Dongguan Securities Co., Ltd. (hereinafter referred to as "Dongguan Securities") has experienced several senior management personnel changes.
On the evening of May 20, Dongguan Securities announced that Luo Yifen was appointed Chief Financial Officer and Secretary of the Board of Directors, and Luo Zhangyichao was appointed Assistant to the President; In addition, due to job adjustment, Guo Xiaojun no longer serves as compliance director and chief legal officer; Gao Zemin will no longer serve as Vice President, and will no longer perform the duties of Chief Financial Officer and Secretary of the Board of Directors.
It is worth noting that not long ago, the general manager of Dongguan Securities also changed. On May 8, Dongguan Securities announced that the board meeting of the company on May 6 agreed that Pan Haibiao would no longer serve as the general manager, and Chen Zhaoxing, the chairman of the company, would act as the general manager before the board of directors appointed a new general manager.
Two senior executives were employed as senior consultants of the company after leaving office
According to the information disclosed in the prospectus, Guo Xiaojun, born in June 1969, will be 55 years old now. Guo Xiaojun once worked in Shenyang No. 21 Middle School, Northeast Microelectronics Research Institute, Chief Editor's Office of Shenzhen Legal Newspaper, Shenzhen Pengji Group Co., Ltd., served as Deputy General Manager of Shenzhen Pengrun Industrial Co., Ltd., legal director and supervisor of Jiankangyuan Pharmaceutical Group Co., Ltd., senior director of Dongguan Qinshang Optoelectronics Co., Ltd., and served as assistant to the president of Dongguan Securities, General Manager of Compliance and Risk Management Department, General Manager of Compliance and Legal Department, Chief Risk Controller, Chief Legal Officer, Head and General Manager of Legal Affairs Department, Chairman of Dongzheng Hongde; He is currently a member of the Self disciplinary Sanctions and Internal Audit Committee of China Securities Association, and the supervisor of Dongguan Financial Consumer Rights Protection Association. Before leaving, he was the compliance director and chief legal officer of Dongguan Securities.
Gao Zemin, born in August 1964, will be 60 years old now. Gao Zemin once worked in Inner Mongolia Industrial and Commercial Administration School, Inner Mongolia Economic System Reform Commission, Inner Mongolia Securities Regulatory Commission; He has successively served as the assistant general manager, deputy general manager, general manager and president assistant of the investment bank headquarters of Guosen Securities Co., Ltd. Before leaving office, he was the vice president of Dongguan Securities.
After leaving, Guo Xiaojun and Gao Zemin were appointed as senior advisers of Dongguan Securities.
On the other hand, Luo Yifen is the new Chief Financial Officer and Secretary of the Board of Directors. She has rich experience in compliance and investment banking. Zhang Yichao took office as the assistant to the president.
According to this announcement, Luo Yifen has served as an employee of Dongguan Securities Trustee Asset Management Department, an employee of CIC Securities (now CICC Wealth) Audit and Supervision Department, the Deputy General Manager of Dongguan Securities Internal Audit and Compliance Department, the Deputy General Manager of Dongguan Securities Audit and Audit Department, the General Manager of Dongguan Securities OTC Market Business Department (formerly the Capital Market Innovation Business Department) Deputy General Manager of Dongguan Securities Investment Banking Department and General Manager of Investment Banking Department 9. He is now the Chief Financial Officer and Secretary of the Board of Directors of Dongguan Securities.
Zhang Yichao used to be an employee of Shanghai Lianhe Credit Rating Co., Ltd., a rating analyst of Shanghai New Century Credit Rating and Investment Service Co., Ltd., a deputy general manager of the fixed income business headquarters of Industrial Securities, and a general manager of the debt financing headquarters of Dongguan Securities. He is now the assistant to the president of Dongguan Securities and the general manager of the debt financing headquarters.
In addition, Dongguan Securities also said that the Board of Directors decided that Ji Wangfeng, a senior manager, would be the compliance director, and Chen Aizhang, a senior manager, would be the director of asset management business.
IPO process or affected
Will the change of several senior executives in the short term have a negative impact on the IPO process of Dongguan Securities?
According to the Measures for the Administration of Initial Public Offering and Listing, among the main conditions for the listing of the issuer, the main business, directors and senior managers of the issuer have not changed significantly in the last three years, and the actual controller has not changed.
Dongguan Securities is regarded as an IPO nail account. In 2015, Dongguan Securities submitted its IPO application materials and was accepted, but the IPO of Dongguan Securities did not make substantive progress because Yang Zhimao, the actual controller of Jinlong Shares (000712), the largest shareholder holding 40% of its shares, was involved in the bribery case. Until February 2021, the CSRC will resume its review. In February 2022, Dongguan Securities will be issued for the first time, but no listing approval has been obtained.
In 2023, the full registration system will be implemented, and the IPO translation of Dongguan Securities will be accepted. On March 31 of this year, because the financial information has expired, the listing review status of Dongguan Securities on the main board of Shenzhen Stock Exchange is shown as "suspended".
In addition to the change of senior executives, the shareholders of Dongguan Securities also intend to transfer their shares, which may cause changes to the shareholders of the company.
According to the data, Dongguan Securities was founded in 1988 with a registered capital of 1.5 billion yuan. It is a key state-owned holding enterprise in Dongguan. Dongguan Securities has five major shareholders. Dongguan Development Holding Co., Ltd., Dongguan Financial Holding Group Co., Ltd. and Dongguan Financial Holding Capital Investment Co., Ltd., three state-owned enterprises controlled by Dongguan SASAC, hold 20%, 20% and 15.4% respectively, accounting for 55.4% in total. They are the actual controllers of Dongguan Securities.
Meanwhile, Yang Zhimao, the actual controller of private capital, holds 44.6% of the equity of Dongguan Securities through Jinlong Shares and Dongguan New Century Science and Education Development Co., Ltd. Yang Zhimao's equity in Dongguan Securities is planning to exit.
On November 3, 2023, Jinlong Shares issued the Prompting Announcement on Planning Major Asset Restructuring, and planned to transfer 300 million shares of Dongguan Securities; On December 2, 2023, Jinlong Shares announced that it planned to increase the number of shares transferred to Dongguan Securities, up to 600 million shares (accounting for 40% of the total capital stock of Dongguan Securities).
On March 29, 2024, Jinlong Shares announced that they had reached a preliminary intention with Dongguan Financial Holding Capital Investment Co., Ltd. (hereinafter referred to as "Financial Holding Capital") on the matter that Financial Holding Capital intended to purchase 300 million shares of Dongguan Securities held by Jinlong Shares (accounting for 20% of the company's total share capital), and signed a non binding transaction memorandum. On April 29, Jinlong Shares announced again that up to now, it has continued to negotiate with the intended transferee on matters related to the transaction of the target shares, and the relevant due diligence, audit and evaluation work has not been completed.
The Measures for the Administration of Initial Public Offering and Listing stipulates that the issuer's equity is clear, and there is no major ownership dispute over the issuer's shares held by the controlling shareholders and shareholders dominated by the controlling shareholders and actual controllers.
It is worth mentioning that not long ago, Dongguan Securities was also subject to regulatory penalties.
On May 10, Guangdong Securities Regulatory Bureau disclosed a decision on administrative supervision measures for Dongguan Securities and two sponsor representatives.
Upon investigation, Dongguan Securities, as the sponsor for the IPO of Guangdong Quanwei Technology Co., Ltd. (formerly Guangdong National Technology Co., Ltd.), has the following violations in the process of continuous supervision and performance: First, it failed to prudently check the authenticity of large amount capital transactions of listed companies. Second, the site inspection report of 2019 was not completely filled in as required.
The above behaviors of Dongguan Securities violate the provisions of Item 6 of Article 31 of the Measures for the Administration of Securities Issuance and Listing Recommendation Business (CSRC Order No. 137). Yao Genfa and Yang Na, as the recommendation representatives, are mainly responsible for the above violations. Finally, Guangdong Securities Regulatory Bureau decided to take the administrative supervision measures of issuing a warning letter to Dongguan Securities.
In addition, the 2023 annual report of Dongguan Securities shows that in 2023, the company will achieve an operating income of 2.155 billion yuan, down 6.26% year on year; In 2023, the company will achieve a net profit of 635 million yuan, down 19.70% year on year. Dongguan Securities said that the decline in revenue in 2023 was mainly due to the impact of market conditions and commission rate, the year-on-year decrease in securities brokerage business income, and the decline in investment banking business income.
(Editor in charge: Zhu He)