Split The Stock Market To Detonate The Concept Stocks &Nbsp; Datang Power Generation Clarification First Order

In the growth of the GEM market hype, the newly born " Split the market "The concept is becoming the latest subject in the stock market. The new policy of splitting up the stock market can be described as a wave of thousands of waves. Once it was announced last week, it became the focus of attention of all parties in the market.

In recent days, the concept of "spin off" has become the nuggets of investors. Which companies are most likely to try the new deal? The market has just come out. Datang Power Generation It is possible to get the first message. Yesterday, the company rushed to clarify the rumor. Analysts also have different opinions about the market impact of the spin off policy.

　　 事件

　　大唐發電澄清分拆傳聞

This Tuesday afternoon, a piece of news spread like wildfire: "Datang Power generation is considering splitting its coal chemical industry and new energy business into the Shenzhen gem market, and the plan has been approved by the relevant regulatory authorities, but the company said it has not yet set the time for listing." The news also said that Datang Power generation is expected to become the first to separate the subsidiary from the gem. Reporters learned that the news initially originated from a foreign media report after the Datang Power Generation Performance Conference on Tuesday, when foreign media said Cao Jingshan, vice chairman of Datang Power Generation, said it was considering splitting its coal chemical industry and new energy business into Shenzhen gem.

Datang Power generation is expected to become the first news of the new policy of splitting subsidiaries to the gem, and it will be "instant" in the two tier market immediately. Yesterday morning opened, Datang Power Generation A shares sealed on the limit. Hong Kong stock market, Datang Power Generation also significantly outperformed the market, the stock price in early trading rose 5.9% to HK $3.59.

However, when the market was concerned about Datang Power Generation, yesterday afternoon, Datang Power Generation temporarily suspended, and at the HKEx issued a notice to clarify the "first single" rumor, saying that the company did not plan to split its coal chemical industry and new energy business into the Shenzhen gem, and there was no approval of the above division plan.

The Clarification Announcement of Datang Power Generation undoubtedly hopes that its investors will be happy. Yesterday's closing date, Datang Power A shares still have 230 thousand hands to pay, the stock price closed at 8.68 yuan; H-share finally closed at HK $3.46, up 2.06%, trading 196 million 480 thousand Hong Kong dollars.

Guoxin Securities Strategy Analyst Huang Xuejun believes that the market performance of Datang Power Generation yesterday is obviously a conceptual speculation effect. After clarifying the announcement, its stock price may fall back.

It is noteworthy that there have been reports that Datang Power Generation plans to spin off new energy businesses to Hongkong, including assets of wind power and hydropower, with a minimum amount of HK $1 billion. In fact, domestic power generation companies have already set a precedent for splitting their subsidiaries to Hong Kong. At the end of last year, Guodian group, one of the five major power groups in China, split its Longyuan Power Company, the main New Energy Company that developed wind power, to Hongkong. So, does Datang Power generation have the intention of splitting new energy and other businesses? In this regard, Datang Power Generation stakeholders said that if the company has similar plans in the future, it will issue corresponding announcements in accordance with the listing rules.

Although yesterday, the company made urgent clarification, but Datang Power Generation still added a fire to the splitting and listing sector. Split share splitting has become a wonderful work in the weak stock market. Reporters noted that since April 13th, the CSRC allowed the listing of domestic listed companies to spin off their subsidiaries to the gem. In recent days, Tongfang stock , Variety stock , Fosun Pharma And so on, led by the concept of split stocks have surged against the trend.

Take yesterday as an example. Spin off concept Several stocks played a leading role in the market yesterday. In addition to the separation of the leading shares, due to major matters suspension, Zhongguancun , Zhang Jiang Gao Ke Limit, Fosun medicine, Hailin, Shanghai, Changchun hi-tech And other gains are all above 5%.

In this regard, Datong securities Hu Xiaohui said that for the time being, there is no concrete conclusion on the so-called splinter plate. Some companies that have spin off concepts are sought after by the market. They are entirely market hype under the policy side. As the formal policy has not yet been released, the impact on the relevant companies can not be fully reflected. Therefore, investors should be cautious about the rise of such subjects.

There is no doubt that splitting up some businesses means that the parent company will get substantial investment returns. Therefore, those stocks with high quality enterprises or high-quality subsidiaries will face new valuation premium expectations.

A company told reporters that many of the company's stock control companies have the desire to go public, and they are all high-tech industries such as new energy and new materials. Now that the road to split up is opened, the listing of GEM may not be ruled out, but how to operate it is yet to be decided by the company. And the main problem now is waiting for further clarity of policy.

Spin off refers to a parent company distributing the shares owned by the parent company to the existing parent company in proportion to the shares owned by the parent company, thus separating the operation of the parent company from the parent's operation in law and organization.

Just last Tuesday, a communication from the SFC held that the SFC had allowed the domestic listed companies to spin off their subsidiaries to the gem, but there were six major conditions. These include: the publicly raised funds of listed companies have not been invested in the issuer's business; the listed companies have made profits in recent 3 years, and their business operations are normal; there is no competition between the listed companies and the issuers, and the future non competition commitments are issued. There is no serious related spanaction between the shareholders and the actual controllers and issuers of the listed companies and issuers; the net profit of the issuer accounts for no more than 50% of the listed company's net profit; the net assets of the issuer account for less than 30% of the listed company's net assets; and the shares of the listed company and its subordinate directors, supervisors, senior and relative holders are not more than 10%. Affected by the expansion of the news, gem on the same day a deep callback, the average decline of 7.58%, down to 15% stocks.

There is a market analysis that many enterprises involved in new energy business are relatively diversified, and each part of the business is relatively small, and the contribution to the profits of the parent company is not very high.

　　觀點

Whenever a new deal comes out, there will always be different voices in the market. This is especially evident in the capital market. In recent days, there have been many debates about market segmentation.

　　1 分拆上市對市場偏正面

Professor Dong Dengxin, director of the financial and Securities Research Institute of Wuhan University of Science and Technology, believes that the policy of spin off is absolutely positive for the market. First of all, from the perspective of listed companies' spin offs, it is conducive to promoting the innovation of listed companies. The part of the split must be the assets of higher quality in the company's business, so the listing resources should be good.

In addition, the spin off undoubtedly means that the growth enterprise market will expand supply, and the expansion of supply will also play a cooling role in the gem's Current hype.

From the present point of view, the listing resources of the gem are mainly through the way of IPO, and most of them have long approval time. In the short term, it is impossible to meet the market supply, and the way of splitting will save much time.

Therefore, management can also be interpreted as the right remedy. But at the same time, he said he did not exclude the behavior of some malicious money collecting, but the probability of moral hazard is a few. After the introduction of the policy, regulators must be the first to issue relevant laws and regulations, restrict relevant behaviors, including checks on auditing.

　　2 允許分拆上市弊多利少

The famous market commentator, ye Tan, published her own views through her blog. She thought that the high price earnings ratio of gem and high share price caused a bombardment. The SFC's response is not to promote more and more start-ups to go public, but to allow listed companies to spin off. This is a unique trick to deal with bubbles with Chinese characteristics. However, this unique trick will bring about the loss of state assets and bring corruption to senior managers, which will bring more unclear property rights and income rights in China's securities market.

Pi Haizhou, a capital market watchdog, believes that allowing domestic listed companies to spin off their subsidiaries to the gem will increase the reserve listing resources to a certain extent. However, judging from the current situation, this practice is more harmful than it should be and should not be advocated at this stage.

　　3 監管不嚴會出現負面效應

　　 State Securities Chief economist Dr. Jin Yanshi believes that, on the whole, management intention is certainly a way to enlarge the scale of financing, which is beneficial to enterprises. When a high quality company owns multiple assets, it can only valuate the main business, and the non main businesses will be seriously underestimated or even forgotten. In such a situation, it is doubtless an increase in the value of the enterprise to spin off the non main businesses of the enterprises. If the listed companies split out the innovative business, they can acquire a large amount of capital needed for the innovation business to develop new businesses.

But at the same time, Dr. Jin Yan also said that in the process of operation, specific problems should be dealt with concretely. As a result of the revaluation process of assets, the grasp of all links is also very important. If supervision is not strict, there will be negative effects. Speaking of the impact on the market, Dr Jin believes that Spin off concept stocks Speculation is only a short-term behavior. Therefore, there can only be short-term trading opportunities, which have no impact on the overall pattern of the market and do not constitute a long-term impact on the market.

　　4 還須完善配套法規

In response, Huang Xuejun, a strategist at Guoxin Securities, said that from a good point of view, vigorously developing the growth enterprise market and promoting the spanformation of high and new technology enterprises into the gem is a great advantage for the development of the growth enterprise market.

But at the same time, spin off can only be said that financing for some enterprises is a good thing, and it does not exclude the fact that some companies are splitting up for the purpose of collecting money. From the perspective of spin off, this is a common method of international mature capital market, but the international capital market has a relatively mature market mechanism, including the specific pricing mechanism and trading mechanism, but at present, in view of China's current situation, it is obviously not available.