财联社记者注意到，新华保险此前连续参与举牌国药股份、上海医药两只医药股，此次为近期首次对券商股进行举牌。此外，根据中国保险业协会网站显示，这也是险资年内首次对券商股进行举牌，以及自2019年4月中国人寿集团举牌申万宏源H股以来，再现券商股被险资举牌。New China Life Insurance announced today that it has increased its stake in Haitong Securities H shares, with the latest announcement showing a stakeholding ratio of 5.4846%. Industry association data shows that this is the first time this year that insurance funds have taken a stake in a brokerage stock, also the first time in five years. Yesterday (December 3), the latest announcement revealed that New China Life Insurance continues to buy shares, purchasing another 8 million shares of Haitong Securities on December 2, with each share priced at 7.0024 Hong Kong dollars.
Caixin Global report on December 4th (Reporter: Zou Juntao) Insurance funds have taken a stake in a brokerage stock for the first time this year, also the first time in five years.
On December 4th, New China Life Insurance Co., Ltd. (referred to as 'New China Life Insurance') announced on its official website that it has increased its shareholding in Haitong Securities H shares through consolidated bidding trading in the secondary market on November 28, 2024. They added 4,000,000 shares of freely tradable H shares, accounting for 0.12% of Haitong Securities' issued H shares capital. The transaction was completed through the Hong Kong Stock Connect channel. After this equity change, New China Life Insurance holds 171,027,200 shares of Haitong Securities H shares, representing approximately 5.02% of the company's H shares capital.
Caixin Global has noted that New China Life Insurance has previously participated in stakeholdings of China National Medicines Corporation and Sh Pharma, two pharmaceutical stocks, and this is the first time they have taken a stake in a brokerage stock recently. In addition, according to the China Insurance Association website, this is also the first time this year that insurance funds have taken a stake in a brokerage stock, and since China Life Group announced the stakeholding of Swhy H shares in April 2019, brokerage stocks have been taken over by insurance funds once again.
New China Life Insurance announced the stakeholding in Haitong Securities H shares and continues to buy shares after the stake.
According to the announcement from New China Life Insurance, the entity participating in the stakeholding of Haitong Securities H shares is New China Asset Management Co., Ltd. (referred to as 'New China Asset'). New China Asset Management (Hong Kong) Limited, an affiliate company, did not participate in this recent increase. New China Asset and New China Asset Management (Hong Kong) only act as the entrusted managers of New China Life Insurance.
Before this change in equity, New China Life Insurance held 112,027,200 shares of Haitong Securities H shares through New China Asset, accounting for approximately 3.29% of the company's Hong Kong shares capital, and held 55,000,000 shares of Haitong Securities H shares through New China Asset Management (Hong Kong), representing 1.61% of the company's Hong Kong shares capital. New China Life Insurance and its concerted actors New China Asset and New China Asset Management (Hong Kong) collectively hold 167,027,200 shares of Haitong Securities H shares, comprising approximately 4.90% of the company's H shares capital.
New China Life Insurance stated that on November 28, 2024, it increased its stake in Haitong Securities by 4,000,000 shares through consolidated bidding in the secondary market, accounting for 0.12% of Haitong Securities' issued H shares capital. The related transactions were completed through the Hong Kong Stock Connect channel. After this equity change, New China Life Insurance holds 171,027,200 shares of Haitong Securities H shares, representing approximately 5.02% of the company's H shares capital.
In addition, according to the announcement, as of November 28, 2024, new china life insurance holds H shares of haitong sec with a book balance of 1.065 billion yuan, accounting for 0.07% of the total assets of the company at the end of the third quarter of 2024. New China Life Insurance pointed out that this ratio complies with regulatory requirements.
However, according to a report from Caixin, based on the latest disclosure from Haitong Securities H (06837.HK) on December 3, Xin Hua Asset purchased 8 million shares again on December 2, each priced at 7.0024 Hong Kong dollars per share. Currently, New China Life Insurance's holding of H shares through Xin Hua Asset has increased to 187,000,000 shares, accounting for 5.4846% of the company's H share ownership.
Insurance funds first time in five years to increase shareholding in brokerage firms
It is worth noting that insurance funds have been actively increasing their shareholdings this year, with the number of shareholding incidents and listed companies both reaching a historical high in nearly four years. According to data released by the China Insurance Association, up to now this year, insurance funds have carried out 16 shareholding actions.
From the perspective of the industry types they belong to, it involves transportation, eco-friendly concepts, utilities, power equipment, banks, and medical sectors. This event marks the first time this year that insurance funds have increased their shareholdings in brokerage firms, also the first time in five years.
Looking at cases this year, insurance companies acquire shares to pursue cost-effectiveness and high dividends, searching for assets with growth potential and long-term value. Industry analysts generally believe that insurance funds' acquisition strategy aligns with characteristics of high ROE and dividends, fitting the logic of patient capital seeking long-term stable cash flow.
According to the analysis by the Huachuang Securities team, insurance funds mainly target companies with good quality and stable performance, reflecting the long-term investment philosophy and patient capital role of insurance funds. Considering accounting perspectives, assets with high ROE and dividends are expected to continue to be favored by insurance funds. Given solvency constraints, it is expected to be somewhat difficult for insurance funds to increase their holdings of equity assets within the broad asset allocation framework. However, it is still recommended to pay attention to structural opportunities that are bullish for assets with high ROE and dividends.
According to public market information, in response to policy calls, brokerages have shown a stronger willingness to distribute dividends. Several brokerages joined the mid-year dividend distribution team this year. On August 29, Haitong Securities disclosed the 2024 interim profit distribution plan, proposing a cash dividend of 0.03 yuan per share (pre-tax), marking the first increase in mid-term dividend payments since the company went public.
In addition, according to the views of institutions such as AVIC Securities, regulatory encouragement of brokerages M&A within the year is conducive to the valuation repair of some leading undervalued brokerage stocks; and it is expected that under the continued support of policies and liquidity, the current capital market's low confidence situation will significantly improve, forming substantial bullishness for brokerage brokering, wealth, investment, and other business areas, bullish on the trading opportunities of brokerages in the near future.
