Implementation of new rules for refinancing: 82 companies or “reform plans” sections will benefit
Original title: 72 hours of new rules for A-share refinancing: 5 companies “second response”, 82 companies or “change plans”, these major sectors will benefit!
Source: Evidence hearing-within 24 hours, the institution’s research report quickly followed up; within 48 hours, there was a “quick” response from listed companies to the release plan; within 72 hours, the A-share market was welcomed with “enthusiastic rise and rise”; monthsIn the future, it is expected that dozens of companies will need to modify their declarations for refinancing; subsequently, the “adjustment of supervision” in the A-share market will say no to “willful issuance”!
The revised contents of the refinancing mainly include three aspects: one is to streamline the issuance conditions and broaden the coverage of GEM refinancing services; the other is to optimize the non-public institutional arrangements to support listed companies’ strategic investors; the third is to appropriately extend the validity period of the approvals, which is convenientListed companies choose the issue window.
A careful study reveals that there are three levels of beneficiaries of the new rules: the most direct beneficiaries are listed companies. After the rules are optimized, their issuance does decrease. After that, the increase in asset value naturally means an increase in the success rate of issuance. The second benefitThe level is institutional investors, they can have more, better choices, and more convenient exits; the third benefit level is the market-wide investors, listed companies and institutional investors are thriving, and the influence they pass on, Is far from being comparable to the butterfly effect.
In addition, the new rules passed to the market are more “quality-oriented”, and listed companies are unlikely to use “rules” to achieve “willful issuance.”
The five listed companies responded to the “increased speed” by setting new and fixed prices. The new regulatory adjustments have optimized the regulatory requirements for A-share refinancing and have demonstrated market orientation.
The witness heard that the five existing listed companies have responded quickly, revised or newly issued refinancing schemes, pricing methods, lock-up periods, etc. according to the new regulations.
According to the testimony, according to the statistics of Oriental Fortune Selection, at the time of writing on February 17, the new financing rules were implemented for 3 days. There were 5 listed companies including Longsheng Technology, Yuanli Co., Gloria Ying, Huaping Co., and Guanghong Technology.Quickly revised or newly issued refinancing plans, raising a total of 57 funds.
300 million yuan.
Among them, three companies took action within 48 hours of the implementation of the new regulations.
Specifically, there were 3 listed companies that modified the refinancing plan.
The Longsheng Technology announcement indicates that the proposed non-public offering does not exceed 1486.
250,000 shares, the budget of raised funds shall not exceed 2.
300 million yuan.
The issue price is 15.
48 yuan / share, about 22 closing price on February 17.
11 yuan / share, about 30% off.
Yuanli shares show that the proposed non-public offering does not exceed 73.44 million shares and the raised funds do not exceed 8.
8.3 billion yuan.
The issue price is 12.
02 yuan / share, the closing price of about 16 on February 17.
56 yuan / share, about 70% off.
Guanghong Technology announced that the proposed non-public offering does not exceed 92.22 million shares and the raised funds do not exceed 23.
The issue price shall not be less than 80% of the average transaction price of the company’s A shares on the 20 trading days before the first day of the issue period.
From the new refinancing plan, there are 2 listed companies.
Gloriain announced the termination of last year’s financing plan on the evening of February 16 and launched a new version of the financing plan.
The latest plan shows that the company intends to issue non-public shares of no more than 18.7 million shares and raise no more than 23.
1.1 billion yuan.
Issue price 123.
56 yuan / share, about 176 closing price on February 17.
77 yuan / share, about 30% off.
The plan for the non-public issuance of A shares by GEM announced that the company intends to issue no more than one share.
500 million shares, with a total fundraising of less than 600 million.
Issue price 3.
83 yuan / share, closing price about 4 on February 17.
95 yuan / share, about 77% off.
Talking about the impact of the new refinancing rules on the refinancing of related companies?For example, Song Yan, a senior expert at the Institute of Finance, believes that, first of all, the loosening of GEM is the strongest.
The non-public issuance of GEM canceled the conditions of profit for 2 consecutive years, and the public issue cancelled the condition that the asset-liability ratio at the end of the most recent period was higher than 45%, which loosened more than 400 listed companies on GEM.
In fact, the refinancing of new shares lowered the lower limit of the non-public offering price (10% to 20%), increased the number of objects to be issued (10 and 5 to 35), changed the lock-up period, and made it easier to obtain a strategyInvestors’ favor.
Finally, for refinancing listed companies, it can alleviate some of the funding pressure.
However, this round is still very different from the peak of the refinancing round from 2014 to 2016. The hype is very significant, and more attention should be paid to stable profit and cash flow.
The 82 non-public issuance of “enterprises under review” or amendments to the scheme affect new refinancing rules of more than 230 billion euros. New refinancing of existing refinancing projects will be made at the “point of completion of the issuance”.
According to the website of the Securities and Futures Commission, as of February 13, there were 238 refinancing companies queuing, of which 109 were non-public offerings, 112 were issuing convertible bonds, 11 were rights issues, 3 were issuing preferred shares, and 3 wereAdditional issue.
Of the 109 non-public companies, 24 have passed the issuance committee, 3 have suspended the review, and 82 are under normal review.
According to the statistics of the witnesses, the 82 affected non-public issuance companies have raised a maximum of 2,341 in total.
8.3 billion yuan.
Pan Xiangdong, chief economist of New Times Securities, told the witness that from the specific content of the new refinancing rules, the affected companies are mainly non-publicly issued companies. In addition to passing the review committee and suspension of the review, 82 companies have been deleted andBoth the Main Board and GEM companies’ refinancing applications may need to modify their application materials.
The main amendments of the above companies include appropriately increasing the number of non-public offering objects, reducing the price of non-public offerings, modifying the lock-up period, and modifying the reduction of holdings.
In addition, if it is a GEM 四川耍耍网 company, financial indicators need to be modified.
“按照上一轮‘再融资放松+并购重组放松’之后，上市公司再融资规模来看，预计此轮再融资新规松绑后，恢复至上一轮高点的80%比例，那么再融资新规The scale of corporate financing affected will reach 600 billion yuan.
Under optimistic circumstances, if the previous round of highs can be restored, the scale of corporate financing affected by the new refinancing regulations will reach about 1 trillion.
Pan Xiangdong said.
The new rules on refinancing have increased the attractiveness of institutional investors. As soon as the new rules were announced, institutional research reports came one after another.
Hearing of witnesses hastened to connect with many big coffees.
Zhongshan Securities Chief Economist Li Zhan said to the witness hearing that the implementation of the latest new regulations is expected to re-energize the refinancing market and increase the attractiveness of the investment refinancing market. It is expected that the growth rate will increase significantly in 2020.
Li Zhan believes that the new rules increase the attractiveness of the refinancing market to institutional investors. In fact, the new rules simplify the GEM issuance conditions, broaden the refinancing channels for GEM listed companies, and increase investment in GEM listings.The appeal of corporate refinancing.
At the same time, in addition to the serious reduction in financing and issuance, the reduction of insufficient holdings has also decreased.
The continued growth of the fixed-income market in recent years is partly due to the long investment cycle and the dilution of discount security pads, which has reduced the attractiveness of the fixed-income market.
The implementation of the new regulations will halve the lock-up period for two types of investors to 18 months and 6 months without the relevant restrictions of the holdings reduction rules. Therefore, the investment holdings will increase and the holdings and withdrawal periods will be extended.Relaxing from 10% off to the base price to 20% off makes the discount pad thicker.
So, under the new rules of refinancing, which sectors are more beneficial, and how should institutional investors participate?
Li Zhan said that before the implementation of the new rules on refinancing, the top three industries were chemical industry, public utilities and non-bank finance.
After the implementation of the new regulations, it will benefit the GEM and at the same time help to boost the motherboard. With the market’s long-term and medium-term market trend changing, it is more optimistic about the growth-oriented TMT industry represented by communications, computers, electronics and media.
At the same time, the merger of the three fixed-income industries that have been included in the extension is expected to benefit.
Under the new rules, institutional investors are advised to pay attention to the growth-oriented TMT sector, and focus on choosing to participate in the refinancing of listed companies that have a higher performance growth rate in the next two years, especially those that will be increased and replaced before the new rules are implemented.
In addition, due attention can be paid to the refinancing of listed companies in the chemical, public utilities, and non-bank financial sectors that have been set to increase in scale.