The Market Was Originally Merciless &Nbsp; The Additional Price Is Also Difficult To "Guarantee Bottom".

The recent downturn in the A share market, not only to the two level

"Break up" will be staged at the speed of life and death

With the continuous decline of the market since the beginning of this year, the issuance price of listed companies, which was originally regarded as "bottom price" by investors, is becoming increasingly precarious.

According to statistics, 67 companies have implemented targeted issuance this year, but by the close of yesterday, 28 companies had suffered "breaking up". Shenzhen Hui Cheng [17.15 -4.30% shares closed at 17.92 yuan yesterday, which was more than 40% higher than the 30.11 yuan issuance price, while the discount rates of listed companies which had been added to issuance were more than 30%, while the Zeng Zi Dao [24.01 0.46% shares bar, Halliday [12.21 0.91% stock bar and so on.

Apart from the fact that 28 companies that have implemented the issuance have suffered from "breaking up", the "no first break" has become a common phenomenon in the market.

According to yesterday's close, 157 announced that the share price of 41 listed companies in the IPO is lower than the issuance price.

Among them, Shun net technology [23.85 0.08% shares] yesterday's closing price of 23.83 yuan, compared with 32.79 yuan issuance price fell more than 27%.

The continuous decline of the market has already plagued many listed companies who plan to refinance, and for those who have received the issuance approval, the countdown stage is faced with the dilemma of "falling share prices and tight deadlines".

According to statistics, as of yesterday's closing, in the company that gets the issuance of the approval, there are many listed companies whose share price falls below the issuance price or close to the break.

Zhang Guangwen, chief strategist of Guangzhou securities, said that according to the current provisions of the securities and Futures Commission, the time limit for the issuance of listed companies is 6 months, that is, a listed company must complete the additional issuance within 6 months after obtaining the approval of the SFC, otherwise, the original issuance scheme will be invalid.

Because in general, 6 months later, the assets, liabilities and market environment of listed companies may have changed.

As for the listed companies who intend to issue additional shares, there is a big change in the market situation. When the original issuance task can not be completed, it is up to the company's urgency to refinance.

Zhang Guangwen said, obviously, for those listed companies that are in urgent need of refinancing, they may be "hungry for food". They are unwilling to give up the hard won refinancing opportunities easily.

Zhang Guangwen said that the listed companies that get the issuance approval will not waste this opportunity.

After the "break up", the listed companies will be staged "speed of life and death".

"Breaking up" stocks still have the opportunity to dig.

For the post market opportunities of the issuance of shares, Zhou Ming, an analyst at [14.28 0.85% shares of Everbright Securities, believes that the issuance price often represents the current reasonable price of the stock recognized by the market. When the share price falls below the reasonable value, it means that the stock has a certain margin of safety.

From the perspective of historical experience, most of the broken stocks can exceed the market in the period of 1 to 6 months after the market bottomed up.

Investors can be cautious about the "breaking up" rate of less than 15%, and in line with the national policy oriented growth firms.

However, Zhou Sili, assistant director of the Research Institute of Northeast Securities [19.40 0.88% shares, believes that the post market opportunities for the issuance of shares should be combined with the "big climate" of the market, and in the current circumstances, it is not too high expectations for the issuance of shares.

Zhang Guangwen said that the opportunities for issuance of shares should be specific to individual stocks for specific analysis, and can not be generalized.

For those who purchase assets, the quality of assets should be assessed, and whether the benefit can compensate for the diluted performance due to the increase.

At the same time, earnings per share should also rise on the original basis.

"Medium and small investors should have the approval of the SFC for the issuance of shares with the concept of additional shares in the time of intervention, but has not yet been implemented."

Zhang Guangwen also believes that we should choose to issue additional shares which are lower than those of the two tier market at the same time.