclosed by the media.
The report in the "regulatory thinking" said very bluntly: "private capital group often closely linked with the problem of excessive financing, malicious misappropriating, market manipulation, damage the interests of small investors."
The report recommends that private capital listed companies should be listed as the key regulatory objects. The implementation of a certain set of supporting regulatory measures.
Statistics show that as of February 7, 2017, the Shanghai and Shenzhen two city, there are various types of capital group 178, involving 1045 listed companies, accounting for the same period the total number of A shares of listed companies 33.8%.
Among them, the state-owned holding capital group of 101, involving 866 listed companies, most of the State Council SASAC and local SASAC holdings.
Private ownership of the capital group of 76, involving 179 listed companies, family ownership accounted for the vast majority, and a small number of collective enterprises or employee stock ownership entities.
In order to better understand, he sees the 101 state-owned companies as state-owned capital system, and the other 76 private capital system tied, a total of 77 families.
The report focused on the disclosure of the 76 private capital system of economic territory, they control the total market capitalization of listed companies about 2 trillion and 680 billion, accounting for about 4.8% of the total market value of Shanghai and Shenzhen two, specifically see the table below:
A shares of the top ten private capital group
These private capital groups are mainly concentrated in Zhejiang, Guangdong, Jiangsu, Shanghai, Beijing and Sichuan provinces, such as Fosun (Guo Guangchang) and Wanxiang (Lu Guanqiu), all belong to Zhejiang.
The larger group is mainly in the manufacturing sector, which has been accumulated through the industry, and later involved in other industries through mergers and acquisitions.
For example, the HNA controlled listed companies are distributed in 5 industries, and the Department of rejuvenation is also diversified, extending to steel, medicine, mining, real estate and so on.
Capital operation route map of the 76 private groups
The report said that the development of A shares of private capital system reflects the evolution of China's industrial and financial structure.
As mentioned earlier, most of these family capital was made through manufacturing. Such as the universal system originated in the traditional manufacturing industry, and gradually build into an industrial family.
After the expansion, these family capital began large-scale capital operations, mergers and acquisitions, financial means leveraging industry integration, and some range has expanded from the territory to the world, such as the Department of navigation and rehabilitation department.
The important aim of the private enterprise is to obtain the control rights of the listed companies and to construct the clan system. It is to carry on the industry conformity by the financial means, and obtain the high income from the resources flow." The report said, A shares of private capital sector arbitrage path, in the final analysis, that is to buy low sell high.
In addition, their commonly used means include:
1., through the purchase of low assets, high sales, seek premiums, the assets of their own cultivation or acquisition of packaging into the listed company;
Between the 2. groups in several listed platform, to achieve synergy and win-win goal through the actual control of assets maneuvers;
3., through the fixed increase and other operations, low prices to obtain additional shares of Listed Companies in the system, pending the expiration of the lock and share appreciation, access to capital appreciation.
In capital operation, Silver billion Department Xiong Xuqiang family controlled the mergers and acquisitions of listed companies most times, three years completed 14 acquisitions; followed by HNA and Fosun, nearly three years were completed by 13 times and 12 times of mergers and acquisitions.
In the past three years, the number of mergers and acquisitions in the top five capital group
Silver billion Department at the helm of the bear continued strong, Ningbo's richest man in 2015, had to pay $1 billion 500 million in wealth 221st richest Chinese, world rich list 1250th.
Bear continued strong also several roles, he is the Ningbo City Business Association executive vice president of the Ningbo Federation of industrial economics, executive vice president, vice chairman of Federation of Ningbo city.
Recently, the suspension of up to three months of Hechi chemical announcement once again let the Silver billion line to the front, the company will be 87 million shares transferred to Silver billion Holdings, will become the actual controller of the company continued to bear.
In fact, the Hechi chemical industry is not the silver capital in the capital market to capture the first city. Previously, Silver billion bear has also continued strong capital market and influential man Xu Xiang dance, common for the control of electronic units in hong.
Today, Xu Xiang has silver billion bear chained and thrown into prison, continued strong still continue to seek control of electronic units in hong.
HNA and Renaissance, needless to say, they are not only the capital master domestic Chizha, also often succeed in the international market, but recently under regulatory pressure, has a lot of convergence.
In addition to the controlling platform of listed companies, the Department of planting, Fuxing Group, Department of tomorrow, the treasure Department of capital group through the transferee into more than two shareholders of A shares of listed companies, listed companies to introduce sequential capital and industry, even the leading industrial transformation.
Take Xiao Jianhua's tomorrow department as an example, it has constructed a complete financial industry chain covering securities, banks, insurance, trust, futures, PE, funds and so on, and can carry out various forms of capital operation.
The Shanghai Stock Exchange recommends strong supervision over private capital groups
The report pointed out that private capital group often closely linked with the problem of excessive financing, malicious misappropriating, market manipulation, damage the interests of small investors.
Due to the operation and governance issues and make the capital group member companies in trouble or even bankruptcy cases have occurred, part of the capital chain enterprise group debacle caused a serious negative effect on the capital market.
The failure of the large capital system at the micro level will not only bring great losses to the relevant investors, but also bring serious consequences to the macro economic society.
For example, "Delong Department" once controlled 5 listed companies, holding 13 equity financial institutions, after the collapse of its "three old shares" market capitalization of about 15000000000, small and medium investors suffered heavy losses.
The report points out that the risk points of the private capital system mainly come from three aspects:
First, the actual controller uses non fair related transactions to empty the listed company;
Two is to manipulate the stock price;
Three is the risk of capital strand breaks, may cause a chain reaction.
In view of this, the report recommends that, for private capital listed companies, should explore the establishment of a more targeted comprehensive regulatory system.
Specific measures include monitoring the risk of Listed Companies in the capital group, strengthening the disclosure of information about the listed companies of the capital system, and exploring other regulatory measures for the listed companies of the capital system.
From months of regulatory oversight of the HNA and Fosun systems, strong regulation has begun, perhaps a series of actions related to the report.
Note: see financial (ID:yijiancaijing) original, reproduced must be authorized
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