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| Merger and Acquisitions Report of China Securities Industry, 2008 |
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China Securities Companies' number declined to 107 in 2008 from 134 in 2004. Meanwhile market share of top securities companies had realized leaping growth through entrusting and acquisitions. There has been a large scale gap among companies; however, the market competition is still intense and the king has not emerged yet.
China securities companies mainly gain profit from brokerage service and self-operations, which both simply depend on the performance of stock market, but for the services such as investment banking and asset management, foreign competitors have obvious advantages. By Aug 2008, China has seven joint venture brokers as follows: CICC, Goldman Sachs Gao Hua, UBS, BOC, CESL, Daiwa SMBC-SSC Securities and CS Founder Securities. Among which, CICC, Goldman Sachs Gao Hua and UBS together shared 41.6% of IPO projects in China stock market. Moreover, the control power of the top three is held by one party, for example, CICC is controlled by China side but UBS and Goldman Sachs Gao Hua are controlled by foreign side. As for others without clear dominators, they had a less profitability. Based on authoritative statistics of CSRC and China Securities Industry Association, this report analyses the status quo of china securities industry merger and acquisitions, as well as the political environment, M&A cases and key companies, and also points out the M&A trends and risks. 1. Overview of China Securities Market
1.1 Market Scale 1.1.1 Stock Market 1.1.2 Bond Market 1.1.3 Futures Market 1.2 Influential Factors of Securities Market Long-term Development 1.2.1 Macroeconomic Conditions 1.2.2 Securities Market Reform 1.2.3 RMB Appreciation 1.3 Policy Analysis 2. Competition Pattern of China's Securities Industry 2.1 Overview of China Securities Companies 2.1.1 Scale and Numbers 2.1.2 Business Structure 2.1.3 Profitability 2.2 Industry Concentration 2.3 Joint Venture Securities Companies 2.4 Potential Competitors 3. M&A of China's Securities Industry 3.1 Investment Trend 3.2 M&A Trend 3.3 M&A Obstacles 4.Competitiveness and M&R Analysis of Major Securities Companies 4.1 CITIC Securities Co., Ltd (CITICS) 4.1.1 Business Operation 4.1.2 Market Position 4.1.3 M&R Cases 4.1.4 Marketing Networks 4.2 Haitong Securities Co., Ltd 4.2.1 Business Operation 4.2.2 Market Position 4.2.3 M&R Cases 4.2.4 Marketing Networks 4.3 Guotai Junan Securities Co., Ltd. (GTJA) 4.3.1 Business Operation 4.3.2 Market Position 4.3.3 Marketing Networks 4.4 GF Securities Co., Ltd (GF) 4.4.1 Business Operation 4.4.2 Market Position 4.4.3 M&R Cases 4.4.4 Marketing Networks 4.5 China Galaxy Securities Co., Ltd 4.5.1 Business Operation 4.5.2 Market Position 4.5.3 M&R Cases 4.5.4 Marketing Networks 4.6 Shenyin & Wanguo Securities Co., Ltd. (SYWG) 4.6.1 Business Operation 4.6.2 Market Position 4.6.3 M&R Cases 4.6.4 Marketing Networks 4.7 Guosen Securities Co., Ltd 4.7.1 Business Operation 4.7.2 Market Position 4.7.3 M&R Cases 4.7.4 Marketing Networks 4.8 Everbright Securities Co., Ltd 4.8.1 Business Operation 4.8.2 Market Position 4.8.3 M&R Cases 4.8.4 Marketing Networks 4.9 Orient Securities Co., Ltd 4.9.1 Business Operation 4.9.2 Market Position 4.9.3 M&R Cases 4.9.4 Marketing Networks 4.10 China Merchants Securities Co., Ltd 4.10.1 Business Operation 4.10.2 Market Position 4.10.3 M&R Cases 4.10.4 Marketing Networks 5. Market Entry Mode of Foreign Securities Companies 5.1 Goldman Sachs Gao Hua Securities 5.1.1 Entry Mode 5.1.2 Goldman's Position in the Joint-venture and Business Scope 5.1.2 Operation Status 5.2 CICC 5.3 UBS Securities 5.4 CS Founder Securities 6. Risks and Trend of Establishing Joint Venture Securities Companies in China 6.1 Withdraw cases 6.2 Risks Analysis 6.3 Trend Analysis 7. Conclusion |
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