New regulations on the Shanghai -Shenzhen Exchange's new regulations are officially launched by private enterprises.

On July 29, the Shanghai and Shenzhen Exchange officially issued the implementation rules of the convertible bond transaction and the guidance of related self -discipline supervision business (hereinafter collectively referred to as the "new regulations for convertible bonds"). Among them, the trading implementation rules are based on the characteristics of convertible bonds, optimize the transaction mechanism, and strengthen transaction supervision; the guidance of self -discipline supervision adheres to information disclosure as the core, and further improves the business and listing of the listing and listing of convertible bonds Information disclosure, multiple measures to protect the interests of investors.

"In recent years, convertible bonds have gradually become an important financing tool for listed companies, especially private listed companies. They have played a positive role in serving the real economy, improving the proportion of direct financing, and optimizing the financing structure. The level of the market has fluctuated in a large day. "Zhang Cuixia, the chief investment consultant of Jufeng Investment, told the Securities Daily that the Shanghai -Shenzhen Exchange increased its supervision of the convertible bond market in the long run, which was conducive to the healthy development of the convertible bond market.

New rules of convertible bonds

The focus is on curb speculation

A brokerage investment consultant who did not want to be named told the Securities Daily reporter that the first day of the convertible bond listing, the market increase was infinite, and the implementation rules for the new regulations transaction of convertible bonds clearly clarified the limit and decline restriction, which would inevitably suppress The hype on the first day of the convertible bond listing.

In an interview with the "Securities Daily" reporter, the founder of the lens company said that the convertible debt speculation was mainly after its listing. Because of the opaque information and the hype of some funds, convertible bonds easily deviated from its value. With the release of new convertible bonds, not only the highest increase of 57.3%on the first day of listing, but also the suspension mechanism that increased after the increase was too fast, curbing the speculative phenomenon of convertible bond speculation.

Zhang Cuixia said: "From the perspective of the recent market response, new convertible bonds and enthusiasm for investment are still rising. Some high -quality convertible bonds are still welcomed by the market. For example The market is paying great attention. But the price of small plates that have soared or high -priced convertible bonds that have been fired, and its price has fallen significantly. "

The Shanghai -Shenzhen Exchange has also increased the supervision of transactions of the convertible bond market. The Shanghai Stock Exchange recently notified the key monitoring of the abnormal fluctuations of the Huirui convertible bonds, and implemented the suspension account for investors who had abnormal transactions in the opening and bidding stage. Regulatory measures for transactions; investors who have occurred after resumption of abnormal transactions have continuously implemented supervision measures for suspension of account transactions.

Zhang Cuixia believes that the release of new regulations for convertible bonds and the strengthening of the supervision of exchanges. Based on the principle of marketization, it takes into account the efficiency of the convertible bond market, market stability and investors' protection, but it does not suppress investors to participate in convertible bond transactions. Essence

"The Shanghai -Shenzhen Exchange has strengthened the supervision of convertible bond transactions. The new regulations for convertible bonds can effectively reduce the fluctuation of convertible bonds, inhibit the operation of prices in convertible bonds, and protect the interests of investors." Hu Po, the manager of Rongzhi Investment Fund, told reporters that convertible bonds are gradually returning to fundamental investment.

Convertible debt focus

Private enterprise financing support

Convertible bonds provide more convenient and efficient financing methods for private enterprises, and have played a positive role in serving the real economy, improving the proportion of direct financing, and optimizing the financing structure.

Wind data shows that the issuance date is prevailing. As of July 31, the Shanghai and Shenzhen transactions have issued a total of 74 convertible bonds since this year, with a issuance scale of 132.733 billion yuan, a year -on -year decrease of 21.59%. The "Securities Daily" reporter sorted out and found that although the scale of convertible bond issuance has decreased this year, the issuer is mainly concentrated in private enterprises, accounting for 81%, an increase of nine percentage points from the same period last year.

Zhang Cuixia said that the relevant measures of new convertible bond regulations do not involve the adjustment of first -level market financing policies, so it will not weaken support for the real economy, especially the service capabilities of private listed companies are further improved.

According to Yu Yuqing, the convertible bond issuance is convenient, efficient, and lower -cost, and is also favored by some growing private listed companies. Through issuance of convertible bonds, the company's capital structure can be optimized. For companies with low asset -liability ratios, the choice of low -cost financing such as issuing convertible bonds has increased the proportion of debt capital during a certain period of time, but the company's value is increased by investing in high -yield projects.

Kuang Yuqing said: "Convertible bonds are a financing method for listed companies. Although the re -financing market is mainly based on fixed increase, the scale of convertible bonds is second only to fixed increase, becoming an important financing tool for private listed companies. The new rules curb the hype of the secondary market, which also guarantees the smooth transaction of the first -level market. "

Reporter Guo Jichuan

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