Why trust companies become listed insulators 封神之黄天化

Why trust company became a listed company listed on the topic as an insulator trust company came to a pool of stagnant water, every time listed on the news, like a pebble in the water splashing, but soon calm down. Last week, there were news that Shandong International Trust plans to go to Hong Kong IPO, financing is not more than 500 million U.S. dollars. This "pebble" stirs ripples again. In fact, the "water" has long been simmering, more than 10 trust companies completed the share reform, and seek listing through IPO, backdoor and other forms. So, what are the problems of the trust company refused to be listed outside the door for more than 20 years? 20 years empty windows recently, it has been reported that Shandong international trust plan to Hong Kong IPO, the fastest in the three quarter of this year in Hongkong for the initial public offering, raising funds of no more than 500 million U.S. dollars, the company is looking for underwriters for its IPO. Beijing Business Daily reporter to Shandong International Trust to verify the matter, but the other party did not give confirmation. It is worth mentioning that, Shandong International Trust has announced in July last year, the company changed from a limited company as a whole Limited by Share Ltd, the industry interpreted as planned listing. In the second half of last year, it was planned to be listed on the A share market, and then there was no below. Shandong international trust is not the first case. Prior to this, Zhonghai trust, Northern Trust have to IPO, there are a lot of trust for the new board relatively relaxed conditions, are aborted. In addition to Shaanxi SDIC, Anxin trust two old trust companies listed 20 years ago, at present, in the country’s 68 trust companies, 15 have completed the share reform, joint-stock enterprises in the trust industry accounted for 25%. In addition to share reform, trust companies are competing with each other on the way of listing. Last year, the trust company set off a round of capital flows, the industry’s first throne several hands. In the industry, capital increase is paving the way for listing. But the road has been paved for 20 years, the trust company listed still does not boil down. There is no doubt that listing can bring many benefits for trust companies, including strengthening capital strength, improving corporate governance, motivating stakeholders and enhancing brand value. Last year, among the "ten billion club" trust in Chongqing as an example, in 2010, Chongqing started the first wave of trust capital expansion in October last year, again through the capital reserve capital of more than 100 yuan, the industry jumped to the scale of capital. Weng Zhenjie, chairman of Chongqing trust, said that the completion of the shareholding system transformation will enhance the company’s capital strength, improve the company’s ability to resist risks, and promote the transformation and upgrading of the company’s business. Why the "insulation" after years of development, most of the trust companies have met the requirements of the listing. Including the registered capital, profitability, net assets scale, and even the capital turnover crisis response measures are also complete. The trust industry has set up a security fund for mandatory repayment, similar to the bank’s capital adequacy index and insurance repayment funds, etc.. But it seems that everything is ready, the trust company or why no market? Wang Yanyu, a financial analyst on the grid, said that perhaps because the trust company’s strength is very good, leading to homogenization is more serious, the lack of obvious competitive business, is considered profitable is not sustainable, coupled with the private trust theory

信托公司为何成了上市绝缘体   信托公司上市的话题就像一潭死水,每次有公司传出要上市的消息,都如一颗小石子在水面溅出水花,却又很快平复。上周,有消息称山东国际信托拟赴港IPO,融资不超过5亿美元。这颗“石子”再次激起涟漪。事实上,“水面”下早已暗流涌动,10余家信托公司完成股改,并谋求通过IPO、借壳等形式上市。那么,到底是哪些难题将信托公司拒之上市门外20多年?   20年空窗   近日,有报道称,山东国际信托计划赴港IPO,最快于今年三季度在香港进行首次公开募股,募集资金不超过5亿美元,公司正在为其IPO寻找承销商。北京商报记者向山东国际信托求证此事,但对方未给予确认。   值得一提的是,山东国际信托于去年7月曾发布公告,将公司由有限公司整体变更为股份有限公司,被业内解读为在筹划上市。去年下半年还曾传出计划在A股上市,随后便没有下文。   山东国际信托已不是首例。在此之前,中海信托、北方信托等都曾蓄势IPO,也有不少信托公司申请条件相对宽松的新三板,均无疾而终。除了陕国投、安信信托两家老牌信托公司于20年前上市,目前,在全国68家信托公司中已有15家完成股改,股份制企业在信托行业中占比达到25%。   除了股改,信托公司在上市路上也是相互比拼。去年,信托公司掀起一轮增资潮,业内规模第一的宝座几度易主。业内称,增资即为了上市铺路。但路已铺了20年,信托公司上市依然没有熬出头。   毫无疑问,上市能为信托公司带来诸多好处,包括增强资本实力、完善公司治理、激励利益相关者和提升品牌价值等。   以去年跻身“百亿俱乐部”的重庆信托为例,2010年重庆信托就开始第一波资本扩充,去年10月再次通过资本公积金转增股本增资100余亿元,跃升为业内资本规模老大。重庆信托董事长翁振杰表示,股份制改造的完成将增强公司的资本实力,提高公司的风险抵御能力,推动公司业务转型升级等。   为何“绝缘”   经过多年发展,大部分信托公司都已符合上市的要求。包括注册资本、盈利情况、净资产规模等方面,乃至对资金周转危机时的应对措施也已完备。信托业设立了保障基金用于强制偿付,类似银行的资本充足率指标和保险的偿付资金等。但看似万事俱备,信托公司为何还是无缘上市?   格上理财分析师王燕娱表示,或许正是因为信托公司的实力都很不错,导致同质化较严重,缺乏明显有竞争力的业务,被认为盈利不可持续,加上信托的私募性质,信息披露不充分等因素,信托公司上市之路一直较为坎坷。   用益信托分析师廖鹤凯进一步表示,除了盈利模式不明晰会导致信托业务的可持续性受质疑之外,目前信托公司面对的上市最大阻碍就是监管层没有放行,允许信托公司上市的一纸文件始终没有落地。   据了解,信托公司作为与银行、证券、保险并称的金融业四大支柱,其初心也是希望能在主板上市,但之前的上市之路过于坎坷,信托公司才退而求其次选择新三板。   更令人唏嘘的是,新三板的上市条件和要求,信托公司是符合的,却依然得不到“绿灯”。王燕娱表示,无论是信托公司的历史发展,还是股东背景实力以及当前在金融市场中的地位和作用,信托公司挂牌新三板都可以说是大材小用。“若是监管层在信托公司主板上市方面给予一定支持,相信信托公司都愿意选择在主板上市。另据消息称,监管层不建议信托公司在新三板挂牌。”王燕娱说道。   政策仍须观望   不难看出,相关政策的出台将成为信托公司上市的“救命稻草”。   事实上,在去年4月银监会下发的《中国银监会信托公司行政许可事项实施办法(征求意见稿)》中,已对信托公司上市给出具体的门槛。   在意见稿列出的标准中,“净资产不低于10亿元”几乎只有几家信托公司尚未达到,跨过“三年盈利要求”门槛的也不在少数,不过“有明确的市场定位,且在主营业务中至少有一项主要业务指标(包括但不限于信托资产规模、营业收入、净利润等)最近三年在行业内排名前15名”以及“连续两年监管评级为发展类以上,最近三年内无重大违法违规经营记录”等条件对于中等规模的信托公司来说也不算容易,可见监管层在设门槛上花了心思。   更难以预测的是,监管层在释放了正面的信号后又出现了态度的转变。在上述文件的最终稿里,银监会删除了信托公司上市的相关内容。王燕娱表示,针对信托公司上市,监管层可能还有保留意见。   为什么迟迟不放行?廖鹤凯分析认为,信托公司在上市后,资金规模会迅速扩大,业务也会随之扩容,监管层为防止业务过快增长扩大风险,选择了保留态度。同时,从近三年信托公司的发展和盈利等情况来看,不少信托公司都达到上市标准,放行一家之后每家都会上。但信托公司的盈利持续性有待观察,所以还需时间的验证。北京商报记者 程维妙 进入【新浪财经股吧】讨论相关的主题文章: