The implementation of new refinancing regulations has been completed for two months

New regulations for refinancing have landed for two months

Reporter Wu Xiaolu

Since the implementation of the new refinancing regulations on February 14, two months have passed since April 13 and the fixed increase market has fully recovered. Within 2 months, 274 listed companies have issued or revised fixed increase plans. 440 billion yuan, an increase of about 70% over the same period last year.

Industry insiders believe that this round of regulation's optimization of refinancing rules is mainly for the benefit of the fixed-income market, and further clarification for strategic investors is to encourage listed companies to introduce investors who have a synergistic effect on their long-term development. Excellent and strong.

According to the statistics of the Securities Regulatory Commission website, since the implementation of the new refinancing regulations, the Securities Regulatory Commission issued 47 company refinancing approvals, of which 13 are scheduled to increase. Currently, 239 companies are waiting in line for refinancing applications, 52 of which have passed the review meeting.

Fahrenheit iFinD data statistics show that since the release of the new refinancing regulations as of April 13, 274 listed companies have issued or revised fixed increase plans, while last year, only 66 companies issued or revised fixed increase plans; The total fundraising was 445.629 billion yuan, an increase of about 70% over the same period last year.

From the perspective of the sector, among the companies that issued or revised the fixed increase plan, the number of GEM companies was the largest, with 99 companies, accounting for 36.13%. From an industry perspective, companies in the electronics, chemical, computer, and biomedical industries have issued a large number of fixed-income plans; from the perspective of the amount raised, the amount of funds raised in the electronics, real estate, and chemical industries is relatively high.

On March 20, the China Securities Regulatory Commission issued the Q & A on Issuance Supervision-Regulatory Requirements on the Issues Concerning the Introduction of Non-Public Issuance of Stocks by Listed Companies to Strategic Investors (referred to as the New Regulations for War Investment), which clarified the introduction of strategic investment by non-public offerings of listed companies Basic requirements, decision-making procedures and letter requirements.

The reporter noticed that after this, many listed companies issued announcements to warn of the risks, saying that the subscribers may not meet the requirements of strategic investors. Since March 20th, the newly released fixed increase plan involves the introduction of strategic investors. Listed companies have discussed whether the issuer meets the basic requirements of strategic investors.

Pan Xiangdong, chief economist of New Era Securities, told reporters of the Securities Daily that the new rules of war investment strengthened the constraints on strategic investors, which helped to fill up the system shortcomings, combat arbitrage and speculation, and protect the interests of small and medium investors Standardize the fixed-income market, promote listed companies to build a mature fixed-income concept, and guide investors who really have synergy with their long-term development to become better and stronger.

Wang Chenguang, managing director of the Pacific Securities Investment Banking Department, told the Securities Daily reporter that the new rules of war investment have a relatively large impact on the fixed increase. This revision of the refinancing rules focuses on the amendments to the fixed increase rules. It is the strategic investors that apply rules such as lock-in issuance, 20% discount in stock price, and lock-up period of 18 months. Meeting the requirements of strategic investors will reduce the enthusiasm of these institutions for participation.

"Previously it was expected that the probability of increasing this year will return to the trillion yuan market size, but it may not be seen at present. It is mainly based on two considerations, one is the new rules of war investment, and the other is that the regulation clearly prohibits the increase in pockets, which is Stock real debt '. When the last round of fixed increase was popular, most companies adopted a fixed increase in pockets. "Wang Chenguang said.

Some people in the industry believe that from the perspective of the new rules of war investment, auction issuance is the direction of regulatory support, and price issuance is a type of regulation that is intended to be regulated. Fahrenheit iFinD data statistics show that after the introduction of the new rules of war investment, of the 90 fixed increase plans released from March 21 to April 12, 64 were issued at auction, accounting for more than 70%.

Anxin Securities Research believes that due to the impact of rule adjustments such as halving the lock-up period and pricing restrictions, the fixed growth market will be more active than the previous two years. (Securities Daily)