China Financial Trust Has Suffered A Net Capital Red Line Of &Nbsp; Jingwei Textile Machine Has "Pumped Blood".

Buying a big hot trust licence, after the resumption of trading, the stock price has been dropping for several days. This incredible phenomenon occurs on the Jingwei spinning machine (000666) of the listed company.

The reason why Jingwei Textile machinery has paid a premium of 5 times for the acquisition has forced investors to worry about whether the deal is worth it.

And when regulators raise the net capital red line of trust companies, there will be even greater pressure on the financial trust, which has a short board in this regard.

It is precisely because of this weakness that the Jingwei spinning machine, which has just acquired the China financial trust, just started this year to expand Zhongrong International Trust Co capital scale.

"Before the increase of the registered capital, the net assets of the trust trust company are in the downstream position of the more than 50 trust companies, and the high threshold of the net capital of the CBRC has made it necessary to take this step."

Puyi trust researcher Zhao Yang told the Securities Daily reporters yesterday.

Surprisingly, the trust licence has become a "share price bomb".

In the context of industry consolidation and initial issuance of new licences, trust has been on the road of formal development.

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The arrival of a hot trust licence is supposed to be a good thing for the Jingwei Textile machinery with a serious shrinkage in its main business. However, the situation behind it is a big surprise.

After experiencing the frenzied stock price before the suspension, Jingwei Textile machinery prices dropped sharply after the announcement of the resumption of the announcement.

The stock price continued to decline on the two day, but continued to decline on third and fourth days, with a cumulative drop of 38% in just a few days.

And trading data show that before its suspension of the last trading day involved in the hot money, Galaxy Securities Wenzhou business department and CITIC Securities (600030, stock bar) Shanghai Liyang Road Securities Business Department began a clearance operation.

In the middle of this year, after the approval of the CBRC, Jingwei Textile machinery shares fell again on the same day.

Although the company acquired its trust through the acquisition of China financial trust and entered itself in the hot field of trust, the investors of Jingwei Textile Machinery obviously did not buy it, and the share price did not rise or fall.

"The industry is certainly not a problem, but overpriced premium acquisitions not only offset this good, but let investors avoid it."

A trustee who asked not to be named told reporters this time.

According to the valuation value of the trust that was disclosed at the time, it was 3 billion 567 million yuan as of August 31, 2009, and its net assets book value was 566 million yuan.

According to this calculation, the valuation premium of the financial trust will be as high as 5 times.

Market participants believe that the main reason for Jingwei Textile Machinery's high premium is the licence.

"China Trust" is the only full trust company in Heilongjiang province.

At present, the trust license resources are quite scarce, and the value of the trust license has exceeded 1 billion.

This may be the main reason why China Trust can enjoy a high premium. "

However, the market participants said that the valuation of the secondary market of the listed trust companies is about 6 times, and the premium for the Jingwei Textile machinery is 5 times higher.

This overly generous takeover strategy still gives investors a much more wait-and-see attitude.

Supervision of the red line to promote the financial trust "fat"

In addition to worries about high premium acquisitions, the low net assets are also the obvious weakness of the financial trust.

Obviously, Jingwei Textile machinery has also noticed and actively promoted and participated in the action of increasing the registered capital of the financial trust.

The announcement of Jingwei Textile Machinery announced that the original registered capital of the trust fund was RMB 325 million yuan. With the consent of all shareholders, the total profit of three yuan, such as the distribution profit of 2009, the surplus of any surplus and the fund of the board of directors of the company, totaled 255 million yuan.

With the approval of the China Banking Regulatory Commission, the registered capital of the financial trust has increased to 580 million yuan.

"This is very important for China financial trust."

Zhao Yang thinks.

Although China Trust Trust is at the forefront of the scale of trust business, the company's net assets rank lower in more than 60 trust companies nationwide.

Since the CBRC's "net capital management measures of trust companies" promulgated this year, the size of trust assets managed by trust companies can be directly linked to their net capital.

For the China financial trust, whose net capital is weak, it will have some impact on the development of the company.

If we do not want to reduce the scale of trust, we can only rely on increasing capital.

Main business downturn Jingwei Textile Machinery equity investment addiction

Marked by the acquisition of the fusion trust, Jingwei Textile machinery has extended its investment to the financial sector, but this is only one of the company's many non major investments.

As a listed company whose main business is textile machinery, because of the fierce competition in the industry and the serious shrinkage of profits, diversified investment in hot spots has become a lifeline for Jingwei Textile machinery to maintain stable performance.

At present, the main business of Jingwei Textile machinery has become increasingly blurred, and foreign investment has become the main direction of the company's current direction.

After getting involved in the real estate business earlier, the company will acquire the shareholding of the automobile company.

Despite the lack of confidence in the acquisition of high premium, investors are very determined in the financial industry of Jingwei Textile machinery. The Jingwei Textile machinery is confident that the acquisition of China Trust will help the company to achieve business pformation and expand its business scope. On the basis of the original textile machinery industry, it will increase its financial business and further improve its profitability. The company can also rely on the financial platform of trust business to support the main business of textile machinery.