Big shareholders have "solicited" a fixed increase, is it protection or solid rights?

"China Economic Weekly" reporter Guo Zhiqiang | Hunan Report

In 2022, the A -share market experienced a large retreat from January to April. Compared with the downturn, A -share listed companies have begun to throw out fixed -increase projects. The logic behind it is nothing more than A -share cost -effective, and the stock price continues to decline very small. At this time, some major shareholders of listed companies tend to adopt a "solid" fixed -increase share method to obtain a generous return with "bottoming".

Ding increase is often subscribed by many institutions, and the participation rate of major shareholders this year is very high, which has aroused widespread market attention. The major shareholders and affiliated parties took the real gold and silver to participate in the fixed increase. What signals are revealed?

Why is the major shareholders willing to "solid"?

According to Wind data statistics, in 2021, more than 80 companies completed fixed increase of financing and supplementary funds, involving a total amount of 121.317 billion yuan. From the perspective of participants, the major shareholders and its related parties have become the main subsidiary, with a total proportion of more than 80 %. Among them, there are 71 major shareholders and related parties.

Since this year, as of mid -June, according to statistics from Caixin Securities, about 98 A -share listed companies have implemented a fixed increase, with a total increase in financing of 149.643 billion yuan. Half -year data has exceeded the whole year of last year. Among them, the major shareholders and related parties are important participants in the fixed increase project. About 51 listed companies have a "solid" plan, which is about 113%from 24 in the same period of 2021. It was 54.4 billion yuan, an increase of about 66%compared with the same period in the same period in 2021.

On June 21, Lin Feng, an investment banker in the Western Securities, told the China Economic Weekly that "the market low is a good time to increase the increase, and the risk is more defensive. The power of fixed increase is not great. "

A brokerage researcher said in an interview with the China Economic Weekly that there are two main reasons for the large proportion of major shareholders and even solo. Ding -increase and exclusive growth dividends; the second is passive monopoly, mainly because the stock price or institutional investors are not optimistic about the company's prospects. In order to avoid the failure of the issuance, the major shareholders of listed companies can only be forced to subscribe to the shares in full.

In fact, there are many examples of "monopoly" in A -share listed companies. "".

On the evening of January 5th, the new hopes of the listed pig company hoped to release a non -public offering stock plan. The company intends to from the southeast of the largest shareholder hopes that non -public issuance will not exceed 368 million shares, and the raising funds will not exceed 4.5 billion yuan. The relevant person in charge of the new hope said that the raised funds will help optimize the company's capital structure, improve the cash flow status, improve the company's ability to resist risks at the bottom of the pig cycle, and at the same time help improve the company's long -term development strength.

On June 7th, the Enemy Lithium of Yimei Lithium, which is the leader of the lithium battery industry, said that it was intended to be controlled by the controlling shareholder Yiyi Holdings and the actual controller Liu Jincheng and Luo Jinhong. Industry.

In order to reflect the sincerity, the actual controller of the listed company actively increased the subscription price of the fixed increase shares. Changyang Technology's actual controller Jin Yadong plans to invest 300 million yuan to participate in a fixed increase. On the basis of the 20.79 yuan reserve price of 20.79 yuan in the first 20 days of the regulatory regulations, it actively withdraws the price of 1.01 yuan and contributed for the subscription price of 13.8 yuan/share. , To reflect the confidence of real controllers for the development of the company.

Lin Feng said that in the context of the outbreak, in order to support the development of the real economy, regulators have also increased support for listed companies 're -financing, allowing some listed companies to see the opportunity to increase controlling equity, especially some listed companies' stock prices have appeared on flooring flooring on the floor price. Price, low -level holding stocks is a good choice.

The policy level is also supporting re -financing projects of listed companies. On May 20, the Securities and Futures Commission issued the "Notice on Further Bringing the Function of Capital Market Functions to Support the Epidemic in serious areas and the industry to accelerate the recovery and development", focusing on increasing direct financing support, implementing extension exhibition policies, optimizing regulatory work arrangements, and exerting play. In the four aspects of industry institutions, policies have increased policy support in the aspects of enterprise application, listing, re -financing, mergers and acquisitions, corporate bonds, and asset securitization products.

There are many prices "inverted" in the fixed increase project

Since this year, under the impact of real estate and epidemic, although traditional industries are expected to weaken, the emerging technology industry has maintained high prosperity and has become the leading force for listed companies to re -financing. In the context of weak market expectations, listed companies have launched fixed -increase projects.

It is worth noting that although some fixed -increase projects are "monopolized" by major shareholders and even subscribed to the issue of issuing shares, due to the continuous adjustment of the broad market since 2022, some listed companies have a floating loss. For example, the stock price of Sanhuan Group and Olympic Kang has fallen by more than 20%. According to Wind data, as of mid -June, a total of 19 A -share companies fixed increase prices and market stock prices had inverted.

Compared with the fixed increase of high -quality companies in the early stage, the current market part of the fixed increase of buyers has a floating loss. Taking the fixed increase of sunlight power supply such as new energy power supply equipment such as solar energy, wind energy, and energy storage as an example, the company's fixed increase shares ushered in the ban on sales restricted shares on April 22 this year. Subsulation targets include Jinglin Assets, CITIC Jianshu, J.P. JP Morgan. As of June 22, the closing price of the sunlight power supply was 93.57 yuan/share. The above market price was calculated, and the fixed -increase shareholders had a total floating loss. In February of this year, Lobutco, a smart manufacturing system provider, intends to purchase Jianguang Guangzhi, Suzhou Yongxin, Suzhou Yongxin, Moore, Shangrong Baoying, and Changzhou Puyi in the way of issuing shares and paying cash. Some Fee Control Tick 78.65%of the equity, the company's stock price issued by the company to the other party is 52 yuan/share, as of June 22, the closing price is 47 yuan/share. At the current price, the shareholders have also experienced floating loss.

The above -mentioned brokerage researcher told the reporter of China Economic Weekly that the price increase project had a "inverted" price. On the one hand, due to the short -term retreat of the market, the fixed increase price and the secondary market had inverted. The rationality of the pricing is related to the increase in the price increase of the fixed price because the price increase is too high.

Lin Feng told the reporter of "China Economic Weekly": "There are also risks of fixed -increase projects, especially for projects participating in state -owned assets. If the fixed increase price and the market price are 'inverted', the pressure of state -owned assets preservation and value -added is not small."

(Lin Feng is a pseudonym)

(This article was published in "China Economic Weekly", No. 12, 2022)

The cover of "China Economic Weekly" in the 12th issue of 2022

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