The Pacific Securities was founded in 2004 and received the clients of bankrupted Yunnan Securities. In April 2007 it was converted to company limited by shares,[2] with a nominal value of CN¥1 each.
5 out of 6 companies renewed the shareholders' agreement in March 2010 (FOTIC withdrew),as well as "Yunnan State-Owned Assets Management" transferred part of its stake to another Yunnan Government-owned company:Yunnan Industrial Investment Group (Chinese:云南省工业投资控股集团).[9] The consortium owned 39.88% shares of the company as the largest shareholder,as well as the chairman of the Pacific Securities,Zheng Yanan (Chinese:郑亚南),was also the chairman of UOB Mainland Investment.[10] However,the consortium sold most of their shares since 2011 (decreased to 32.68% in December 2011,[10] 25.38% in December 2012[11])
The shareholders' agreement was expired again in March 2013,which only Huaxin Liuhe increased its shares (from 10.83% to 10.89%),[12] as well as Yunnan Industrial Investment Group retained its 3.19% shares;[12] Beijing Ximeng Real Estate,UOB Mainland Investment and CMST Development sold their 7.62%,[12] 2.31%[12] and 1.42%[12] shares to 3.79%,[12] 0.31%[13] and unknown level respectively. It was reported that Pacific Securities was ranked the least among the listed "securities firms" of China,in term of revenue of the first half of 2013.[14]
In 2012 the Pacific Securities founded a joint venture in Laos.[15]
In April 2014 the company recapitalized for CN¥3.759billion (CN¥5.37 each) by a non-public offering.[16][17] Each old share also received 0.5 new share in December that year (by converting the share premium into share capital),making the share capital had increase from 1,653,644,684 to 3,530,467,026.[18]
Shareholders
As of 31 December 2015,the only shareholder with more than 5% shares was Beijing Huaxin Liuhe Investment for 12.75% (450,248,500). Despite 225million of them were restricted to sell (until 21 April 2019),more than half of its shares (251,020,000) were pledged (Chinese:质押),[1] to China Fortune International Trust (160million restricted shares) since December 2015,[19][20] to China Merchants Securities (51.98million free-floating shares)[21][22] since March–April 2015,as well as pledged to other companies. The shares pledged to China Merchants Securities,all of them were also pledged to the same investment bank from March 2014 to February 2015 (108 million shares free-floating shares);[23] the shares pledged to China Fortune International Trust,were also pledged to New China Fushi from April 2014 to November–December 2015 (225million restricted shares).[19][24]
The second largest shareholder (Chinese:大连天盛硕博科技),which owned 4.25% shares (150million),is a private company based in Dalian. The company bought 100million number of shares from non-public offering for CN¥5.37 each[17] (before 0.5 additional new shares to each 1 old share). However,the company also pledged 140million shares as of 31 December 2015.[1]
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CN¥2.743 billion (2015)
