On September 8, Founder Securities Co., Ltd. (hereinafter referred to as "Founder Securities", 60 190 1) announced that it intends to transfer its Swiss Credit Suisse Securities (China) Co., Ltd. (hereinafter referred to as "Credit Suisse Bank") at a price of165438+40 million yuan.

Upon completion of this transaction, Credit Suisse will hold 65,438+000% equity of Credit Suisse Securities, becoming the third wholly foreign-owned securities company after Morgan Stanley Securities (China) Co., Ltd. (hereinafter referred to as "JPMorgan Chase Securities") and Goldman Sachs Gaohua Securities Co., Ltd. (hereinafter referred to as "Goldman Sachs Gaohua").

In this regard, Hu Zhimin, CEO of Credit Suisse Bank in China, told this reporter: "Our partners have accepted the proposal of our wholly-owned securities joint venture company, and we are very happy about it. We will continue to invest in China, deepen the China market and promote the smooth landing of the localization strategy of Credit Suisse. "

The equity transfer will increase the net profit of Founder Securities by about 290 million yuan.

Founder Securities announced that on February 2, 2002112, the 19th meeting of the fourth board of directors of the company agreed that the company would sell all its 49% shares in Credit Suisse Securities at an appropriate time.

"On September 8, 2022, the company held the 24th meeting of the 4th Board of Directors, and all directors unanimously passed the Proposal on Selling 49% Equity of Credit Suisse Bank Securities, agreeing that the company will transfer 49% equity of Credit Suisse Bank Securities to Credit Suisse Bank, and sign an equity transfer agreement." The announcement further pointed out.

According to the announcement, according to the report issued by Zhonglian Assets Appraisal Group Co., Ltd. (Zhonglian Appraisal), as of the appraisal base date of 2021kloc-0/February 3 1, the appraised value of all shareholders' equity of Credit Suisse Bank Securities was 2.325 billion yuan, with an appraised value of 809 million yuan and an appreciation rate of 53.38%.

"Therefore, the evaluation value of 49% equity of Credit Suisse Bank Securities in Switzerland is165438+39 million yuan. Based on the above evaluation results, the company negotiated with Credit Suisse to determine that the consideration for this equity transfer is RMB 65,438+0,654,38+0.40 billion. " The announcement said.

Credit Suisse Bank Securities 202 1 12 3 1 and main financial indicators as at June 30, 2022.

According to the announcement, as of June 30, 2022, Credit Suisse Bank Securities lost about 654.38+0.05 billion yuan in June. According to the price adjustment mechanism agreed in the equity transfer agreement, Founder Securities is expected to recover at least 654.38+88 million yuan of equity transfer funds.

"According to the company's preliminary calculation, if the delivery date is before 65438+February 3 1 in 2022, this equity transfer will increase the company's net profit this year by about 290 million yuan. If the delivery date is after 65438+February 3, 20221,and the equity return of Credit Suisse Securities held by the company's equity law is negative, this equity transfer will increase the company's annual net profit on the delivery date by no less than 290 million yuan. " The announcement pointed out.

The net profit of Credit Suisse Securities has doubled for two consecutive years.

According to the data of official website, Credit Suisse Securities is a Sino-foreign joint venture securities company jointly funded by Credit Suisse and Founder Securities. It was formally established on June 24, 2008, with its headquarters in Beijing.

In terms of business, Credit Suisse Securities provides a series of capital market services for customers in the local market, including securities underwriting and sponsorship, as well as financial advisory services. At the same time, it also started securities brokerage business in Qianhai, Shenzhen, and continuously expanded its trading and execution strength.

In terms of performance, the data shows that Credit Suisse Securities has achieved profitability for two consecutive years.

On 20 18 and 20 19, Credit Suisse Bank's securities lost RMB 36 million and RMB 42 million respectively. In 2020, Credit Suisse's securities turned losses into profits, achieving a net profit (hereinafter referred to as "net profit") of 654,380,200 yuan, an increase of 65,438+028.22% over the same period of last year.

In 20021year, the securities revenue and net profit of Credit Suisse achieved double growth again. Among them, revenue reached 497 million yuan, a year-on-year increase of 75.57%. The net profit reached 45 million yuan, a year-on-year increase of 282.77%.

Credit Suisse Securities will become the third wholly foreign-owned securities company.

It is worth mentioning that after this transaction, Credit Suisse Securities will become a wholly foreign-owned holding broker.

In 2008, Founder Securities and Credit Suisse jointly invested in the establishment of Credit Suisse Securities. At the beginning of its establishment, Credit Suisse held 33.3% of the shares, and Founder Securities was the major shareholder of Credit Suisse's securities, holding 66.7%.

In 20 18, China announced that it would relax the foreign investment ratio of joint venture securities, fund management and futures companies to 5 1%, and there will be no restrictions after three years.

On April 28th of that year, the CSRC issued the Measures for the Administration of Foreign-invested Securities Companies, which allowed foreign investors to control joint venture securities companies and made it clear that the business scope of joint venture securities companies would be gradually liberalized.

In June, 2020, after Credit Suisse unilaterally increased its capital to Credit Suisse's securities by way of non-public agreement, the shareholding ratio of Credit Suisse increased to 565,438+0%, and the shareholding ratio of Founder Securities decreased to 49%.

In March 2020, the CSRC issued a document announcing that it would implement the requirements of the first phase of Sino-US economic and trade agreement in accordance with the unified deployment of the country's financial industry to the outside world. According to the overall research, the restriction on the ratio of foreign shares of securities companies will be lifted from April 1 2020, and qualified foreign investors can submit applications for establishing a securities company or changing the actual controller of the company according to laws and regulations, relevant provisions of the CSRC and relevant service guidelines.

Upon completion of this transaction, Credit Suisse will hold 0/00% equity of Credit Suisse Securities, and Credit Suisse Securities will become the third wholly foreign-owned securities company.

In August, 20021,JPMorgan Chase accepted the shares held by five other domestic shareholders, and wholly controlled JPMorgan Chase Securities 100%. JPMorgan Chase Securities became the first wholly foreign-owned securities company in China.

On 202 1 10, Goldman Sachs announced the acquisition of the equity of Goldman Sachs Gaohua, which it did not own, and completed the industrial and commercial registration of the equity change the following month. Goldman Sachs Gao Hua became the second wholly foreign-owned brokerage firm, and its registered capital also increased to 2.786 billion yuan.

However, Founder Securities also pointed out in the announcement on September 8 that since the transaction still needs to be filed with the CSRC, it still needs to submit a notice to the Swiss Financial Market Supervision Bureau ("FINMA"), and FINMA did not raise an objection, so the completion time of the transaction is still uncertain.

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