The Regulatory Authorities Strictly Control The "War Investment Type Fixed Value-Added" Refinancing And Price Locking Into The Trend Of Bidding

Over the past few months, more and more listed companies have revised their refinancing plans, and the introduction of war investment fixed increase has significantly cooled down.

Last week, country garden's third strategic investment in A-share listed company also announced a miscarriage. Huida sanitary ware announced that in view of the changes in the current capital market environment, considering the actual situation of the company, development planning and other factors, and after communication and consultation with the issuing objects, the company plans to adjust the objects of the non-public offering. Among the objects to be issued, country garden venture capital will no longer participate in this non-public offering as a strategic investor.

Prior to that, country garden venture capital plans to invest no more than 500 million yuan in the strategic investment of Dior home and Mona Lisa, which has been terminated one after another. This signal also makes more and more market participants worry about the development of A-share lock-in and fixed increase market.

"At that time, when Hillhouse terminated its strategic investment in Carlin, we knew that private PE as a war investment bank was not working. Now country garden has also retired, and industrial capital is now very difficult. At present, the regulatory authorities strictly restrict the fixed increase of investment in the war. What we have learned is that the regulatory authorities also have strict requirements on the technology of investors and the investment direction of the raised funds of listed companies. For example, projects used to supplement working capital can not be passed. " A well-known domestic investment bank personage disclosed to the 21st century economic reporter.

According to the statistics of 21st century economic report, since the new regulation of refinancing was settled in mid February, there has not been a case of introducing strategic investors to participate in price lock-in and price fixing and the sales restriction period is 18 months.

War casting fixed increase without a meeting

The new policy of refinancing has been implemented for more than half a year, but the "18 + 8" war investment fixed increase has not yet broken the ice.

Wind data shows that since the issuance of the new policy of refinancing in February, 681 listed companies have issued refinancing plans, and in the normal process of promoting the plan, it is estimated that the fund-raising amount is about 945.955 billion yuan, while in the same period, there are 151 additional issuing enterprises, with a total amount of 419.379 billion yuan.

To be specific, one of the companies implementing the SEO is public offering, only 58 of the remaining 150 companies are offering at lock price. At the same time, only one of the top nine bio companies is offering additional shares for the purpose of introducing strategic investors.

It is worth mentioning that the successful issuance of the fixed increase of the top nine biology is inseparable from the company's temporary adjustment of the fixed increase plan. On May 12, China Pharmaceutical Investment Co., Ltd. (hereinafter referred to as "sinopharma investment") also voluntarily added a commitment, saying that "the shares subscribed by the company in this non-public offering shall not be transferred within 36 months from the date of the end of the non-public offering."

On May 29, the SFC approved the approval of the non biological stock issuance Committee.

Subsequently, Zhongcheng shares, which also followed the example of the top nine biologics in extending the period of war investment lock, also received the "reply on the approval of non-public Development Bank shares of Zhongcheng import and Export Co., Ltd." issued by the CSRC on July 8. In addition, according to the incomplete statistics of reporters from the 21st century economic report, gu'ao Technology Co., Ltd. and Yingke Medical Co., Ltd. have also announced that the strategic investors that the company intends to introduce will voluntarily extend the lock-in period of non-public offering from 18 months to 36 months, but the latest progress has not been announced.

However, some listed companies that have not yet revised the plan are in trouble.

The reporter noted that among the 681 listed companies that have disclosed their refinancing plans, 75 have clearly pointed out in the plan that they are to introduce strategic investors. However, the company's "18 + 8" plan has not received any further feedback so far. Among them, there are many Internet leaders, central enterprises, large industrial funds, etc.

For example, shunluo electronics, which announced the non public development bank stock plan on May 28, intends to introduce strategic investors including advanced manufacturing industry investment fund phase II (limited partnership) and Hubei Xiaomi Yangtze River Industrial Fund partnership (limited partnership), among which the investors of advanced manufacturing industry investment fund phase II (limited partnership) include the Ministry of Finance and SDIC Investment Management Co., Ltd Company, Investment Promotion Bureau capital, government guidance fund, etc.

As early as April, Huazhong numerical control, which disclosed the fixed increase plan, intends to introduce strategic investors including the national manufacturing transformation and upgrading fund and Zhuoer intelligence.

However, in the audit inquiry letter issued by Shenzhen Stock Exchange on July 27, it asked Huazhong CNC Company to explain whether the national manufacturing transformation and upgrading fund can bring the company international and domestic leading core technology resources or international and domestic leading market, channel, brand and other strategic resources, and whether the specific cooperation arrangement can significantly improve the company's profitability or sales performance, and Whether the competitiveness and innovation ability of the company can be significantly improved, the demonstration should be reasonable and convincing; whether the relevant content is clearly defined in the strategic investment agreement, whether it is executable and binding.

Up to now, Huazhong CNC has not published the reply letter.

With the outflow of various regulatory directions, a person familiar with the matter disclosed to our reporter: "at present, some projects of central enterprises as war investment may be difficult to pass, because resources such as large funds cannot bring core technical resources to listed companies."

Enterprise intensive adjustment plan

In fact, the above-mentioned cases are just one part of the difficulty in implementing the new investment deal in the current refinancing war.

At present, many journalists have reported on the financing schemes of investment banks in the 21st century, and they have also been faced with disputes on the financing schemes of enterprises from now on.

Wind data shows that among the 58 listed companies that have issued price lock up and fixed increase plans, 41 enterprises have included Supplementary working capital in their raised investment projects.

According to incomplete statistics by reporters, since August, four listed companies have reduced the amount of supplementary flow, and HTC new materials plans to raise 3.915 yuan On August 11, the company announced that it would reduce the amount of capital raised to 282.75 million yuan; Weihua company would reduce the amount of 1.85 billion yuan to 1.15 billion yuan; Jiaozuo Wanfang would reduce the planned amount of 1.2 billion yuan to 758 million yuan; yinbaoshan new announced on August 13 that it would reduce the amount of 122 million yuan to 56.428 million yuan, and the total amount to be raised also decreased from 772 million yuan to 707 million yuan ……

? ? ? In addition, in order to ensure the smooth implementation of fixed value-added, many listed companies have begun to make drastic adjustments to their strategic investment plans. The typical example is to give up the "fixed price and fixed increase" mode of war investment, change the pricing method to "fixed price increase through bidding", and issue objects are changed from PE Institutions and other "strategic investors" to "no more than 35 specific investors". The new scheme no longer needs to meet the requirements of strategic investors Relevant regulations. At the same time, the subscriber lock period in this way is only 6 months.

More typical is the "compromise" of enterprises such as Carlin and ofight. "The first order of war investment for fixed increase and new regulations" was revised by carling, which changed the way of price lock into war investment to inquiry and fixed increase, and the subscription object was also revised from "only subscription" of Hillhouse capital to "no more than 35 specific investors".

Over the same period, ofight also adjusted its earlier non-public offering of A-shares, which also changed the fixed price increase to the fixed price increase through inquiry. The issuing objects were changed from "no more than 35 specific objects in line with the provisions of the CSRC, including China Construction Investment Group and Hefei composite screen" to "no more than 35 specific objects in line with the provisions of the CSRC", with a lock-in period of six months.

However, this method also caused a lot of controversy in the market. Yin Zhongyu, head of the securities and Investment Banking Department of the Federal Reserve, told reporters: "it seems fair to issue by bidding, but it will lose real long-term investors, especially the introduction of state-owned funds and insurance funds. If the price is not locked, the process can not be carried out. This is a problem of market efficiency."

"Pricing is a very good system, but the conditions are too broad, which makes it impossible for the market to distinguish between" pricing issuance for speculative purposes "and" pricing issuance for investment purposes ", which leads to today's situation Yin added.

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