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Yesterday, China Construction Investment announced that Beijing state owned capital operation and Management Center (hereinafter referred to as "Beijing state management center"), the largest shareholder of the company, intends to transfer 35.11% of its shares of China Construction Investment to Beijing Financial Holding Group Co., Ltd. (hereinafter referred to as "Beijing Financial Holding group") free of charge.
The Shanghai Stock Exchange learned that the transfer was uniformly deployed by the state owned assets supervision and Administration Commission of Beijing Municipality, aiming to optimize the layout of the state-owned economy, strengthen and optimize the capital's financial industry.
It is understood that the state owned assets supervision and Administration Commission of Beijing municipality holds 100% of the shares of Beijing State Administration Center and Beijing State Administration Center holds 100% of the shares of Beijing Financial Holding Group. The transfer is actually the transfer of the equity of CSCEC to its subsidiary Beijing Financial Holding Group.
According to the preliminary calculation of today's closing price of 31.75 yuan per share, the market value of the transferred shares is 85.2 billion yuan. In 2010, Beijing State Administration Center invested 7.289 billion yuan when it transferred the shares of CSCEC, and in ten years, Beijing State Administration Center received a total dividend of 1.751 billion yuan from shareholders.
Beijing Financial Holding Group will become the largest shareholder of CSC
According to a notice from Beijing state owned assets supervision and administration center, the largest shareholder of the company, the Beijing state owned assets supervision and administration center plans to transfer 2.684 billion shares (35.11% of the total share capital) of the company held by it to Beijing financial control group free of charge, according to a notice issued by the state owned assets supervision and Administration Commission of Beijing.
After the completion of this free transfer, Beijing State Administration Center no longer holds CSC shares. Beijing Financial Holding Group will directly hold 2.684 billion shares of CSC, accounting for 35.11% of the total equity of CSC, becoming the largest shareholder. This transfer has not changed the situation that CSC has no controlling shareholder or actual controller.
According to the announcement, this gratuitous transfer still needs to be approved by the CSRC and the Hong Kong Securities and Futures Commission.
According to an interview with Shanghai Securities Daily, the transfer was made in accordance with the decision of the state owned assets supervision and Administration Commission of Beijing Municipality, which is responsible for both enterprises. Beijing Financial Holding Group is a Beijing Municipal State-owned enterprise established in accordance with the requirements of Beijing Municipal Party committee and Beijing municipal government to deepen financial reform. It is positioned to build a first-class domestic financial investment holding platform with complete licenses.


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