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During the month, 45 companies announced the fixed increase plan, and the amount of funds to be rais

Date: 2022-05-24
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On the evening of May 20th, the CSRC issued the Notice on Further Giving Full Play to the Function of Capital Market to Support the Areas and Industries Affected by the Epidemic to Accelerate the Recovery and Development (hereinafter referred to as the Notice), proposing to increase policy support in enterprises' application for initial listing, listing on the North Stock Exchange, refinancing, mergers and acquisitions, corporate bonds and asset securitization products.

Private placement is an important way to help the development of listed companies. Straight Flush data shows that since May, as of May 22nd, a total of 45 A-share listed companies have issued plans for non-public offering of shares, and the total amount of funds to be raised exceeds 70 billion yuan. Among them, 15 listed companies plan to raise more than 1 billion yuan, and China Power Construction and China Eastern Airlines plan to raise the highest amount of funds, all of which are 15 billion yuan.

Chen Duan, director of the Center for Digital Economy Integration, Innovation and Development of Central University of Finance and Economics, told the Securities Daily that the above-mentioned Notice is one of many relief policies, and it is expected that more incremental policy tools will be introduced in the future.

Participation of controlling shareholders will increase.

According to the reporter's combing, among the above 45 listed companies that have issued fixed-income plans, many companies have fixed-income targets for controlling shareholders, actual controllers and related enterprises.

For example, Shan Ying International announced that it intends to issue shares to a specific target in a non-public manner, and the issue target is Taixin Industrial (to be established), a wholly-owned subsidiary of Fujian Taisheng Industrial Co., Ltd., the controlling shareholder; Hua Science and Technology announced that this non-public offering was issued to Chengdu Yuanhong Biotechnology Co., Ltd., which is the controlling shareholder of Sichuan Hua Shen Group Co., Ltd., the controlling shareholder of the company.

In addition, the additional issuance plan issued by Hesheng Silicon Industry shows that Luo Xie and Luo Yidong, the subscribers of this non-public offering, are the shareholders and actual controllers of the company. At the same time, Luo Xie is the vice chairman of the company, and Luo Yidong is the director and general manager of the company.

'The controlling shareholders of listed companies participate in the fixed increase, mainly to provide liquidity for listed companies. At the same time, it can also show its confidence in listed companies, play a leading role, release positive signals and reflect the strong financial strength of the controlling shareholder. ' Pan Helin, co-director and researcher of Digital Economy and Financial Innovation Research Center of Zhejiang University International Joint Business School, told reporters.

According to Kuang Yuqing, founder of Lens Research, controlling shareholders' participation in fixed income is an important way to support the development of listed companies, and it expresses confidence in the development of listed companies.

To supplement working capital.

Judging from the use of the funds raised by the above 45 companies, it mainly includes the acquisition of assets, project financing and replenishment of working capital.

It is worth noting that more than 10 listed companies, including Qianjiang Motorcycle, Shan Ying International, Huashen Technology, Jinlun, etc., said that the main purpose of the increase in raised funds was to supplement working capital, and only four listed companies did not involve the supplement of working capital.

For example, on May 21, the fixed-income plan issued by Qianjiang Motorcycle showed that the total amount of funds to be raised by the company was no more than 504.6 million yuan, and all the net funds raised after deducting the issuance expenses were used to supplement the working capital; Shengsi Industry said that the company plans to raise 7 billion yuan (including the issuance expenses) in private placement, which will be used to supplement the working capital after deducting the issuance expenses.

'For listed companies, it is also necessary to grasp this round of policy dividends, expand their size and improve their ability to resist risks, so as to cope with changes in the situation.' According to Chen Duan Securities Daily, it is an important channel to quickly obtain liquidity to invest in emerging business sectors or to carry out mergers and acquisitions to enhance the status of the industry by taking advantage of the credit platform advantages of listed companies to increase the fixed income, and it can also optimize the company's asset-liability structure.

In Chen Duan's view, the above-mentioned Notice is highly targeted, and it will have obvious effect on boosting the confidence of the capital market in the short term. However, in the process of operation and implementation, it is necessary to strengthen the examination of relevant materials, so as to prevent some unqualified projects from 'entering the market with illness' from forming bubble interference, which will affect the overall policy effect.


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