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Public company info - China Renaissance Holdings Limited , 01911.HK
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China Renaissance Holdings Limited, 01911.HK - Company Profile
Chairman Bao Fan
Share Issued (share) 539,000,000
Par Currency U.S. Dollar
Par Value 2.5E-5
Industry Investments & Assets Management
Corporate Profile Business Summary: The principal activities of the Group are the provision of investment banking and investment management services. Performance for the year: Total revenue was RMB1,304.1 million for the year ended December 31, 2019, a decrease by 6.8%, from RMB1,398.8 million for the year ended December 31, 2018. Business Review： The Group’s revenue source has become more diversified in 2019, with 45.7% from investment banking, 31.8% from investment management, 17.5% from Huajing Securities, and 5.0% from new businesses. The Group’s operating profit increased 26.1% YoY, with increases most notably from management fees and reduced operating costs. The remarkable growth from investment management segment, earlier-thanexpected profitability of Huajing Securities, as well as growth from new business indicatives, instilled higher resilience in the Group’s company to withstand the vicissitudes of industry environment. In the long term, the Group expect a well-balanced revenue mix could buffer for downside risks and buttress for the upside. Rising contribution from investment management fees enables higher stability of the Group’s profitability. PE fundraising for the industry overall shrank by 34.0% YoY, affected by the new investment management rules, as well as macro uncertainties and difficulties exiting in a lukewarm secondary market. By contrast, the Group’s company’s investment management business saw a remarkable 38.2% YoY growth in management fees. The Group’s total AUM, including 9 primary funds and 17 project funds, exceeded RMB34.0 billion by end of 2019, with the successfully closing of RMB6.5 billion fund-raising for the Group’s Growth Capital RMB Fund III, including the National Social Security Fund as an important LP. Growth Capital USD Fund III also saw better-than-expected amount of committed capital. The success in fundraising partly derives from the Group’s up-to-par fund performance, with average multiple on invested capital of 2.1x for mature funds. In 2019, for the first time since commencing the Group’s PE business in 2013, the Group’s funds paid a realized carried interest of RMB42.0 million. The Group appreciate market recognition and awards for the Group’s funds in the past year from renounced institutions such as Zero2IPO Group, ChinaVenture, etc. Admittedly the fund-raising environment could still be challenging in 2020, and the Group’s priority shifts from fund scale to investment targets, further bolstering the Group’s investment track record. The Group maintained leading position in private placement financial advisory, thus better equipped to navigate through possibly still challenging times ahead. Within investment banking segment, the Group took pride in having completed various milestone transactions in 2019, and maintained the largest market share in the realm of private placement financial advisory, despite a less active market environment. It is worth noting that average transaction size steadily increased for the industry in the past few years, which the Group believe could play to the Group’s advantage. Although M&A transaction volume shrank 40.0% in the past year, the Group expect more corporates could seize the distinct opportunities presented in 2020 as cash flows become even more vital. The Group’s equities revenue, from sales, trading and brokerage, expanded 43.5% YoY, despite lower market trading volume in Hong Kong. Without underestimating the challenges in the coming year arising from subdued economic activities against COVID-19, which will likely slow down the revenue realization of investment banking projects, the Group have confidence in the Group’s ability to deal with such challenges. Remaining dedicated to client retention and rapport, the Group bide the Group’s time with the Group’s strong project backlog, understanding that mountains cannot be surmounted except by winding paths. Prospects: The Group have been making assertive efforts in optimizing the Group’s business model, in order to capitalize the tremendous potential in China’s investment management and wealth management. The Group’s new economy investment banking offers trusted access to wealth management client base, and leads to investment management deal flows. The Group’s investment management business provides products for wealth management, and brings capital to investment banking referred clients. The Group’s wealth management clients could become LPs in investment management funds, and wealth management’s high touch service is conducive to better client coverage for investment banking. These multi-faceted interlinks embed synergies in the Group’s operations.

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