银河证券金河生物(002688,股吧)、方大炭素(600516,股吧)两个项目保代接连被证监会惩罚 Galaxy securities JinHe creatures(002688,Shares it)、Party big carbon(600516,Shares it)Two projects the generation after CSRC punishment

　　理财周报记者 田小蕾/文

Finance TianXiaoLei/the weekly newspaper reporters

　　这些年来，银河证券经纪业务稳居前三甲之列，但其投行业务却走上了没落之路。

Over the years，Galaxy securities brokerage business before being the top list，But its investment banking business is on the way out。

　　2008年，面对瑞银和高盛高华入驻中国，时任银河证券投资银行部总经理汪民生还自信满满：“格局稍微有些变化，但我们自认为一直在第一梯队里面，没有掉队。”

2008 years，Face the ubs and Goldman sachs gao hua in China，The galaxy securities investment home WangMinSheng also confident general manager：“A little change pattern，But we think has been the first echelon inside，No left behind。”

　　而时至今日，银河证券投行已彻底滑出第一梯队，尤其是IPO业务已被远远甩在后面。

And today，Galaxy securities investment Banks have thoroughly slip out the first echelon，Especially IPO business has been far left behind。

　　2011年，银河证券仅承销保荐了森马服饰(002563,股吧)，获得承销保荐费1.52亿元，排在第29位。今年以来，银河依然未能挽回颓势，只有飞利信(300287,股吧)和金河生物两个项目完成上市。

2011 years，Galaxy securities underwriting the sponsor's only horse costumes(002563,Shares it)，The underwriting sponsor fee for 152 million yuan，Row in 29 th。Since this year，The Milky Way is still not slide-and，The only fly letter(300287,Shares it)And JinHe biological two project complete listing。

　　船迟又遇打头风。证监会掀起新一轮监管风暴以来，银河证券频频中招。继今年4月25日其保代黄建、韩杨因金河生物尽职调查工作不完善被监管谈话后，5月10日张涛又因内幕交易方大炭素被证监会严惩。

The ship late again meet DaTouFeng。CSRC starting a new regulation since the storm，Galaxy securities come back again and again。After this April 25, the generation of the HuangJian、HanYang for JinHe biological due diligence work not perfect supervision after talking，5 October, tao and because of insider trading party by CSRC big carbon punished。

　　一位熟悉银河证券的人士告诉理财周报记者：“处于市场化改革中的银河证券还在寻找改革的路径和方向，政策朝令夕改不能落地，导致人心不稳，凝聚力不强。”

A person familiar with the galaxy securities financing sources told reporters weekly newspaper：“In a market in the reform of the galaxy securities are still looking for the paths and direction of the reform，Constantly changing policy cannot be born，Cause the heart instability，Cohesion is not strong。”

　　

第一梯队梦碎 The first echelon broken dreams

　　2009年之前，银河证券投行业务的战略是把自己定位于第一梯队，一度将中金、中信作为最主要的竞争对手。

Before 2009，Galaxy securities investment banking strategy is to position himself in the first echelon，Once will zhongjin、Citic as the main rivals。

　　银河证券也确实有过一段辉煌时光。2006年至2009年，银河证券几乎参与了所有的大型IPO项目，包括担任中国银行、交通银行、中国人寿、中国平安、中国神华、中煤能源等大型国企的联合主承销商，以及工商银行、中石油等项目的财务顾问。

Galaxy securities also really had a brilliant time。From 2006 to 2009，Galaxy securities almost all the big IPO involved in the project，Including a bank of China、Traffic bank、China life、China peace、China shenhua、China coal energy, as well as the combination of the large state-owned enterprises lead underwriters，And industry and commerce bank、Petrochina and project financial advisor。

　　这与银河证券的出身不无关系。它是在2000年8月，由工、农、中、建四大银行以及华融信托、长城信托、东方信托、信达信托、人保信托五大信托公司所属的证券业务部门及证券营业部合并而成。2002年6月还接收了原中国经济开发信托投资公司的证券业务部门。脱胎于金融系统的银河证券，凭借较强的人脉网络，在中行等项目中分得一杯羹。

This galaxy securities and the background is relationship。It was in August 2000，The work、agriculture、in、Build the big four leading and trust、The Great Wall trust、Oriental trust、Cinda trust、Insurer five trust company belongs to the trust of the securities business department of the securities business and a merger。In June 2002, the Chinese economy has received the development of trust and investment companies in the securities business department。Born in the financial system of the galaxy securities，With a strong network of contacts，In the projects, such as bank of the equation。

　　2007年，中金、中信、银河分列投行股票承销金额前三名。2008年，国泰君安超中金和银河，不过中金、银河依然位列第三、第四。2009年，中信、中金、银河又重归前三名。

2007 years，zhongjin、citic、Galaxy investment Banks underwriting stock list of top three amount。2008 years，Cathay Pacific hand to super zhongjin and Milky Way，But zhongjin、Galaxy still in the third、The fourth。2009 years，citic、zhongjin、The galaxy and return to the top three。

　　但2009年IPO重启加创业板的开闸改变了投行的格局，银河投行也开始滑坡。在此之前，一向喜欢大项目的银河证券显然没有做好准备，就在国信、平安等一批中小券商提前布局中小项目之时，银河投行相关负责人仍表示“大项目市场不会萎缩，赚钱肯定要盯住大项目”。

But in 2009 with the IPO to restart the gem of the investment Banks actually change pattern，Galaxy investment Banks began to slide。Before this，Always like larger project galaxy securities obviously not ready，Expressed in、Peace and a number of the small and medium-sized brokerages layout of small and medium-sized project in advance，The Milky Way responsible investment Banks still said“Big project market won't atrophy，Make money is sure to gaze at big projects”。

　　可现实给了银河证券沉重一击。银河证券没有抓住中小企业集中上市的机遇，大项目也逐渐枯竭。自2010年7月农行上市至今的两年时间里，银河证券仅完成了5单IPO，无一主板项目，3单中小板，2单创业板。

But the reality to the galaxy securities heavy blow。Galaxy securities do not get the small and medium-sized enterprises listed on the opportunity，Big project also has dried up。Since July 2010 the agriculture bank has listed two years，Galaxy securities achieved only five single of the IPO，No motherboard project，3 single small and medium plate，2 single gem。

　　2010年，银河证券的股票主承销额排名急剧下滑至11名，与安信、中投等中型券商为伍，而被国信、平安等中小型券商取代。到了2011年，银河投行承销规模再度大幅下滑，排名第15位，已沦落至三线券商之列。

2010 years，Galaxy securities underwriting stock of the amount a sharp fall in the rankings to 11，And access、Such as bank medium brokers men，And be expressed、Safe and small and medium-sized brokerages replaced。By 2011，Galaxy investment Banks underwriting fell sharply again scale，Ranking 15 th，Already reduced to three lines in the list of securities。

　　胡关金未能力挽狂澜 HuGuanJin failed to 9-2

　　银河证券历史上曾有一位总裁一度想扭转局势，但上任四个月即黯然离去，他就是被称为“百日总裁”的胡关金。

Galaxy securities there have been a President once want to reverse this situation，But four months namely office dim and leave，He is called“One hundred day President”HuGuanJin of。

　　2009年9月，汇金招聘原华西证券总裁胡关金掌舵银河证券。曾经一手打造国信证券的胡关金将国信思路运用到对银河的市场化改革上。

September 2009，Huijin recruitment went west securities President HuGuanJin helm galaxy securities。Once the HuGuanJin expressed might-may securities will be applied to the galaxy expressed ideas of market reform。

　　表现在投行业务上，胡关金试图改变原有的大锅饭局面，推行大项目制，薪酬向能拿到项目的人倾斜。

Performance in investment banking，HuGuanJin trying to change the original cauldron rice situation，Implement big XiangMuZhi，Pay to get projects tilt。

　　但毕竟拿项目的人少，做项目的人多，旧平衡的打破令银河的一些人不满，因此改革方案一直未能确定。

But after all take fewer project，Do the project，The old balance to the galaxy some people break dissatisfaction，So reform plan has not yet been determined。

　　另外，主张放弃争夺竞争激烈的大项目，希望能在一些中小项目上有多斩获。他曾提出，三年内投行业务“保三争一”的目标。

In addition，Advocates for the competition of give up big project，The hope can be in some small and medium-sized projects have gained ground。He once put，Three years investment banking“The three for a”goal。

　　不过，胡关金的计划跟汇金方面更希望把银河打造成能跟中金、中信抗衡的大投行想法不符。

but，HuGuanJin plans to more hope the galaxy huijin made to zhongjin、The big investment Banks compete citic idea discrepant。

　　2010年1月，胡关金上任四个月后，从银河证券黯然辞职。原任银河证券党委委员、副总裁的顾伟国正式出任银河证券总裁一职，银河证券回归“维稳”。

January 2010，HuGuanJin four months after taking office，From the galaxy securities dim and resign。The galaxy securities party committee member、The vice President's GuWeiGuo formally as galaxy securities as President，Galaxy securities return“D stability”。

　　而在陷于人事内耗的这一年中，银河证券的行业竞争力急转直下。

And in the internal friction in personnel in this year，Galaxy securities industry competitiveness has plunged。

　

　投行队伍不稳，挖角申万救火 Investment Banks team instability，Dig Angle "all things out

　　目前，银河证券投行部共有21个业务部，分布在北京、上海、深圳、杭州，共有在职员工176人。

At present，The galaxy securities investment Banks there are 21 business department，Distribution in Beijing、Shanghai、shenzhen、hangzhou，There are 176 workers。

　　事出必有因。

A reason for it。

　　“其实，早在2007年，银河投行就显露颓势，赵驹带着一个团队出走银河，让银河投行元气大伤，就再也没有缓过劲来。”一位曾经在银河投行部任职的人士告诉理财周报记者。

“In fact，As early as in 2007，Galaxy investment Banks made fortunes around，ZhaoJu with a team flee Milky Way，Let the galaxy investment Banks weakened，No slow lead strength。”A once in the galaxy in the investment Banks have been told reporters financial weekly。

　　一位银河内部人士承认，在曾任银河证券投资银行部总经理赵驹的带领下，银河投行积累了良好的品牌和业绩。

A galaxy insiders admit，In the galaxy securities investment have served under the leadership of general manager ZhaoJu home，Galaxy accumulated investment Banks a good brand and performance。

　　不过，2007年4月，赵驹离开银河转投瑞银，担任投资银行部董事总经理。自此，瑞银开启了一段其在合资投行中的辉煌时光，而给银河留下的则是人事地震之殇。

but，April 2007，ZhaoJu left to join the galaxy ubs，Home as an investment managing director。Since then，Ubs opened a joint venture investment Banks in the time of the brilliant，And to the Milky Way is to leave the personnel wounds of earthquake。

　　据了解，自从赵驹离职后，银河投行许多人员相继被挖走，投行力量被严重削弱。据理财周报投行实验室统计，从2006年6月至2009年6月的三年时间里，共有8位银河保代前后转投瑞银证券。而2006年至今，共有43名保代出走银河，其中有9名投奔瑞银，7名被中金吸收。保代出走高峰出现在2007年至2008年底，共26名保代离开银河证券。

According to understand，Since ZhaoJu after leaving，Many researchers have been galaxy investment Banks pieces，Investment Banks power is severely weakened。According to financial weekly investment Banks laboratory statistics，From June 2006 to June 2009 in three years time，There are eight galaxy before and after the generation to join the ubs securities。And so far in 2006，43 name guarantees the generation flee Milky Way，There are nine to ubs，Seven be zhongjin absorption。The generation flee peak appeared in 2007 to the end of 2008，The generation of 26 leave galaxy securities。

　　“这主要是因为银河的薪酬体系。2009年改革之前，在银河都是吃大锅饭，做不做项目一样拿钱，跟项目不挂钩，相比中金、中信工资差距较大，保代也缺乏拉项目的激情。”上述曾任职银河证券的人士指出。

“This is mainly because of the galaxy salary system。2009 years before the reform，In the galaxy are have cauldron rice，Do not do projects take money，With the project not hook，Cicc, compared、Citic wage difference，The generation also lack of passion and project。”The above used to work for the galaxy securities analysts said。

　　而另外一位熟悉银河证券的人士则认为，银河主要是由四家银行的证券部合

Another person familiar with the galaxy securities, thinks people，The galaxy is mainly composed of four Banks with the stock certificate department

　　并过来，没有创始，缺乏凝聚力很正常。

And come，No founding，Lack of cohesion is normal。

　　然而，随着保代一起流出的还有其手中的项目。比如，去年8月才从银河转投东北证券(000686,股吧)的齐玉武，目前已有“北京瑞风协同科技股份有限公司”项目正在初审中。

however，As the generation of its hands together and out of the project。For example，August last year from the Milky Way to move into the northeast securities(000686,Shares it)JiYuWu of，At present had“Beijing refine collaborative technology Co., LTD”The project is in the preliminary examination。

　　不过，银河证券已深感处境危险，也在缓慢的市场化改革中寻求转变。

but，Galaxy securities already was in danger，Also in the slow marketization reform for change。

　　2009年以来，虽然胡关金折戟银河，但银河投行的市场化改革缓慢持续下来，“吃大锅饭”的模式被抛弃，保代薪酬开始与项目挂钩，待遇也有所提高。据了解，目前银河保代年薪在200万以上。

Since 2009，Although HuGuanJin fold ji Milky Way，But the investment bank's galaxy marketization reform for slow down，“Have cauldron rice”Patterns are abandoned，The generation of salary to start with the project hooks，Treatment has also improved。According to understand，The current generation of yearly salary is in 2 million the Milky Way above。

　　银河投行队伍动荡情况得到缓解。证监会网站显示，银河证券目前有注册保代37人，其中有22人是2010年加入，2010年至今共6名保代流出。

Investment Banks galaxy team turmoil eased。Securities regulatory commission web site showed，Galaxy securities currently have registered the generation of 37，There are 22 people is 2010 to join，Since 2010 the generation of six flow out。

　　为挽救没落的投行业务，2010年8月底，银河挖来原申银万国副总裁、主管投行业务的李永飞，任董事总经理。伴随李永飞而至的还有一支十余人的队伍。

To save the fall in investment banking，By the end of August 2010，The Milky Way to dig the shenyin &wanguo vice President、The LiYongFei competent in investment banking，As managing director。With LiYongFei and to have a team of ten more team。

　　银河内部人士告诉理财周报记者:“之前变化主要来自管理层。现在银河证券管理层非常稳定，尤其是投行部，团队扩大很多，以前从银河证券离开的同事也回来不少。”

Galaxy insiders told finance weekly newspaper reporter:“Before the change from management。Now galaxy securities management is very stable，Especially the investment Banks，Team expand many，From the galaxy securities before leave many colleagues have also come back。”

　　2011年，银河一位投行人士在接受理财周报记者采访时满怀期待和信心：“2011年银河证券将会有比较大的突破,现在投行储备的项目已经很丰富了，而且大、中小项目都有，大家可以期待2011年的成绩。”

2011 years，Galaxy a people in the investment Banks accept financial weekly newspaper reporter to interview expecting and confidence：“2011 galaxy securities will have more big breakthrough,Now the project has been very investment bank reserves rich，But big、Small and medium-sized project，You can expect 2011 results。”

　　不过，2011年至今，银河尚未能交出一份令人满意的成绩单，其间仅只完成了森马服饰、飞利信和金河生物三单IPO。

but，Since 2011，Galaxy have not been able to produce a satisfactory report card，It's only completed the horse costumes、The JinHe biological SanChan fly of faith and the IPO。

　　虽然这支来自申万的团队并非如期显效，至今只有黄健、韩杨二人贡献金河生物一个项目，还因尽职调查不完善遭证监会监管谈话。

Although this one from "the team is not markedly effective on all things，So far only HuangJian、HanYang two people who contribute to JinHe biological a project，But also because of due diligence by the securities regulatory talk is not perfect。

　　不过，在截至目前银河证券的12个在审IPO项目中，看到了不少申万背景保代的影子。

but，So far in the galaxy securities 12 at the project in the IPO，See a lot of "all the generation of the background of shadow。

　　在审的5个创业板项目中，有4个是2010年来自申万的保代负责，在审的6个主板项目中，也有2个项目的保代出身申万。其中，蓝海荣、于凌雁、罗红雨还将3个非公开增发项目带到银河证券，分别是唐山港(601000,股吧)集团、德豪润达(002005,股吧)、卓翼科技(002369,股吧)。

Of the five in the examination of the gem in the project，4 is 2010 years from "the generation of all responsible for，In the six main board of the project，Also have 2 project of the generation born "。Among them，Blue ocean and、In LingYan、LuoGong rain will also three the public by project to galaxy securities，Were the tangshan port(601000,Shares it)group、DE hao embellish of(002005,Shares it)、ZhuoYi science and technology(002369,Shares it)。

　　2012年，银河又挖来了曾在东北证券和首创证券担任过投行部总经理的汪六七，坐镇投行部，担任股权融资业务线业务总监兼投行总部总经理。

2012 years，The Milky Way once again to dig in the northeastern securities and securities served as the general manager of investment Banks of six or seven wang，Patrolling the investment Banks，As equity financing business line business director and general manager of headquarters of investment Banks。

　　监管风暴缠身，项目坎坷 Supervision by storm，Project bumpy

　　银河投行在不断壮大队伍，努力寻求转变，但却在这个过程中遭遇监管风暴袭击，也将其投行的质量问题暴露无遗。

Galaxy investment Banks in growing team，To seek for the change，But in the process encountered regulatory storm，Will its investment quality problem completely exposed。

　　今年4月25日，银河证券保荐代表人黄健、韩杨因在保荐金河生物上市项目中，尽职调查工作不完善、不彻底，对金河生物使用的一项专利已失效事实核查不充分，被证监会监管谈话。

April 25,，Galaxy securities sponsor representative HuangJian、HanYang because JinHe sponsor in biological listed in the project，Due diligence work is not perfect、Not completely，To JinHe biological use a patent fact check not fully has failure，By securities regulatory talk。

　　5月10日，银河证券保代张涛五年前在做方大碳素再融资项目时利用其妻子账户从事内幕交易，违规买卖股票，获利11.77万元，被证监会处以5年市场禁入、没收违法所得并罚款45.3万元。

May 10，Galaxy securities the tao and five years ago in a big party do the refinancing project use carbon for his wife to account to engage in insider trading，Violate compasses buy and sell stocks，A profit of 117700 yuan，By CSRC impose 5 years market allowed、Confiscated of the illegal income and a fine of 453000 yuan。

　　不仅如此。此前理财周报记者调查发现（曾报道），本打算在今年6月1日上会的深圳财富趋势有限公司，其招股书公示稿较工作底稿进行了42处篡改。最终在上会当天被证监会取消审核。

Not only that。Previous financial weekly reporter survey found（Have reported），This going to in June 1, the shenzhen on wealth trends Co., LTD，The prospectus in public draft is the working papers, conducted 42 tamper with the place。Finally in the CSRC will be cancelled audit。

　　2012年7月30日，由黄健、李杰峰保荐的上海光维通信IPO被证监会否决。

July 30, 2012，By HuangJian、LiJieFeng sponsor on the sea ray d communication by CSRC IPO veto。

　　而2011年唯一一单IPO项目森马服饰，以67元高价发行，上市后股价一路下行，一直深陷破发泥沼，截至2012年8月9日，收盘于24.2元/股，较发行价已经跌去64%。

And in 2011 the only a single project's IPO horse costumes，With 67 yuan price distribution，After all the shares listed on the downside，Always break in the mud，By on August 9, 2012，Closing at 24.2 yuan/shares，A price has fallen 64%。