Listed companies gather to adjust the fixed increase program

Listed companies gather to adjust the fixed increase program

Original title: New rules for refinancing have just been settled. Listed companies “get together”
to adjust their fixed-increasing plans. The trillion-dollar refinancing feast for securities firms will reach Huina Technology, Sanan Optoelectronics, Aonong Bio, and Cap Bio.
A-share listed companies all joined the adjustment plan of the fixed increase plan on the same day.

  On the evening of February 14th, the revised new rules for refinancing were released and implemented.

Specifically, the new rules change the non-public offering price from 10% to “20% off the average price of the company’s stocks 20 trading days before the pricing reference date”; change the lock-up period from 36 months to 12 months to18 months and 6 months, and the relevant restrictions of the reduction rules are not applicable; the issue target is relaxed to 35 people; the number of shares to be issued is also changed from “not exceeding 20% of the total share capital before the issuance” to 30 in principle%.

  In addition, with regard to the “new and old cut off” arrangement, if the review or approval has been obtained, the issuance has not been completed and the approval is still valid, the new rules after the amendment will apply.

  Refinancing stock pricing, locking mechanism, and issuance scale were all relaxed. The “new and old cutoffs” were moved back accordingly, and only then did listed companies “get together” to modify the fixed increase plan.

  According to incomplete statistics, on the evening of February 17, there were close 上海夜网论坛 to 10 listed companies that adjusted the pricing of shares in the fixed-income plan, the size of the issue, and the number of objects to be issued.Plan for additional capital raising.

Gloriain directly terminated the non-public offering of shares in 2019 and issued a new 2020 non-public offering of shares.

  ”The revision of this policy allows the size space of listed companies, at the same time reduces the uncertainty of fixed investment, and comprehensively improves the financing environment of listed companies from the issue side and the investment side.”

An analyst from a securities firm in Beijing told Interface News.

  Former senior investment banker Wang Yiyue reminded, “It is expected that many listed companies will launch refinancing plans, but market capital is limited. It is not possible to send out plans to launch. Competition on the issue side will be fierce. Investors will choose companies.In order to differentiate the company with market pressure. ”

  At the same time that listed companies are welcoming “affordable benefits”, the investment banking business of securities companies is also trying to profit from loose refinancing policies.

  On February 17, stimulated by the refinancing policy, the overall brokerage sector increased by 4.


Individual stocks in the sector rose across the board.

  ”This year must be a big year for refinancing. There is no doubt that it will pay a huge price on this part of the project.”

The head of the investment banking business of a large brokerage firm in East China told the interface reporter that the current IPO project is relatively slow due to the epidemic caused by new crown pneumonia.

Refinancing projects require much less materials and investment bank workload than IPO projects.

  The above listed companies are already revising and issuing new refinancing plans.

Following the process of investment bank refinancing projects, listed companies determine the refinancing issuance plan, which means completing the completion of due diligence on behalf of the investment bank, while on-site due diligence is the most severely affected alternative to the epidemic.

  Even for supplementary refinancing projects, the audit materials are relatively simple. There is no need for IPOs to require “three-year” financial statements, only the latest annual report data.

  ”Most refinancing projects will choose to coincide with the time when the listed company’s annual report is released to speed up the progress. Refinancing projects will also require fewer investment banks to run on-site.

“The person in charge of the investment bank said.

  After the refinancing policy tightened in 2017, the fixed-income business was most affected.

The refinancing scale is from 20161.

69 trillion is expected to fall to 0 in 2019.

68 trillion.

Guosheng Securities said that under the influence of the pace of approval, the scale of refinancing could not be fully restored to the 2016 forecast, but it is still expected to reach 1.

The fixed increase amount of USD 2 trillion is calculated based on the 1% underwriting rate. It is expected that the fixed increase will only return 1 to the performance increase brought by the brokerage industry.

About 6%.

  Guoxin Securities also estimates that after the refinancing rules are loosened, it is expected that the incremental income of the investment banking business of the securities industry will be 4 billion parts per billion, accounting for 0 of the industry’s overall revenue.

About 5% -1%.

From the perspective of industry concentration, from 2014 to 2019, the top ten securities companies’ additional issuance business revenue accounted for more than 50% of these business revenues in the industry, and they reached 70 in 2018 and 2019 respectively.

41%, 64.


For the capitalist strength and the securities brokerage on the right of institutional business transformation, the refinancing loosening is expected to bring more profitable effects.

  However, the person in charge of the investment bank of the above-mentioned securities firm also stated that the refinancing loosening had no significant effect on the growth of securities firms in the first quarter.
“The refinancing projects waiting for the audit of the annual report materials will not be declared and approved until 3 or 4 months, and the conversion will also generate income for the securities firm in the second quarter.