The Analysis Of Gem Refinancing Method: Pay Attention To Issuing Scale And Pricing

From P to June 2013, in Financial Street, Beijing, where the a href= "http://news.sjfzxm.com/news/list.aspx Classid=101112107105" IPO < /a > was temporarily suspended, the sharp decline of the population was changing with the end of the financial verification. Besides the daily turnover of the nearby hotels, the bustling crowd in the cafe near the street is also a sign of the revival of the market approval process.

In this group of waiting people, in addition to reporting to the IPO verification report, others are waiting for the gem refinancing management measures.

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< p > "early in the early May, we went to Beijing to wait for the refinancing policy to start."

A southern brokerage investment bank admitted to reporters that it is responsible for a refinancing project for GEM companies.

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< p > gem has been opened for four years, but the refinancing policy has been "only heard stairs."

In the meantime, although Li Si Chen, blue cursor, net Shun Technology and other equity issuance of assets for the release plan, and the Lai Mei pharmaceutical industry through the inter-bank bond market to issue short financing funds, become the first case of gem financing curve, but the issuance of direct refinancing precedent has never been broken.

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< p > < < a href= > http://news.sjfzxm.com/news/list.aspx > Classid=101112107107 > gem > /a > the timing of the refinancing policy should be determined according to the market situation.

But if there is no accident, there will be a breakthrough before the 4th anniversary anniversary of the opening of the board, and the trend will soon be in the last month.

A person close to the regulators said.

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< p > "our project has already been ready, waiting for the policy to open the gate."

The investment bankers said.

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< p > everything is ready < /p >.

< p > the topic of refinancing management of gem is not new to the market.

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< p > March 2010, only five months after the opening of the gem, Ouyang Zehua, deputy director of the supervision department of the SFC listed company, said that "relevant measures for refinancing the gem are being worked out".

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Less than P, in October of the same year, Li Si Chen threw out the first case of the second board purchase.

A year later, in November 2011, the blue cursor, Shun net technology and Hengtai AI also offered to issue additional equity and assets.

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< p > "at present, gem refinancing is mainly through mergers and acquisitions, which is not subject to policy restrictions, but refinancing has not yet been opened for fund-raising purposes, which is the most important function of gem refinancing."

The investment bankers said frankly.

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< p > but for regulators, when the gem opened only two years ago, the refinancing gate did not seem to be mature enough.

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< p > above, close to the regulators, people familiar with the matter said, first of all, at that time, the gem a href= "http://news.sjfzxm.com/news/list.aspx Classid=101112107102" > over subscription "/a" phenomenon became popular, and the over raised funds had not yet been effectively and reasonably digested, and it was inappropriate to discuss further fund-raising.

Secondly, the gem also lacks the necessary conditions for further fund-raising. The most important part is the dividend return system and the delisting mechanism.

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< p > "gem enterprises are characterized by high growth and high risk. The purpose of refinancing is to provide enterprises with large and strong capital needs. We must draw up a clear cash dividend system for shareholders' return on investment, not just" no "income.

As for gem, because there is no "backdoor" mechanism, it is worried that the smaller share capital and smaller assets of GEM companies will become shell resources because of refinancing. Therefore, the delisting policy must be introduced before refinancing is launched.

The person familiar with the matter said.

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After four years of development, the above-mentioned "environmental" restrictions have been gradually solved. < p >

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< p > the first batch of funds raised by the first batch of GEM listed companies has been used up.

At the end of 2011, regulators also launched a cash dividend policy for listed companies.

In addition, the SFC has added profit distribution policies to the information disclosure requirements of GEM companies, as well as disclosure projects such as share delivery, equity swap and cash dividends in the past three years.

By the end of 2012, the gem a href= "http://news.sjfzxm.com/news/list.aspx Classid=101112107108" > delisting system < /a > has also been launched.

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< p > scale and price fixing become the focal point < /p >.

< p > "the threshold of refinancing of gem, the limitation of issuing scale and pricing are the key contents of our concern, especially in the last two points, which will be related to the adjustment of our established financing programs."

The investment bankers said frankly.

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< p > he said that at present, many gem enterprises have refinancing needs, and wait for the relevant policies to be settled. "At present, we can only evaluate the refinancing capability and plan of the project according to the gem refinancing regulations according to the motherboard refinancing regulations."

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< p > "refinancing of GEM companies can not be implemented according to the refinancing regulations and conditions of the main board."

Those close to the regulatory authorities said that at present, the motherboard refinancing procedures are more complex, longer time and higher costs, which are not suitable for GEM companies, while regulators or small and fast financing mechanisms are expected to be applied to GEM companies with financing volume below billion yuan.

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< p > "considering that there is no" backdoor "in the gem, one will say that in order to avoid the possibility that the smaller share capital and smaller assets of GEM companies will become shell resources because of refinancing, and in order to avoid changes in actual controllers, the scale of issuance will be limited, which is also different from the motherboard refinancing regulations.

The person familiar with the matter said.

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< p > in addition, how to determine the issue price has become a key part of refinancing.

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< p > according to the measures for the issuance of securities issued by listed companies, the policy of determining the issuance price of the listed companies on the main board is that the issuing price of the public issuance project shall not be lower than the average price of the company's stock or the average price of the previous trading day on the twenty trading days before the prospectus of the prospectus.

The issuing price of non public offering is no less than ninety percent of the twenty stock price of the company before the price fixing date.

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< p > "venture capital investment is more risky, so compared to the motherboard pricing policy, gem pricing policy will be relaxed."

The person familiar with the matter said.

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