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[Media Focus] Annual report of four PE industry magnates on new third board: the earnings of GGTT in

Date: 2016-04-09
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For more than 20 PE organizations like Jiuding Group, CSM Group, GGTT and Cowin Capital, listed on new third board has become one of 2015 Events. Especially after the regulatory agency paused PE organizations’ listed on new third board, the PE organizations which have completed listing and private placement became the envy of the industry. And recently, the four PE industry magnates which completed listing firstly have released their annual reports successively. The data shows that PE organizations have witnessed a sharp increase of operating revenues and net assets after their listing, but the composition of income is quite different. 
GGTT had the largest increase of net margin.
Jiuding Group, one of four industry magnates with the highest market value had operating revenue of RMB 2.53 billion Yuan in 2015, up 267% compared with the previous year, ranking 1st among the four industry magnates in terms of operating revenue. Its net margin was RMB 673 million Yuan (the net margin belonging to shareholders of the listed company was RMB 580 million Yuan), up 85% compared with last year. 
Last year, CSM Group realized revenue of RMB 2.43 billion Yuan, with year-on-year growth of 159%. Its net margin reached RMB 1.186 billion Yuan (the net margin belonging to shareholders of the listed company was RMB 1.13 billion Yuan), with year-on-year growth of 180%.
GGTT realized revenue of RMB 1.64 billion Yuan in 2015, up 342 % compared with the previous year; Its net margin was RMB 1.19 billion Yuan (the net margin belonging to shareholders of the listed company was RMB 760 million Yuan), up 650% compared with last year. 
Although the revenue of Cowin Capital was doubled, up 110%on year-on-year basis, the revenue in 2015 was only RMB 220 million Yuan, among which the net margin belonging to shareholders of the listed company was RMB 84 million Yuan, with year-on-year growth of 118%. 
The composition of income differentiated.
Among the four industry magnates, the net margin of CSM Group ranked secondonly to GGTT and most incomes thereof originated from the ballooning due to its purchasing shares of listed companies on secondary market in July 2015.
It was revealed that CSM Group purchased shares of 16 listed companies in July 2015, including Ding Tai New Materials (002352), Baocheng Investment (600892) and Xianglong Power Industry (600769) for the first-time purchasing as well as Hirisun Technology (300277), Dalian Sunasia (600593) and Cau-tech (000004) for increasing shareholdings.
It’s worth noting that according to the composition of income disclosed by CSM Group, the management fee income had a proportion of 19% in its total operating revenue, among which the income from fair value change was RMB 1.85 billion Yuan, accounting for 76% of the operating revenue. According to the annual report, the income from fair value change increased sharply just because the market value of listed companies’ shares held by CSM Group rose due to its sunshine purchasing. 
In 2015, the investment returns of GGTT was RMB 1.34 billion Yuan, accounting for 82% of operating revenue, and the investment returns increased more than sevenfold. The excessive performance income was RMB 130 million Yuan, accounting for about 8% of operating revenue and increasing twelvefold on a yearly basis. This mainly benefited from the capital withdrawal managed by GGTT, which guaranteed a better return. 
The income from investment management business of Cowin Capital was RMB 200 million Yuan, accounting for about 90% of operating revenue, among which the fund management fee income was RMB 170 million Yuan, nearly accounting for 77% of the income from investment management business. According to some accountants, the fund management fee was one of major income sources for PE organizations. Generally speaking, the larger the income scale is, the more competition advantages the company would have. 
According to relevant provisions on encouraging the development of the private equity investment fund industry as stipulated in SFB (2010) No.100 Decree of Notice of Related Matters on Further Supporting the Development of the Equity Investment Fund Industry, Cowin Capital received a government subsidy of RMB 11.08 million Yuan and a support fund of RMB 403,000 Yuan from Shanghai Jiading Sub-District Office in the report period. In addition, as Cowin Capital utilized a small amount of idle funds to make secondary market stock trading through its security account, it suffered losses from fair value change, worth RMB 5.76 million. 
Jiuding Group and CSM Group were highly indebted. 
In terms of the liabilities of the four PE organizations, CSM Group and Jiuding Group had much higher liabilities than that of GGTT and Cowin Capital. 
The assets of Jiuding Group totaled up RMB 39.3 billion Yuan, increasing about 200% on year-on-year basis, and meanwhile, the total liabilities were RMB 14.0 billion, increasing more than sevenfold on a yearly basis. 
The assets of CSM Group totaled up RMB 20.7 billion Yuan, up 407% compared with last year while the liabilities were RMB 5.2 billion Yuan, up 178% on year-on-year basis. Among which, the monetary fund was RMB 3.2 billion Yuan and the short-term loans were RMB 1.5 billion Yuan. The proportion of monetary fund changed because CSM Group issued shares and bonds last year and the proportion of short-term loans changed because the company’s pledge financing increased sharply last year.    
The assets of GGTT totaled up RMB 10.1 billion Yuan, up 151% on year-on-year basis while the liabilities reached RMB 1.15 billion Yuan, up 12% compared with the previous year. Compared with the other three PE organizations, Cowin Capital had fewer liabilities. Its total liabilities were RMB 80.36 million Yuan, with year-on-year growth of 58%.  
The future layout focused differently.
Jiuding Group purchased 100% stock equity of Huahai Futures Limited Company (renamed as “JZ Futures Limited Company”) through its holding subsidiary JZ Securities in August 2015. Moreover, Jiuding Group purchased 100% stock equity of Zhongjie Insurance Brokers Co., Ltd. and entered into the insurance broker, insurance consulting and service fields. Meanwhile, it finished the purchasing of 100% stock equity of Jiangxi Zhongjiang Group and indirectly held 72.37% shares of A-share listed company Jiangxi Zhong Jiang Real Estate Co., Ltd. (600053). 
According to Jiuding Group, it will continue to increase the investment on acquisitions and start VC investment in 2016. Meanwhile, it will proactively participate in the reform of SOEs, especially the reform of mixed ownership. For its invested SOEs, Jiuding Group will help them improve operating efficiency and carry out extension merger and acquisition. By taking multiple methods like the PPP pattern, it will assist local government to improve local infrastructure construction and public service level on the basis of effectively controlling the liabilities risks. 
As the annual report of CSM Group revealed, the main operating businesses in 2015 can be subdivided into venture capital investment, transformation and upgrading of listed companies and dual creation. Among which, CSM Group showed great interest in dual creation. In addition to the equity investment in small and medium sized enterprises, CSM Group put forward “three basic projects”. That is to say, through focusing on the industry-leading enterprises, governments and universities, it will establish funds, build bases and develop family estate as well as expand the investment in early projects. 
Cowin Capital indicated that from the company's strategic thinking, the future layout will be carried out according to the following directions: 1. Pushing the private equity investment management business steadily and keeping providing professional financial services for small enterprises; 2. Planning to participate in the acquisition and reorganization, perhaps being involved in the private placement of listed companies and slightly participating in secondary market and quantitative investment; 3. Planning the financial industry layout which extends to the big asset management based on the principle of providing service for small and medium sized enterprises and the long-term formed equity class active management ability so as to provide a sustainable motive force for the company’s continuous operation. 
GGTT said that the business related to the pattern of “PE + listed companies” has begun to enter the profit release period since 2015, which generated huge positive influences on the company’s net margin. The company will continue to expand the three major businesses, namely, M&A integration, VC/PE investment and capital management and constantly perfect the funding products. 
(Date: 7 April 2016; Reprinted from Securities Times)

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