Our reporter Yan Liliang
Trainee reporter Guo Jichuan
"With the encouragement and support of exchanges, the issuance of public infrastructure REITs and other products by private enterprises will not only open up new ways of asset securitization and bond financing, but also help improve the efficiency of social resource utilization and break investment barriers." May 5 Today, Zhou Xibing, a researcher at the Soft Power Research Center of Chinese Local Enterprises, said in an interview with a reporter from Securities Daily.
On May 4, in the "Notice on Several Measures to Support the Real Economy" issued by the Shenzhen Stock Exchange, the first article is to "support the healthy development of small and medium-sized enterprises", and "continue to improve the bond financing mechanism of private enterprises, and launch more direct-to-real economy." The expression "innovative products" clearly planned the follow-up work ideas.
Recently, a number of high-quality private enterprises such as Nanshan Group, Tiantu Investment, Sany Leasing, New Hope Group, and Hangzhou Youxing Technology have successfully issued corporate bonds or asset securitization products on the Shanghai Stock Exchange to achieve financing.
At the same time, the reporter learned that the Shanghai Stock Exchange has also selected a group of typical and demonstrative leading private enterprises in the industry. By participating in the design of corporate bond issuance plans, matching suitable products according to the characteristics of enterprises, and guiding enterprises to improve the whole process of information disclosure , organize roadshows and investment institution surveys, etc., provide full-chain services for both investment and financing parties, and support enterprises to successfully issue corporate bonds.
Experts interviewed believe that the exchange will continue to use the existing policy tools to support private financing in the future, and the direction of subsequent policy tool innovation will make efforts to open up the channel for private enterprises to enter the infrastructure public offering REITs.
In order to further enrich the bond financing channels of private enterprises, the Shenzhen Stock Exchange proposed at the seminar on "Improving Credit Support for Private Enterprises" that private enterprises should be encouraged to give priority to the issuance of infrastructure public offering REITs, quasi-REITs, intellectual property securitization and other asset-based credit-based securitization products. More innovative bond products directly to the private economy.
The Shanghai Stock Exchange proposed at the "2022 Symposium on the Promotion of Industrial Bonds and Private Enterprise Bond Issuance" held by the Shanghai Stock Exchange, supporting industrial enterprises and private enterprises to give priority to the issuance of infrastructure public offering REITs, quasi-REITs, CMBS, intellectual property securitization and other asset securitization products. , give full play to the advantages of asset credit and reduce the financing cost of enterprises.
"For private enterprises, the main financing channel comes from bank mortgage loans. If the bond financing channels of private enterprises can be expanded and the securitization products of asset credit can be further launched, it will not only improve the financing ability of private enterprises, but also improve the enterprise Credit, drive the level of enterprise management to upgrade." Bai Wenxi, vice chairman of the China Enterprise Capital Alliance, said in an interview with the "Securities Daily" reporter.
As a product to open up the primary and secondary markets, REITs play a role as a bridge to revitalize existing assets and inject equity funds for new project investment.
Since the first batch of REITs were listed, they have received extensive attention from the market.
The types of publicly offered REITs assets are currently divided into highways, parks, warehousing and logistics, and ecological and environmental protection. to further improve.
The Shanghai and Shenzhen Stock Exchanges support private enterprise bond financing in various forms.
For example, the bond "22 Hypuri" recently issued by Hypuri has an interest rate of 3.9%, which is the lowest interest rate for public offering bonds of the same term and qualification of private enterprises in South China since 2015.
"The entire issuance process has been strongly supported by the China Securities Regulatory Commission, Shenzhen Stock Exchange and Shenzhen High-tech Investment, which reflects the strength and determination of the regulator to 'multiple measures to improve the bond financing support mechanism for private enterprises', and reflects the professional guarantee institutions to support private enterprises in issuing bonds, Improve the strength and professional level of the credit status of private enterprises." Zhang Bin, chief financial officer of Haipurui, told the "Securities Daily" reporter.
"Introducing a variety of asset-credit securitization products, for private enterprises, while adding new financing channels, it also puts forward higher requirements for the private enterprise's credit capabilities, prompting enterprises to standardize their operations." Bai Wenxi said that in the With the joint efforts of all parties, the bond financing environment for private enterprises has continued to improve, and market synergy is being formed.
(Securities Daily)