A -share listed company re -financing scale reaches 693.8 billion yuan.

29Sep

Our reporter Xing Meng ended in the third quarter, the characteristics of the A -share re -financing market are prominent, and the fixed increase occupies the mainstream, and the offering of the shares is particularly active. Wind information data shows that the issuance date is subject to. As of September 28, the re -financing scale of A -share listed companies (including increasing issuance, convertible bonds, and distribution) reached 693.8 billion yuan during the year. Specifically, the scale of fundraising was the largest, reaching 470.6 billion yuan, accounting for 68%. The scale of convertible bonds and offering of shares was 166.4 billion yuan (accounting for 24%) and 56.7 billion yuan (8.2%). Continuing the characteristics of previous years, the scale of the re -financing market during the year still shows a variety pattern that focuses on increasing increase, convertible bonds, and supplemented with shares. In response, the experts interviewed believed that the reason why it has been increasing into a listed company has become the mainstream choice for re -financing of listed companies in recent years, which is mainly influenced by the new regulations released in 2020. "After the new regulations for re -financing have landed, for listed companies, the issuance conditions are streamlined, the scale of financing is optimized, and the issuance price and lock -up period have also been adjusted, which greatly improves the financing environment of the listed company and improves its financing capabilities. As far as investors are concerned, after the introduction of the new rules, the fixed price increase is more flexible, and the lock -up period is greatly shortened, which increases its attractiveness and reduces investment risks. Investors are more willing to participate in the fixed increase in listed companies, and the fixed market will continue to be active. " Chen Li, chief economist of Chuancai Securities and director of the Institute, told a reporter from the Securities Daily. "Compared to publicly issuing financing methods such as public issuance and convertible bonds, the advantages of fixed increase in fundraising are obvious. It has the advantages of up to 20%of the price discount and no profit index requirements." Zheng Xia, executive director of the Federal Securities Investment Banking Department "The reporter said that due to the impact of the epidemic and the internal transformation needs of the traditional industry, some listed companies need to attract investors with certain funding strength, experienced industrial investors or representatives of emerging industries to become shareholders of listed companies, enhance the company's resistance to risk, and speed up Enterprise transformation and upgrading. In this case, the company is more inclined to set up fundraising. Although this year's re -financing market pattern has not changed significantly, it also reflects a new trend: the scale of fundraising fundraising has increased significantly. According to Wind information data, the 7 companies have achieved a total of 56.7 billion yuan in offering of the offering of the offering, which is not only far exceeding the level of the same period last year, but also increased by 64%over the annual fundraising of last year. In addition, the scale of fundraising in the year accounted for 8.2%of the total scale of fundraising, which greatly exceeded the same period last year (1.8%) and the level of last year (2.9%). Specifically, of the seven distribution companies, CITIC Securities (22.3 billion yuan), Oriental Securities (12.6 billion yuan), and Xingye Securities (10 billion yuan) of three brokerage offering shares fundraising of three brokers exceeds 10 billion yuan. At present, there are 6 listed companies that are promoting the shares plan. Among them, CITIC Bank and CICC estimate that the highest "A -share+H -shares" offers fundraising scale will reach 40 billion yuan and 27 billion yuan, respectively. "At present, affected by the epidemic and domestic macroeconomics, non -performing assets of banks and securities firms have risen, and investment yields have been affected. In order to enrich capital and improve their anti -risk capabilities, these institutions have internal fund -shares financing needs." Zheng Xia Analysis said. "In the future, the scale of fundraising fundraising is expected to continue the high level." Chen Li believes that for listed companies, the fundraising fundraising can raise funds required for raising funds without increasing corporate liabilities and not changing the equity structure. In addition, only shareholders are involved in the shares of shares, and the discount issuance will not harm shareholders' interests. Zheng Xia believes that the scale of fundraising fundraising is expected to be high, but the distribution shares will not become the mainstream variety. The fundraising fundraising is more suitable for state -owned enterprises with high shareholding ratio and unwilling to dilute equity. Although some of the major shareholders of state -owned enterprises have a certain subscription power, there are also many restrictions on distribution. Zhou Mingzi, director of Shatin Consulting, told a reporter from the Securities Daily that the distribution of shares is to issue new shares for the existing company's shareholders. Therefore, for the original shareholders who are not involved in the shares, the company has the risk of being diluted, and the company also has the risk of stock price fluctuations. "Looking forward to the fourth quarter, the re -financing market is expected to be based on fixed -rate financing." Chen Li suggested to further optimize the re -financing system, combined with the actual situation of listed companies, focusing on the strategic industry of national key development, re -financing preferential treatment policies. Help relevant enterprises vigorously develop and promote the high -quality development of strategic emerging industries.

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