Jiutai property

1. Jiuding Group

From June, 2065438 to June, 2005, Jiuding Group announced that it would position its insurance business as a long-term strategic business sector to expand, and planned to set up a life insurance company as the main sponsor, and set up a special preparatory working group for this purpose. At the same time, Lin Mi, former director of CPIC Group, was appointed as deputy general manager and head of the preparatory working group.

20 15 and 12 were disclosed. Researcher Yuan Lifang found that the life insurance company to be established was Jiuxin Life Insurance, which was jointly established by Jiuding Group, Qinghai State-owned Assets Investment and Management Co., Ltd., Sinochem Geotechnical (quotation 12.26 +0.74%) and other listed companies and non-listed companies, among which

At present, the company has not been approved by the China Insurance Regulatory Commission. However, considering that one of Jiuxin Life's shareholders is the State-owned Assets Supervision and Administration Commission of Qinghai, and it is the first insurance company in Qinghai, people in the industry generally believe that it is more likely to obtain an insurance license.

On August 3, 20 15, the State Council issued "Several Opinions of the State Council on Accelerating the Development of Modern Insurance Service Industry", which provided an extremely favorable policy environment for the development of the insurance industry. Jiuding Group seized this policy dividend and actively expanded its business in the insurance field.

Jiuding Group not only invests in insurance companies, but also makes efforts in insurance intermediaries. On August 4th, 20 15, it was announced that it would acquire 0/00% equity of Zoje Insurance Brokerage Co., Ltd. for 50 million yuan and obtain an insurance brokerage license.

On the same day, Jiuding also announced that Kunwu Jiuding, a wholly-owned subsidiary and PE business entity, will lend no more than 20 million yuan of its own funds to participate in the establishment of Zhonghui Property Mutual Insurance Company. Recently, the company has been officially approved to start business.

On the last day of August, 20 15, Jiuding Group immediately announced a major acquisition plan: it plans to acquire all 844 million ordinary shares of Fortis Insurance (Asia) Co., Ltd., a wholly-owned subsidiary of Fortis Group in Europe, with a transaction price of 10688 million Hong Kong dollars and corresponding interest.

The acquisition attracted bids from many sellers, including Fu Wei Insurance owned by Li Zekai and Fosun International, a mainland giant, but Jiuding Group won in the end. 20 16 12, Jiuding group announced that it had completed the payment of relevant funds.

Fortis Insurance (Asia), the target company of the acquisition, is a leading life insurance company in Hong Kong and one of the largest insurance companies in Hong Kong, with a certain popularity and diversified business network in the local market in Hong Kong. Mainly engaged in life insurance business, the company's holding subsidiaries cover insurance consultants, trusts, wealth management and other aspects.

After the acquisition, Fortis Insurance (Asia) will become a key link in the insurance industry chain being built by Jiuding Investment (stock price 35.0 1 +0.40%). The two sides will complement each other's advantages and organically combine them to improve the sustainable long-term value creation ability of Fortis Insurance (Asia) and maintain sufficient solvency by using the capital strength of Jiuding Investment.

In two months, it was announced that it would spend nearly 10 billion yuan to lay out the insurance industry. Jiuding Group's enthusiasm for the insurance industry can be seen. Jiuding's position on insurance is very clear, that is, financing. After obtaining the insurance company license, you can use the funds of insurance customers to invest, and some types of insurance also require insurance companies to use funds to invest (such as investment-linked insurance), which gives the company a certain capital operation space, which may be the reason why Jiuding has to spend a lot of money and energy to win Fortis Hong Kong insurance, but the capital cost of insurance company customers is higher than that of bank deposit customers, Jiuding Jiuxin Bank has not yet landed, or is under regulatory pressure. Public Offering of Fund and securities company customers basically have no room to operate their own funds, because some Public Offering of Fund now give customers the right to redeem at any time, and the funds of securities company customers are deposited in the bank.

2. Fosun Group

Although the noisy private banks have not been implemented, we have to say that Fosun is getting closer and closer to the full financial license in recent years.

Researcher Yuan Lifang found that at present, more than one-third of Fosun's total assets come from insurance business, and the biggest advantage of the insurance platform is that it can continuously provide abundant cash. Insurance itself is a good source of value and a high-quality source of investment funds.

Since 2007, Fosun has officially tested the water insurance industry. Fosun invested in Yongan Insurance through capital increase and share expansion, and then became the second largest shareholder through capital increase and share expansion, and its shareholding ratio increased to 19.93%. 20 1 1 Fosun and Prudential, an American financial giant, jointly initiated the establishment of Fosun Prudential Life Insurance Co., Ltd., with each party holding 50% of the shares.

20 12 fosun put forward a strategy with insurance as the core. Fosun tries to build the group into a financial investment group with insurance as its core, and regards the development of the insurance industry as an excellent way to connect its investment ability with long-term high-quality capital.

201212 In February, Fosun and a subsidiary of the World Bank Group jointly established Ding Rui Reinsurance Company in Hong Kong, accounting for 85% of the shares.

Subsequently, Fosun began to lay out overseas insurance business. 20 14 10, Fosun successfully acquired 80% equity of the largest insurance group in Portugal with 65,438 billion euros, and completed the acquisition in May 15. With the completion of the acquisition and delivery, Fosun's insurance assets have been greatly improved.

20 14 12 3 1 Fosun International (Fosun Group), an indirect wholly-owned subsidiary, announced the acquisition of American insurance company MIG for US$ 433 million.

MIG is a holding company established by 1985 in Michigan. Is a professional property insurance and insurance management service company focusing on market segments.

On April 7th, 20 16, Ironshore Inc, a wholly-owned subsidiary of Fosun, announced the acquisition of Lexon assurance Group, LLC.

With the remaining 80% equity of its affiliated company, Lexon will become a wholly-owned subsidiary of Ironshore after delivery.

Ironshore's wholly-owned acquisition of Lexon also reflects Fosun's expansion in the insurance field, after Ding Rui Reinsurance, a subsidiary of Fosun, acquired Caribbean property insurance company NAGICO HoldinGS.

After limited, we strengthened the collaborative procurement of products together. Following the initial investment of 20 13, Ironshore held Lexon on 20 14.

Ironshore owns 20% of the shares, and provides quota share reinsurance support and billing services for Lexon's new business and renewal business of American commercial and contract guarantee risks through its subsidiaries.

Headquartered in Nashville, Tennessee, USA, Lexon is a private insurance holding company and the largest insurance company specializing in guarantee insurance in the United States 12. Lexon's national network of agents and brokers covers 49 states in the United States, Washington, D.C., and American assets located overseas. Lexon's annual premium income is $6,543.8+35 billion.

From the current situation that "multiple galaxies" have insurance companies, Yuan Cube researchers can see that there are not only directly affiliated subsidiaries of Genzheng Hong Miao, but also holding companies and shareholding companies; There are mainland insurance companies, Hong Kong insurance companies and overseas insurance companies; There are property insurance, life insurance, special insurance and reinsurance, which basically realize the whole industry layout of insurance.

(2) Securities

1. Jiuding Group

20 14 10, Jiuding Investment announced that the company signed an agreement with all shareholders of Tianyuan Securities Co., Ltd., and Jiuding invested 363,765,438 yuan+07,000 yuan to increase the capital of Tianyuan Securities. After the capital increase, Jiuding will hold 5 1% equity of Tianyuan Securities. After this capital increase, the shareholding structure of Tianyuan Securities was changed to: Jiuding Investment Holdings 565,438+0%, Guangzhou Securities 39.43%, Liaoyang Financial Investment Management Center 5.86%, Fushun Rongda Investment Co., Ltd. 2.38% and Tangshan Jinhai Asset Development and Investment Company 65,438+0.33%. Since then, Tianyuan Securities has been renamed Kyushu Securities, and Jiuding Investment has obtained a brokerage license through this operation. Kyushu Securities became the first PE broker in China.

At present, Kyushu Securities intends to develop Internet securities business through innovative ways. Researcher Yuan Cube learned that it plans to land in the New Third Board or A-share capital market within three years, and strive to develop into a domestic first-class securities company within three to five years.

According to the latest data of China Securities Regulatory Commission in June 20 16, the total registered capital of Kyushu Securities is 879,346,5438+0.5 million yuan. On the aspect of ownership structure, apart from Tongchuang Jiuding Holdings, Kyushu Securities also introduced China Petrochemical (stock price 6.05+1.85%, diagnostic stock) .566661

Kyushu Securities is a fully licensed comprehensive securities company, which has recently expanded into the Hong Kong market. At present, Kyushu Securities has obtained full licenses for securities underwriting and sponsorship, securities asset management, margin financing and securities lending, new third board market making and financial products consignment. It owns Kyushu Futures, a wholly-owned futures subsidiary, Qinghai Jiuzheng Investment Management Co., Ltd., a wholly-owned direct investment subsidiary, and Jiuzheng Capital Investment Co., Ltd., an alternative investment subsidiary, in addition to holding 24% of the shares of Jiutai Fund.

The securities business operation of Kyushu Securities and the existing asset management business of Jiuding Group can complement and support each other.

2. Fosun Group

As early as 20 10, Xingye Investment, a subsidiary of Fosun Group, acquired a 33% stake in Debon Securities. By the first quarter of 20 17, the shareholding ratio of Shanghai Xingye Investment Development Co., Ltd., the largest shareholder of Debon Securities, reached 94.25%. 2065438+On May 9, 2007, Debon Securities started the IPO preparation, and completed the signing of the counseling agreement at the end of April. Its sponsor institution was determined as Haitong Securities (Quotes 14.75438+0-0.27%, Consulting Unit). Debon Securities may formally submit an IPO application before the middle of next year as soon as it is accepted by the CSRC.

The listing of Debon Securities is not a temporary idea of Galaxy, but has been considered for a long time. Especially after the emergence of new regulations on risk control indicators, brokers have greater demand for funds. In order to promote the listing of securities assets of Fosun Group, optimize the asset structure and expand the scale of operation, this should be something that Fosun has studied and considered for a long time.

After holding Debon Securities, Fosun accelerated the pace of entering the securities industry. 2065438+In July 2004, Fosun completed the acquisition of China Mainland and Hongkong Hengli Securities. Hengli Securities was renamed as Fosun Hengli, and Fosun Group owns 0/00% equity of Fosun Hengli/KLOC. Fosun hopes to use this as a fulcrum to connect with Shanghai-Hong Kong Stock Connect in the future and develop differentiated asset management business in Hong Kong.

Hengli Securities was established as early as 1995, mainly engaged in securities trading, providing advice on securities and institutional financing, and even providing asset management services.

At present, researcher Yuan Lifang has learned that Fosun Hengli already has the licenses 1 (securities trading), No.4 (securities consultant), No.6 (institutional financing consultant) and No.9 (providing asset management) issued by the Hong Kong Securities Regulatory Commission. I will also apply for futures trading qualification in the near future. Hengli is moving towards a fully licensed financial service institution.

(3) Public offering of funds

1. Jiuding Group

201April, Jiuding Group's application for establishing a public offering fund management company was accepted by the CSRC. Since then, Jiutai Fund Management Co., Ltd., the first PE department in China, has appeared in Public Offering of Fund. At that time, this matter was regarded by the industry as the prelude to the private equity "counterattack" public offering in the era of large capital management.

This foreign investment is an important step for Jiuding to build a comprehensive asset management institution, which has achieved Jiuding's goal of entering the management field in Public Offering of Fund and being allowed to carry out Public Offering of Fund's fundraising, sales, asset management for specific customers and asset management.

In terms of products, Jiuding focuses on public fund business; At the same time, in terms of team incentives, Jiutai Fund will establish an incentive system that conforms to the characteristics of the industry, including equity incentives; In terms of independence of Jiutai Fund, Jiuding Investment and Jiutai Fund are completely isolated in office space, information system and investment and research system, and an effective internal control system arrangement has been established, with great emphasis on independence in architecture design. Jiuding Investment has been committed to building a comprehensive asset management platform and opening up new asset management business areas.

Researcher Yuan Lifang believes that equity investment funds and securities investment funds are essentially connected, and both create value for customers through the investment ability of managers, that is, by tapping the intrinsic value of the company, investors can share the growth income of the enterprise and obtain property income. The entry of PE institutions into Public Offering of Fund's business field is conducive to giving full play to existing resources and capabilities. PE institutions attach importance to value investment and long-term investment, and allowing such institutions to conduct business in Public Offering of Fund is of positive significance to the healthy development of the entire asset management industry.

The increase of competitors in the public offering market is good for the whole industry. It is believed that more and more PE institutions with considerable customer base, management scale and good management performance will enter this industry.

2. Fosun Group

2065438+In February 2002, Debon Innovation Capital Co., Ltd., initiated by Debon Fund Management Co., Ltd. (a wholly-owned subsidiary of Fosun), was approved to be established. Approved by China Securities Regulatory Commission, it is a specialized asset management company specializing in asset management of specific customers and other businesses licensed by China Securities Regulatory Commission.

Debon Innovation Capital issues specific asset management plans for investment and financing to specific customers, and invests in real estate such as money market, real economy, infrastructure, commercial and residential office buildings, asset-backed securities, unlisted company equity, private placement, stocks, bonds and futures. , so as to realize the preservation and appreciation of wealth for specific customers. Fosun touches the Public Offering of Fund industry for the first time, which is also an important step for Fosun Group to lay out the financial industry.

Compared with some large fund companies, sub-new fund companies may be more likely to carry out new business in special accounts. Behind the breakthrough of new business in special account, Debon Fund actually took a fancy to the superior resources of Fosun Group in industry and investment. Facing the marketing pressure of large fund companies, there are not many directions for sub-new fund companies to seek breakthroughs. Last year, the constant special account business of the New Deal helped fund companies to transform into modern wealth management institutions, or became an important way for them to break through.