During the year, 15 private placement products have been registered, which has increased by 150% compared with last year.
Our reporter Wang Ning
In February this year, after the implementation of the new refinancing regulations, the market responded positively. Up to now, according to the latest statistics from the "Securities Daily", 15 fixed-income products have been established during the year, and the fund-raising scale has exceeded 20 billion yuan. At the same time, since April, 62 listed companies have issued fixed-income plans, the number of which is far from Higher than the same period last year.
A number of industry insiders told the "Securities Daily" reporter that after the release of the new refinancing regulations, the move was interpreted as a major benefit and the market was highly concerned. At present, the overall valuation of A shares is at a historical low, and it is a good opportunity to select high-quality individual stocks in a fixed increase manner at this time. "A number of fund companies are actively preparing for the establishment of fixed-income products, including public equity and private equity."
The number of establishments during the year exceeded 150% of last year
According to the statistics of Oriental Fortune Choice and China Securities Investment Fund Industry Association, the reporter of Securities Daily found that since this year, the number of fixed-income products that have been established and filed for distribution has reached as high as 15, which is an increase of up to 6 compared with last year. 150%, its fundraising scale has also exceeded 20 billion yuan; at the same time, there are still a large number of new products in the fundraising period, and they will be established and issued in succession.
Through further understanding, of the 15 established incremental products, 12 products are concentrated in March, 1 is at the end of February, and 2 is at the beginning of April. Among them, Hangzhou Qingzhe invested the largest number of new products, there are 3, respectively, Qingzhe and Rongdingzeng No. 1, 2 and 3; Changhe (Tianjin) invested and established 2 products, Changhe Jinxiu No. 566 and 568 respectively number. Among these products, CITIC Construction Investment and CITIC Securities have the largest number of brokers.
At the same time, since April, there have been 62 listed companies that have announced a fixed increase plan. Among them, the small and medium-sized board accounted for the highest proportion, nearly 70%, while the fixed price increase accounted for about 75%. From the perspective of distribution, it covers industries such as mechanical equipment, electronics, medical biology, communications, computers, media, light industry manufacturing, textiles and clothing, and chemical industries.
"After the release of the new refinancing regulations, it was interpreted by the market as a major positive. At that time, the small and medium-sized enterprises and the GEM index continued to strengthen." Hu Po, the manager of the future star fund of the private equity ranking network, told the reporter of "Securities Daily". The enthusiasm for financing was detonated, and the market attention increased significantly. Overall, the current valuation of the A-share market is not high. Under the policy encouragement, the initial participation in the fixed increase discount can guarantee a certain expected return. The risk of participating in the investment is not large and the return is determined. Therefore, private placement of new fixed-income products has significantly improved.
It is understood that in addition to the 15 products that have been established, there are still a large number of products that are in the offering period will be established one after another. It can be expected that the total number of new products this year will far exceed the total number last year.
Many institutional investors believe that the fixed price increase in the participation of listed company shareholders or strategic investors is beneficial to the company's long-term development and governance structure optimization. For example, Gao Leng Capital's participation in the Gloria Yingding increase case is also a hot spot in the secondary market.
Many fund companies are actively preparing
After the implementation of the new refinancing regulations, the market ’s enthusiasm for increasing growth was activated, and many institutional investors believed that the current layout of high-quality stocks with long-term thinking is the best opportunity to enter the market.
Wang Hai, deputy general manager of Caitong Fund, told the "Securities Daily" that the enthusiasm of market participants was significantly activated after the new refinancing regulations were implemented. Participants who are willing have a wider scope than the previous fixed-increasing active phase, and the market institutions they have participated in are larger. In a sense, this reflects the market's support and recognition of the new refinancing policy.
Liu Kaiyun, general manager of Jiutai Fund Dingzeng Center, told the "Securities Daily" reporter that the new regulations promoted refinancing of listed companies and provided important opportunities for investment institutions to participate in the directional increase of listed companies. Various investment institutions issued new fixed-income products, but also saw the investment opportunities brought about by policy changes. "At present, various investment institutions in the market are actively preparing for fixed-income investment products. In the coming period, we will see more intensive product issuance. It is foreseeable that this year's fixed-income investment and financing will see a rise in supply and demand."
Hu Bo also believes that the current fixed-income projects contain many high-quality assets. At present, the company is actively preparing to raise fixed-income products and screen for high-quality fixed-income projects. It not only focuses on the discount level of fixed-income projects, but also pays attention to the long-term gains that fixed-income brings to the management and governance of listed companies; Bring the dual benefits of "fixed increase discount + long-term company growth" to customers.
Liu Kaiyun revealed that the company is actively preparing for new fixed-income products. At present, multiple fixed-income special accounts have been implemented for investment. The fixed-income public funds have also been declared and are awaiting approval from the regulatory authorities. In the context of the current low valuation of the A-share market, it is the best time to lay out medium- and long-term fixed-income investments. The short-term market is pessimistic and the valuation of listed companies has shifted down, which is bringing relatively long-term relatively high investment returns. In the future, the company will continue to vigorously deploy fixed-income investment products.
"After the implementation of the new refinancing regulations, the company has issued special-income products in a certain number of categories, and subsequently plans to issue public fund products that include refinancing themed investment strategies." Wang Hai told reporters that these proposed products mainly focus on representing China Industry specialty upgrade "new economy" industries, such as technology, medicine, high-end manufacturing, etc. (Securities Daily)