There are many fixed increase cases and a small total amount of funds raised. The direct reason is that the amount of funds raised for a single program is low. According to the data, there are 17 companies with an actual fixed increase of more than 10 billion yuan in fundraising in 2020, while there are only 5 in the first three quarters of 2021.
Another reason for the small total amount of fundraising is that more than 100 companies have insufficient actual fixed capital fundraising. Some of them have a shortfall of several hundred million yuan, and some can reach more than one billion yuan.
In the last week of the third quarter, the number of A-share fixed increase cases this year exceeded that of the entire year last year.
As of September 29, 371 A-share companies have announced the completion of the fixed increase plan (calculated based on the listing date, the same below),Additional issuanceThe number of homes has surpassed the entire year of last year and will hit a new high since 2018, and is expected to approach the 2017 record of 539.
“Since the release and implementation of the new refinancing regulations last year, the market for fixed increase has gradually increased, and the refinancing needs of listed companies have been effectively met. The increase in cases is reasonable. However, it is worth noting that the amount of fixed increase funds raised this year is still higher than last year. There is a certain gap, especially the failure of some companies to raise funds as expected, indicating that the institutions are more rational and the market is in a stable and rising state.” A person in charge of an investment bank told reporters.
The total amount of funds raised is lower than expected
Statistics show that since the beginning of this year, a total of 371 companies have completed fixed growth, raising a total of 527.734 billion yuan in funds.
Looking back on the past few years, the A-share fixed-income market dropped sharply in 2018, bottomed out in 2019, and recovered in 2020. According to the data, from 2018 to 2020, the number of A-share fixed increase companies will be 267, 248, and 360, respectively, and the total fixed increase of funds raised will be 752.352 billion yuan, 679.82 billion yuan and 831.56 billion yuan.
“The number of companies implementing fixed increase this year has been the same as last year, and the total amount of funds raised is only about 60% of last year. This shows that listed companies have a relatively large demand for refinancing. “Some investment bankers told reporters that according to previous practice, while the number of fixed increments increases, the scale of fundraising should also increase. However, in the first three quarters of this year, the total fixed increase of funds raised by listed companies will decrease. If the fourth This trend is maintained quarterly, and the total amount of fixed-increasing funds raised this year is likely to decline year-on-year.
In February last year, new regulations on refinancing were introduced, and policies were loosened on many terms. At that time, a large number of listed companies quickly released fixed increase plans, and industry insiders were full of expectations for “refinancing scale back to one trillion yuan”. “In 2020, the new refinancing regulations have been improved, and many companies have failed to implement their plans. In the end, the total amount of funds raised for the whole year is more than 800 billion yuan. At that time, we expected that it would be promising to break through one trillion yuan in 2021.” According to a long-term investor who has participated in fixed increase.
Large amountM&Aobviously decrease
There are many cases of fixed increase and the total amount of fundraising is small. The direct reason is easy to find-the amount of funds raised for a single plan is low, or in other words, there are fewer cases where the scale of fundraising is tens of billions of yuan or tens of billions.
Specifically, in 2020, a total of 17 companies will increase the actual fundraising amount of more than 10 billion yuan.In the first three quarters of 2021, the tens of billions of fixed-increasing plans have dropped significantly, with onlyPostal Savings Bank、BOE A、Lens Technology、Weichai PowerandChina ChemistryA total of 5 companies.
Another investment banker believes that one of the reasons for the lack of large-amount plans this year is that there has been a significant decrease in the issuance of shares to acquire assets. Among the 17 tens of billions of fixed-income cases in 2020, 11 were for the issuance of shares for asset acquisitions, and only 6 cases were fundraising. In the first three quarters of this year, none of the fixed increase cases above the tens of billions level involved the acquisition of assets, and all of them were to raise funds through the issuance of shares.
“The pilot registration system is gradually launched, and many companies are unwilling to adopt mergers and acquisitions.ReorganizationEntering the capital market, large-scale issuance of shares to purchase assets has also been significantly reduced. “A listed companyExecutivesTell reporters.
More than a hundred cases of insufficient fundraising
In addition, some of the fixed increase plans that originally planned to raise more than 10 billion yuan in the final actual fundraising did not meet expectations, which also led to a significant reduction in the 10 billion-scale fixed increase plans this year. E.g,Zheshang SecuritiesOriginally planned to raise funds by 10 billion yuan, but the final raised funds were 2.805 billion yuan.
Cases are not uncommon. In the fixed increase that has been completed since the beginning of this year, there have been more than 100 cases where the scale of fundraising did not meet expectations, and some of the gaps were several hundred million yuan, and as many as several billion yuan.
“Our company’s “normal” company’s fixed increase is really not easy to make.shareholderIn other words, I am definitely unwilling to increase the stock price at the bottom, because I am afraid that the share will be diluted too much. It is often started after the stock price has risen. However, when the stock price has risen, many institutions feel that the fixed increase price has been set high and they are unwilling to participate. . “The secretary of a board listed company told reporters.
Its further analysis said: “In fact, it is because our company is not “good” enough.PerformanceThe potential and market space are relatively clear, and the valuation is also clear. If the price is higher, the institution will hesitate. However, some leading companies in emerging industries have broad prospects. As soon as the fixed-increasing plan comes out, institutions will have to grab them. “
“Regulatory review of fixed increase, especially market price fixed increase, is obviously procedural, giving most of the options the opportunity to be placed in the market for investors to choose. When there are enough projects, funds will think about which projects are acceptable. What is invested and what is not, the degree of differentiation of market choices will naturally come out.” The person in charge of the investment bank told reporters that at present, the effect of the policy is obvious.
The above-mentioned investors also said that in the past, when doing fixed-increasing projects, they often only looked at the discount rate. As long as the discount rate is large enough, it doesn’t matter whether the company is good or not. There are too many fixed-increasing projects, and the discount rate of projects issued at market prices is not that amazing. It still depends on the company itself and return to the path of value investment.
(Source: Shanghai Securities News)
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