The first head public offering performance exposure!Profits break through 2 billion mark, international asset management giant to more than 40 billion valuation

2022-05-11 0 By

Recently, Citic Securities released the Annual performance of China Fund 2021 express – the first head public offering of business performance.With excellent asset management capabilities and platform advantages, China Amc achieved rapid growth in operating revenue and net profit in 2021, with net profit exceeding 2 billion mark.Announcement shows that China Amc 2021 to achieve operating revenue of 8.15 billion yuan, year-on-year growth of 44.70%;Net profit of 2.312 billion yuan, up 44.68% year on year;The parent company’s assets under management reached 1,661,607 billion yuan, up 13.72% year-on-year.As the controlling shareholder of the company, CITIC Securities holds 62.20 percent of the equity of China Amc, so China AMC will contribute about 1.438 billion yuan to citic Securities’ net profit in 2021.As the industry head public offering, China fund valuation also surfaced recently.On January 5, IGM Financial Inc announced that it will acquire Canada’s Bauer Group’s 13.9% stake in China Amc for C $1.15 billion in the first half of 2022. Based on the acquisition price, China AMC is valued at nearly 41.5 billion yuan.On the evening of February 7, Citic Securities released a statement, disclosing the main financial data of China Amc in 2021.According to the announcement, Mackenzie Financial Corporation, a shareholder of China Amc, a non-wholly owned subsidiary of the company, holds 13.9% of the equity of China AMC.Mackenzie Financial Corporation’s holding company, IGM Financial Inc.Will publish its 2021 annual results, which will contain China Amc’s key financial figures.Based on the fairness principle of information disclosure, CITIC Securities disclosed the main financial data of China Amc in 2021.According to the performance report, as of December 31, 2021, China Amc total assets of 16.295 billion yuan, total liabilities of 5.07 billion yuan;In 2021, the operating revenue reached 8.15 billion yuan, which was 5.539 billion yuan in the same period last year, with a year-on-year growth of 44.70%.The net profit reached 2.312 billion yuan, exceeding 2 billion mark, with a year-on-year growth of 44.68%.The total comprehensive income is 2.287 billion yuan.In addition, as of December 31, 2021, the assets under management of the parent company of China Amc was 1,661,607 billion yuan;According to citic Securities’ 2020 annual report, the figure was 1.46142 trillion yuan in the same period last year, up 13.72 percent year-on-year.As the industry head fund company, China fund bright business performance behind, is the company’s various business lines of the multi-point bloom.Wind data show that as of December 31, 2021, China Amc has 13 active equity funds (the same fund of different types of share combined calculation) annual returns of more than 20%.Among them, The annual earnings of China’s industry boom in 2021 is 84.11%, ranking the top ten of more than 4700 active management funds, and the second place in the performance of partial stock hybrid funds in 2021.In addition, as one of the first fund companies to obtain THE approval of FOF products, China Amc Has always regarded FOF as an important track for the company. Not only the number of products ranks first in the industry, but also won the annual performance champion of FOF products in 2021. China AMC Jufeng’s steady target FOF revenue in 2021 is 14.57%.The trillion volume of equity ETF market is the main battleground of China Amc fund.China Amc is the only fund company with more than 200 billion yuan under management, ranking first among 51 public fund companies with ETF products, according to Wind.Among the 24 equity ETFs with a market size of over 10 billion yuan, China Amc owns 8.China Amc was founded in 1998 and is one of the “old ten” public offering companies. Citic Securities is now the controlling shareholder of the company.As of 2021, CITIC Securities holds 62.20% of the equity of China Amc, so China AMC will contribute about 1.438 billion yuan of net profit to Citic Securities in 2021.Since 2019, the securities industry has fully started the transformation of wealth management, among which the fund management platform is undoubtedly an important support for the transformation of wealth management of securities companies, and the strong combination and mutual achievement of CITIC Securities and China Amc is a major model in this wave.Large stock of syndicated team thinks, huaxia fund as citic securities holding public funds platform, its rapid development not only contributing to citic securities and table the proceeds, more business in wealth management platform construction, the play an important role in such aspects, as their own capital investment and asset management business advanced experience and quality products.For example, in January 2022, relying on its own fintech strength and resource integration ability, Citic Securities launched the Fortune account and its supporting content open platform, built a content ecosystem based on public funds, and provided professional market interpretation, industry analysis, fund investment and education and other life-cycle services from the perspective of investors.China Amc is one of the first fund companies to enter the content platform.Is brokerage boss side, the side of the head public offering, citic securities and the huaxia fund under the combination of the synergistic effect of ongoing, is expected to form a continuous mutual promotion of a “positive feedback” effect, large stock of syndicated team believes that the holdings fund companies and securities “achievement” model of the parent company or will become the paradigm of wealth management system.Recently, Citic Securities also released the company’s 2021 annual performance express, 2021 to achieve revenue of 76.570 billion yuan, year-on-year growth of 40.80%;The net profit of RMB 22.979 billion was realized, with a year-on-year increase of 54.20%, which significantly refreshed the company’s record high performance (the previous high was RMB 19.8 billion in 2015).Orient securities in advance on the performance of the syndicated team reviews research in particular, the scale of company capital remains over industry first and has basically completed the initiative management transformation, given the large probability will points CaZi tube business and set up a pipe companies will promote information technology business development into the fast lane, superposition of its holdings of huaxia fund, the company big pipe line broad prospects.Apart from Citic Securities, China Amc has three other shareholders,Mackenzie Financial Corporation (Mackenzie Financial Corporation), Power Corporation of Canada and Qingdao Haipeng Technology Investment Co., LTD respectively hold 13.9%, 13.9% and 10%.On January 5, IGM Financial Inc, the controlling shareholder of Mackenzie Financial Corporation, announced thatWill acquire Power Corporation of Canada’s 13.9% stake in China Amc in the first half of 2022 for C $1.15 billion (about RMB 5.767 billion yuan) in cash.If the acquisition is approved and completed, Wanxin will hold 27.8 per cent of China Amc, making it the second largest shareholder in China Amc.For the reason of the acquisition of part of China Amc equity, Canada IGM publicly stated that through this acquisition will bring many benefits to its subsidiary Wanxin.For example, by holding a significant proportion of equity in a leading Asset management institution in China, WANxin can increase its involvement in China’s asset management industry, enhance the relationship between Wanxin and China Amc, obtain more business opportunities in China, and strive for more opportunities for Wanxin to distribute products or solutions in China;Centralizing the ownership of China Amc through Wanxin will simplify the organizational structure of IGM and Bauer Group, and for IGM, the financial position of the company will be strengthened after the acquisition.To remove the cause of the second simplified organization structure, the equity of domestic public funds is really very hot, the relatively stable management fee income will not only make its shareholders “cash cow”, can also help the foreign shareholders share of China’s information technology market dividend, this is also the head company has always been a price no city public enlisting fund.The acquisition also exposes the valuation of domestic public offerings by international investors.Based on the purchase price, Wanxin paid C $1.15bn for a 13.9 per cent stake in China Amc, meaning it valued the company at about Rmb41.489 billion.Blame: Lin Gen