Original title: During the year, A-share listed companies implemented 416 fixed increase cases and raised funds exceeding 730 billion yuan
Our reporter Meng Ke
Tianshan shares raised 94.171 billion yuan, Postal Savings Bank of China raised 30 billion yuan, BOE A raised 20.333 billion yuan, and SF Holdings raised 20 billion yuan… This year, private placements have been hot, with orders of tens of billions of yuan increasing. now. According to the analysis, as of December 1, A-share listed companies implemented a fixed increase of 416 during the year, which has exceeded the entire year of last year, and the cumulative amount of funds raised reached 730.535 billion yuan.
Industry insiders believe that with the transformation of my country’s economic structure, a large number of high-quality companies have emerged in the capital market, and these companies have a greater demand for funds during the period of rapid development. At the same time, last year’s new refinancing regulations further optimized the detailed rules, increased the number of issuance targets, lowered the issuance price, shortened the lock-up period, and lifted the restrictions on the proportion of holdings reduced after the lifting of the ban.
The scale of fixed growth has risen significantly
According to the data compiled by the “Securities Daily”, A-share listed companies implemented a total of 401 fixed-increasing projects last year. Among the 416 fixed increments this year, 7 tens of billions of fixed increment projects have been implemented.
Judging from the released fixed-increasing plans, there are 19 A-share fixed-increasing plans with a value of 10 billion yuan on the way. This includes Ningde Times, which plans to raise 45 billion yuan, Xugong Machinery, which plans to raise 38.686 billion yuan, and Huaxia Bank, which plans to raise 20 billion yuan.
Pang Ming, chief economist of Huaxing Securities (Hong Kong), told the “Securities Daily” reporter that the implementation of the new A-share refinancing regulations at the beginning of last year not only increased the flexibility of listed companies to carry out fixed-increasing projects, but also increased their participation in fixed-increasing projects. The turnover rate, the rate of return and the margin of safety of the discount bring a high winning rate. Overlapping the active trading and investment in the A-share market since the beginning of this year, the continuous inflow of incremental funds has prompted A-share listed companies to increase their enthusiasm and scale.
Project financing is the main purpose of fixed increase of listed companies. Among the 416 fixed increase, 285 involved project financing. The actual amount of funds raised totaled 436.167 billion yuan, accounting for 59.7% of the total fixed increase of the year. Other purposes include: 66 cases involving supplementary liquidity, 33 cases involving financing acquisition of other assets, 26 cases involving supporting financing, 4 cases involving the introduction of strategic investors, and 2 cases involving the replacement and reorganization of inter-company assets.
“Listed companies have different targets for fixed growth, and financing mergers and acquisitions through private placement of stocks will help integrate the upstream and downstream industry chains.” Zhou Maohua, a macro researcher at the Financial Markets Department of Everbright Bank, told a reporter from the Securities Daily that the purpose of fixed growth is to supplement the company’s operating funds. , Can improve the company’s financial situation. The introduction of strategic investors through fixed increase means that the company focuses on long-term development. At the same time, the fixed increase has relatively loose requirements for listed companies, and there are no restrictions on profitability and financing scale.
90% of the company’s stock price rises after a fixed increase
According to Wind Information data, as of December 1, there were 405 listed companies implementing fixed-increasing projects during the year. Among them, 366 companies’ latest share prices rose from the fixed-increasing issue price, accounting for 90.4%. Among them, the latest stock price of Maiwei shares increased by 963.1% compared with the fixed increase issue price. In addition, the latest stock prices of 67 companies such as Chuaneng Power, Hesheng Silicon Industry, and Shengxin Lithium Energy also increased by more than double the fixed increase issue price.
Chen Li, chief economist and research director of Chuancai Securities, said in an interview with a reporter from the Securities Daily that the purpose of fixed increase of listed companies is mainly project financing. After the capital increase is completed, it will promote the growth of corporate performance and development potential. , Which has a boosting effect on the stock price. On the other hand, there have been a large number of listed companies implementing fixed increase this year from popular sectors such as new energy vehicles, lithium batteries, photovoltaics, and chips.
“The rapid growth of the stock price after the fixed increase reflects the market’s recognition of its competitiveness, differentiated advantages and high-quality development prospects. It also reflects the fact that the capital market effectively serves the real economy and promotes high-quality companies to be more efficient, convenient and fast. Get capital support to achieve leapfrog development.” Pang Ming said.
In terms of trends, the three major Shenwan industries of electronics, mechanical equipment, and chemicals are becoming the main force in fixed-increasing projects. In Chen Li’s view, the new energy industry has achieved rapid development since the beginning of this year, and the dual-carbon policy has been released one after another, which has promoted the continuous expansion of business scale in related industries. In addition, the continuous rise in commodity prices has also led to the increase in the willingness of related companies to expand production, which has driven the demand for refinancing. .
The phenomenon of “underfunding” arouses attention
It is worth noting that Wind Information data shows that a total of 120 fixed-increasing projects experienced “under-raising” during the year, that is, the actual funds raised in the end were lower than the estimated funds raised, accounting for 28.85%.
Pang Ming believes that some fixed-increasing projects are “under-raised”, and the discount rate of fixed-increasing markets continues to remain high, reflecting the existence of supply for fixed-increasing projects in the context of rising market volatility, abundant fixed-increasing stock projects, and considerable financing scale for projects to be issued. Exceeding demand, and capital diversion, means that the attitude of capital selective investment is more clear.
“Investors need to pay more attention to the fundamentals, earnings quality, and development prospects of listed companies. At the same time, they must also be alert to possible changes in the market. They cannot simply pay attention to the high or low discount rate of fixed increase and short-term floating profits accumulated by some expensive projects. “Pang Ming said.
In Chen Li’s view, the reason for the repeated occurrence of “underfunding” is that market funds are gathering in high-quality companies and hot industries. This situation is conducive to a virtuous circle of my country’s financial market.
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