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SIG may take Guotai Jun'an shares

By Bi Xiaoning (chinadaily.com.cn)
Updated: 2008-12-19 16:56

Shanghai International Group (SIG) may take over shares in Guotai Jun'an Securities when Central Huijin Investment Co, which presently hold the shares, offloads them in January at the end of their three-year contract.

Related readings:  6 major securities firms post over 1b-yuan net profit  Guotai Jun'an prepares IPO  Huijin increases stake in three top commercial lenders  Central Huijin signs deal to inject $20b into CDB

SIG has reached an agreement with Central Huijin Co to buy its 1 billion shares in Guotai Jun'an Securities at about 3 yuan (44 US cents) per share, a premium of 200 percent of its book value, Shanghai Securities News reported today, citing unnamed resources.

Central Huijin Co, an investment arm of the government, invested 1 billon yuan in Guotai Junan Securities in 2005 and agreed with local government to offload the shares on Jan 9, 2009.

Founded in 1999, Guotai Jun'an Securities' registered capital is 4.7 billion yuan at present. Its largest shareholders are Shanghai State-owned Assets Management Co and  Central Huijin Investment Co, which hold more than half of the company's shares in total.

Founded in 2000, SIG is led by the Shanghai State-owned Assets Supervision and Administration Commission. SIG is the holding company of Shanghai State-owned Assets Management Co.

Currently, SIG is the holding company of Shanghai Securities Co and also holds about 10 percent shares of Shenyin & Wanguo Securities.

Once taking the shares sold by Central Huijin Co, SIG will become the holding company of Guotai Jun'an Securities, with over half of the firm's shares.

However, according to related regulations, securities firms can't operate the same business if they are controlled by the same shareholder.

Market rumors say that SIG will soon embark on a round of integration among the brokerage firms controlled by the Shanghai municipal government.