Equity Realisation Helps Enterprises Break Through The Money Shortage

This year, China's consumer price index (CPI) rose continuously for a month, and monetary policy continued to tighten. At present, the effect of continuous tightening of liquidity has begun to emerge, which is known as "money shortage" by market participants.

For breaking through customs scarcity of money "The eight immortals cross the sea and show great powers", and deal with capital hunger and hunger by borrowing money from banks or other financial institutions, issuing bonds, increasing capital and expanding shares and financing leases.

The tight supply of funds has led to the rising market interest rate. Compared with the listed companies, the listed companies seem to have greater advantages. Through the issuance and issuance of shares, the funds can be obtained at a lower cost. Wind data show that from January 1st to June 28th, a total of 195 listed companies announced an additional scheme, compared with 55 in the same period last year.

However, the sluggish market conditions make the refinancing of listed companies not smooth. Some companies have lowered the issuance price to facilitate the issuance of new shares, such as the June 28th announcement of silver round shares, according to the recent domestic market. A stock market The actual situation of the field, the company decided to adjust the issue price of non-public offering shares to facilitate the completion of the non-public offering. Some companies even less than expected to complete the issuance, one typical is Changjiang Securities. March 3rd is the company's public issuance of equity registration day, but the company's share price suddenly dropped to 12 yuan at the end of the market, significantly lower than the 12.67 yuan issuance price. Since then, in order to ensure the smooth implementation of the financing, the company has to reduce the number of financing, change the original planned 600 million shares to 200 million shares, and raise substantially the actual amount of funds raised.

Faced with this situation, enterprises holding shares of listed companies occupy a certain advantage in the process of "money shortage". A way adopted by many companies is to obtain capital by pledge equity.

If GREE real estate holding subsidiary Zhuhai GREE Real Estate Co., Ltd. intends to have been approved. loan The amount is applied to Guangdong Guangdong Financial Trust Co., Ltd. to apply for trust financing of 450 million yuan, and the term of borrowing is 18 months. The condition is to provide pledge guarantee for the trust financing by holding 34452437 shares of GREE electric appliances.

For example, Fujian Fung Rong Investment Co., Ltd., the largest shareholder of Datong City, pledged 70 million of its company's shares to China Credit Trust Co in June 24th, as a guarantee for Funong's investment to China integrity trust. The group of multi fluoro natural shareholders and the China Aviation trust Limited by Share Ltd signed the "China Aviation trust. Tianqi 71 multi fluorine multi equity investment rights investment collective fund trust scheme equity pledge contract", the company holds the limited sale condition circulation stock 5 million shares pledge to the China Aviation trust, the two sides handled the registration procedure in January 27, 2011.

In addition to pledge to trust companies, there is a direct reduction in the way of stock liquidation of listed companies.

For example, Huaxin Cement received the notice from Huaxin Group Co., Ltd. in June 21st. During the period from June 16, 2011 to June 21, 2011, Huaxin group accumulated 11578000 shares of its national shares held by the Shanghai stock exchange bulk trading system, accounting for 1.43% of the total shares of the company.

The liquidity of listed companies is better, and it is easier to cash in the way of pledge or reduction, but there are also some risks in the specific operation process. The cost of trust financing is high. If it is difficult to repay the loan, it means losing the corresponding equity. This is the result that neither side of the loan wants to see. Although the reduction does not require the payment of high interest rates, the stock price in the future will probably change greatly.