New rules for refinancing shock the market, but still need to calmly look at the wave of settling growth
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Original title: New rules for refinancing stimulated the market’s various schemes to increase tenfold each week. Reporter Shao Hao ○ Editor Zhu Jianhua suppressed the long-term refinancing demand and finally waited for the release of exports.
On the evening of February 14th, the CSRC issued new rules for refinancing to relax the issue price, the determination of the issue size, and restrictions on reducing holdings.
For more than a week since then, about 90 A-share companies have introduced, revised, or planned refinancing solutions with reference to new regulations.
One week before the new regulations were released, this number was only single digits.
Compared before and after, the expansion range is nearly 10 times.
Sorting out about 90 proposals, the urgent financing needs, the large proportion of small and medium-sized startups, and the concreteness of participating institutions are undoubtedly the most prominent bright spots, which is consistent with the purpose of this refinancing rule amendment.
From the perspective of investment bankers, companies that can launch and revise plans immediately after the new regulations have already prepared. “In the following period, revised plans will remain mainstream, but new plans are also increasing.
“” The new rules on refinancing will have a profound impact on the market, and it is by no means just a short-term pulsed increase now.
“The investment banker believes that unblocked refinancing channels will change the thinking logic of all parties involved, listed companies are willing to take greater steps to expand, and investment institutions that are still waiting at this stage will eventually enter the market.
At that time, the A-share refinancing ecology will be greatly changed.
The new plan for the week is nearly double the previous month. On the evening of February 23, Jiayun Technology issued a fixed increase plan, which intends to issue no more than one to the controlling shareholder, No. 1 warehouse Jiasu, and director Zhang Bing.
9.1 billion shares, raised less than 6.
7.4 billion yuan.
The scheme is implemented in accordance with the new regulations in various aspects such as the issue price and issue quantity determination.
Jiayun Technology was just one of many companies that launched a fixed increase plan that night.
Similarly, China Science and Technology Co., Ltd., Lingnan Co., and Herren Technology also launched a fixed increase plan. Guangji Pharmaceutical, Shenhuo Co., Ltd., Jianghua Micro, and Venture Wellcome 佛山桑拿网 have revised the previously disclosed plans.Announcing plans to increase.
On the evening of February 14, the CSRC issued the
<上市公司证券发行管理办法>Decision “on the amendment
<创业板上市公司证券发行管理暂行办法>Decision “on the amendment
<上市公司非公开发行股票实施细则>“” (Known as “new rules for refinancing” by the market).
The new regulations adjusted the pricing and lock-in mechanism, relaxed the discount rate for refinancing issuance prices, significantly shortened the lock-up period for shares, and adopted new and old cut-off methods that exceeded expectations-as long as there were no issuesFollow the new rules.
On the weekend when the new regulations were issued, there were already “overtime” revision plans for listed companies: Yuanli Co., Ltd. and Longsheng Technology announced on the evening of February 16 to adjust the fixed increase plan in accordance with the new rules., Launched a new round of fixed-income plans, and therefore won the pursuit of 杭州夜生活网 the secondary market.
Every day thereafter, there are as few as a few, as many as a dozen or more companies revising their plans.
Since the evening of February 16th, about 90 companies have introduced, revised, or planned refinancing solutions with reference to the new regulations.
A large number of companies refer to the revised plan of the new rules and are in line with market expectations. Previously, some investment bankers predicted that reporters will basically change as long as they can bear the time cost of modification.
Compared with the revised plan, the company that started the fixed increase under the call of the New Deal exceeded expectations.
Generally speaking, solution design takes time, and it is not easy to get it out in the short term.
Now, in more than a week, about 20 companies have “responded” to the new regulations for the first time.
And throughout January, if we exclude supporting financing, there are only 11 fixed increase plans.
The three highlights highlight the original intention of the reform. Compared with the previous fixed increase plan, the fixed increase plan this week has distinct characteristics, and these characteristics also express the reform intention of the policy adjustment agency to a certain extent.
First of all, many companies that actively launch and revise their fixed-income plans have strong demand for capital.
In curtain investment projects, many of them mentioned replenishing working capital and repaying bank loans.
For example, Xiangdian shares intends to issue shares to Xingxiang Group, raising less than 10.
8.1 billion yuan of funds, all used to supplement working capital.
As of the end of the third quarter of 2019, Xiangdian’s asset-liability ratio was 77.
48%, in a relatively high position.
Secondly, small and medium-sized enterprises have become the main force to launch and revise the increase plan.According to incomplete statistics from reporters, about 40 of the 90 companies are GEM companies, and about 28 are small and medium-sized companies. The total of the two accounts for about three-quarters.
In fact, the new rules for refinancing have a certain “tilt” on the GEM companies in terms of system design.
On the basis of overall relaxation, it also streamlined the issuance conditions and broadened the coverage of GEM refinancing services.
For example, the condition that the asset-liability ratio of the latest issue of GEM public securities exceeds 45% at the end of the last period; the condition that the GEM non-public offering of shares is profitable for 2 consecutive years; the use of the funds raised on the GEM last time has been basically used, and the use of progress and effectsBasically consistent with the disclosure, the issuance conditions were adjusted to information disclosure requirements.
Thirdly, due to more choices on the pricing base date, the discount rate of the issue price was changed from 10% to 20%, and the enthusiasm of the institutions has increased significantly. Among them, there are both major shareholders of listed companies and well-known investment institutions.
For example, Li Sichen plans to raise no more than 15 funds.
3,000,000, invested in multiple projects and repaid bank loans to supplement working capital.
Its list of participating participants can be described as “star-studded”, including Dou Xin, Ma Xudong, Chen Bang, Ivy Asset Management, Xingquan Fund, CITIC Securities, CICC Assets, CCB Fund, Ruiyuan Fund, Wulian Xierui, NewHongyu Investment and Yuntu Assets.
We still need to calmly look at the wave of refinancing. Not everyone is very optimistic in the face of the wave of refinancing that has already begun.
Several institutions who have participated in the last wave of refinancing said that they should be cautious about investment opportunities.
”Although the fixed-increasing lock-up period has been improved compared to the previous period, if it is calculated based on the 18-month restricted sales period, it will still take about 2 years to complete the process. In the changing market, this still tests the institutional investmentPoint, the ability to grasp the investment target.
Some institutions told reporters that the investment time for a fixed increase is often unpredictable. This is operated by a listed company. It may also be affected by other factors such as supervision. The investment organization can only control the investment target.
This person is excellent, and whether he can make money in the wave of constant growth. The ultimate test is not to “lock” some form of price or discount, or even find a company that can grow in the scheme design.
After all, when the tide recedes, no matter how big the floating surplus will disappear.
Another private equity source told reporters that the science and technology board has been established and the registration system has been piloted. Excellent companies in the primary market can enter the secondary market more smoothly and get sufficient funds.
This has reduced the financing advantages of listed companies to a certain extent, especially those with poor performance. It is more difficult to increase profitability through a fixed increase.