Listed Companies Are Keen On "Reaching For Money" &Nbsp; Small And Medium Investors Are Hard To Share Dividends.

In the past 10 years, 37 A shares

Over the past 3 years, 39 listed companies have frequently increased more than two times, and 12 of them have only been targeted.

Comparatively, there are few "zero" fundraising funds, but the "big families" who have repeatedly paid dividends are very eye-catching.

Under the normal situation of "no dividends and few dividends", the dividend consciousness of the majority of investors is becoming weaker and weaker, and the consciousness of the listed companies has also been indifferent.

Two companies "high-frequency suction gold" San an photoelectric for 4 consecutive years, "asking for money".

In recent years, with the central bank raising the deposit reserve ratio and raising interest rates, a series of tight control policies have been implemented.

When the "loan door" of banks gradually closed, many listed companies naturally turned their attention to the broad capital market.

Since the beginning of this year, the central bank has raised the deposit reserve ratio and the interest rate hike twice for 4 times. Therefore, many listed companies have started refinancing schemes in the capital market in order to continuously start new projects and achieve the goal of rapid expansion and expansion.

W ind statistics show that from the beginning of 2008 to the end of last year, a total of 397 listed companies were added, with a total amount of financing up to 895 billion 675 million 700 thousand yuan, while the dividend amount for the same period was only 106 billion 911 million 200 thousand yuan.

In the past 3 years, there have been two additional 3 companies in "many companies that ask for money", but on the cash dividends, they are "no more than one".

In May 1996, the listed company will soon usher in the "15th anniversary listing" of the San an optoelectronics. In the past 15 years, the total circulation of shareholders to A shares has been sent out for two times, 15 million yuan, and the 5 fundraising has received 4 billion 588 million yuan.

The only two cash dividends were 4.38 yuan for every 10 shares in July 1997 of last century, and 1 yuan for every 10 shares in July 1999 (0.8 yuan after tax deduction).

However, since 2008, the company has implemented 3 private placement, with an accumulative additional amount of 4 billion 346 million 714 thousand yuan.

In June 2008, the company issued 114 million 945 thousand and 392 shares to the major shareholder related party at the issuing price of 4.33 yuan; in September 2009, it issued 31 million 500 thousand shares to institutional investors and domestic natural persons at 26 yuan price; in October last year, the company issued 101 million shares to institutional investors and domestic self owners again at the issue price of 30 yuan.

However, after the financing, the company's progressive investment projects did not bring the expected pulling effect on the company's performance, and the investment projects were questioned.

In recent years, the company has invested a lot of money from the government and the capital market in order to develop LED.

According to the company's 2010 annual report, the company's operating income was 863 million yuan, an increase of 83.42% over the same period, and net profit of 419 million yuan, an increase of 132.73% over the same period last year.

However, some market participants calculated that the company received a subsidy of up to 750 million yuan in 2010. If it were not for the contribution of subsidies, the company would lose hundreds of millions of dollars.

At the beginning of this month, the "zero" cash dividend of the San an optoelectronics for many years ended.

The company will implement the dividend plan of "12 shares in every 10 shares and 2 yuan in cash," which has been approved by the general meeting of shareholders.

However, the "additional story" of San an optoelectronics is still continuing, and the new issuance scheme has also been approved while giving shareholders cash dividends.

According to the announcement, the company intends to increase the number of A shares in public offerings by no more than 210 million shares, and the fund-raising will not exceed 8 billion yuan. All the funds raised will be used for the project of Wuhu photoelectric industrialization (phase two) of Anhui San an photoelectric Co., Ltd. and the industrialization of LED application products of Anhui San an photoelectric Co., Ltd., and the total investment of the two projects is about 9 billion 125 million yuan.

The Eastern Airlines cash dividend for landing on A shares in 1997 is also rare. Since the listing, the company has sent 3 shareholders to A shares for a total of 18 million yuan, while the 4 raised funds to the market amounted to 21 billion 659 million yuan.

According to the data, the company implemented the plan of "0.2 yuan for every 10 shares in cash" in 2001, 2002 and 2005 respectively.

From July 2009 to the end of 2010, the pace of financing of the company accelerated significantly.

In July 2009, the company issued 1 billion 437 million 375 thousand shares to major shareholders at a price of 3.87 yuan. In December of the same year, it issued 1 billion 350 million shares to major shareholders, institutional investors and domestic natural persons at the issuing price of 4.75 yuan. In January last year, the company issued 1 billion 694 million 838 thousand and 860 shares to institutional investors third times, and the additional price was 5.28 yuan.

High frequency financing market "foot vote" low price increase controversial

As for the increasing enthusiasm for financing of listed companies, an insider told reporters: "borrowing money from banks also needs to pay high interest rates, while financing in the capital market is almost no cost to listed companies.

Although refinancing is an important condition for the development and growth of listed companies, we should also see that the efficiency of some companies' capital utilization is low, and such intensive refinancing will reduce the efficiency of optimizing allocation of capital market resources.

Due to continuous refinancing, listed companies exuberant to raise funds, but most of the Finance Companies's share price performance "stumbled".

The "vote by foot" of the market has also made the small and medium-sized investors complain about "holding a year for what they do not pay dividends and getting a quilt", and then sharing the profit with the low price shares.

A shareholder is disgruntled in the stock bar.

Contrary to the high frequency financing, Sanan optoelectronic stock price has dropped to 41.14 yuan from the highest of 51.73 in February this year, or about 20%.

Although the company has frequent "good" during this period, for example, in March, a total of six companies issued the announcement that they all received the content of the government subsidy, but the market did not seem to be buying it, and the share price had maintained a downward trend.

In April 13th, after the company released the refinancing scheme, its share price continued to drop 3 days.

Another example is the Xing min steel circle. The previous fund-raising fund has not yet been spent. In April this year, it intends to increase the issuance of not more than 70 million shares, raising about 1 billion 50 million yuan, and the issuance price is 15.95 yuan.

On the day of the announcement, the shares of Xinmin steel circle fell sharply, down 9.27% and 3.77% at the end.

In addition to the decline in share prices, some companies have been questioned about the lower private placement price.

Recently, after the Minsheng Bank, the Beijing bank's first private placement plan was challenged by small investors.

In April 8th, the Bank of Beijing announced the plan for non-public offering of shares in 2011. It indicated that it would raise funds to 9 enterprises such as Huatai, CITIC Securities and Taikang Life Insurance by no more than 11 billion 800 million yuan. The issuing price is 10.88 yuan / share, and the funds raised will be used to supplement core capital.

When listed in 2007, the issuing price of the Bank of Beijing to the circulation shareholders was 12.50 yuan, while 3 years later, the new shareholders were quoted at a preferential price of 10.88 yuan.

Similar to the previous announcement of Minsheng Bank's private placement, it was publicly opposed by the small and medium-sized shareholders.

However, the plan was finally approved by the general meeting of shareholders at the beginning of 2010 in May.

"At present, private placement has become an important means of refinancing of listed companies. However, in the process of private placement, there exists a wide range of interest pmission behavior, which conveyed benefits to large shareholders and infringed on the interests of minority shareholders."

One industry insider said.

For example, new Huaguang, Hubei energy and China industrial international and other companies through low-cost issuance of large shareholders to acquire related assets, damage the interests of public shareholders of listed companies, triggering intense discontent among small and medium-sized shareholders.

Related party pactions have always been the hardest hit areas for the interests of listed companies, and the pricing of related pactions is a direct means of interest pmission, which also includes some companies' behavior of issuing new shares to large shareholders at the time of private placement and acquisition of large shareholders' assets.

To this end, in early March of this year, the Shanghai Stock Exchange issued the new guidelines for the implementation of related pactions of listed companies on the Shanghai Stock Exchange (hereinafter referred to as "guidelines") to regulate the related pactions of listed companies. The main highlight of the new regulation is that the focus of supervision is on the pricing of related party pactions.

Money is increasingly active, nine industries refinancing "relax"

Judging from the situation disclosed in the annual report, many refinancing schemes of listed companies have been approved by the SFC, and a new round of "circle of money" has arrived.

W ind statistics show that 148 listed companies have announced the issuance plan this year.

Among them, ST Qionghua and *ST winning program has not been passed, Haixiang pharmaceutical, Minsheng Bank, *ST CO 3 of the company's issuance plan has been suspended.

From the view of the issuance method, only 8 companies adopt "public offering", and the rest are private placement.

However, some commentators also said that in fact, this round of refinancing started as early as last October. According to statistics, since October last year, the scale of financing for the two cities has reached 611 billion 300 million yuan, with an average monthly financing scale exceeding 100 billion yuan.

Among them, IPO financing amounted to 304 billion 100 million yuan, accounting for about 49% of the total financing scale, refinancing reached 307 billion 200 million yuan, accounting for 51%, and the scale of refinancing was more than IPO.

Before last October, the average scale of refinancing for consecutive months was only around 20 billion yuan.

And this new wave of financing is likely to continue for quite some time.

In the tight monetary environment, facing the difficult financing environment, the securities and Futures Commission has recently said that it will partially "untie" the refinancing of the nine restricted industries.

"No formal notice has been received, but it was mentioned in the training of sponsor representatives in the first phase of this year," an investment bank source confirmed to the economic reference daily. "The refinancing of these nine restricted industries will not be solicited from the China Development and Reform Commission if the funds raised do not involve new investment projects, including equity and corporate bonds.

The purpose of the move is to simplify the process of soliciting opinions from outside and revitalize the channels for refinancing enterprises.

The so-called "nine restricted industries" refers to industries such as steel, cement, flat glass, coal chemical industry, polysilicon, wind power equipment, electrolytic aluminum, shipbuilding and large forged parts.

In September 29, 2009, the State Council published a notice on the website of the State Council's approval to the development and Reform Commission and other departments to curb some industries' overcapacity and repetitive construction and guide the healthy development of the industry. The 10 departments of the State Council jointly issued the "opinions on restraining the overcapacity of the sub sectors and duplicated construction and guiding the healthy development of the industry".

In mid October last year, the SFC made clear for the first time that the nine industry's refinancing applications had to first seek the views of the NDRC.

It is reported that since 2010, more than 20 listed companies belonging to the "nine restricted industries" have released refinancing schemes, including China Aluminum Industry and Jidong Cement. They have issued plans for private placement and have not yet been implemented.

This year, some listed companies that seem to have mastered the trend in advance have submitted refinancing applications, such as Lu Feng shares, China heavy industries, Chinese ships, etc.