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Capital Market Reform Three Arrows: IPO+ Preferred Stock + Gem

2014/3/24 15:14:00 19

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recently, the SFC has launched a number of marketization < a href= "http://www.91se91.com/news/index_q.asp" > reform plan < /a >, including the preferred stock pilot method, the gem reform plan and the further adjustment and improvement of the IPO reform measures.

So what are the far-reaching implications of these factors on the A share market? The people interviewed by the financial investment newspaper published their own views.

Li Daxiao, director of the British Securities Institute, said that the SFC issued a pilot management method for preferred stock to activate blue chips and make its investment value explicit.

Because the companies that issue preferred shares are basically companies in the Shanghai Stock Exchange, all of them are blue chips, and they have a great impact on the whole market, so they are expected to change the long - term A share market.

Li Daxiao enumerated the advantages of issuing preferred shares: first, restore the financing function of blue chips and increase the vitality of blue chips.

The two is to provide some sources of funds for mergers and acquisitions.

The three is that the preferred stock can not be converted into common stock, thus relieving the hidden worries of the expansion of the expansion pressure, which is beneficial to the stable issue of the stock price of the preferred stock companies.

"The attraction of preferred stocks is that investors can get a relatively stable income, which is the basic demand of institutional investors including social security funds, insurance funds and enterprise annuity."

Li Daxiao said, < a href= "http://www.91se91.com/news/index_cj.asp" > preferred stock < /a > may become a feasible way to attract long-term investment and value investors to enter the market.

Everbright Securities strategist Ceng Xianzhao said: from the terms of issuing preference shares, although the current requirement is that Shanghai 50 and assets restructuring need to comply with relevant regulations and require 3 consecutive years of profit, the average distributable profit of non-public offering preferred stock companies in the past 3 years is not less than one year's dividend issued by preferred stock, but in fact, there is no industry restriction on the issue of preferred stock, and there is still hope for further liberalization in the future.

"Red listed companies are the basic conditions for issuing preferred shares."

"Of course, we should also see that preferred stock is mainly used as a financial instrument, and investors can not share the growth results of Listed Companies in the capital market. Therefore, some deep-seated problems such as corporate governance have not been touched."

Ceng Xianzhao said frankly.

for the SFC's information about the IPO re reform, Ceng Xianzhao believes that the IPO reform is only fine-tuning and improving in the issue of underwriting methods, the pfer provisions of the old shares, and the information disclosure of the fund-raising funds, which is less than market expectations.

Ceng Xianzhao said that when issuing the underwriting method, for example, when the initial issuance multiplier reached 150 times, the proportion of issuing shares to the Internet was 90%.

For some hot small stocks with high concern, once the 90% callback ratio is implemented, institutional investors can hardly get chips in the net.

This is good for the small investors who "fight new" online, while bad profits are the "new" institutional investors under the net.

it is learnt that the pfer of the old shares requires that the number of shares pferred by the old stock shall not exceed the number of the investors who have voluntarily set the sale period of 12 months or more, and the number of shares pferred by the old market can be restrained through marketization.

Li Daxiao said that the reissued opinion issued by the SFC has restricted the pfer of the old shares, which is conducive to controlling the speed of market expansion and maintaining the basic stability of the market, and expanding the use of the initial funds raised by the listed companies, in particular, can be used to supplement the Liquidity Fund, which is conducive to relieving the financial pressure of the listed companies.

"90% of the new shares can be sent back to the Internet, although such a proportion will increase the success rate of small and medium investors' purchase of new shares, but the key depends on the price of the new issue. If the issue price is too high, the high success rate is not necessarily a good thing, because once you break, you will suffer more losses."

Li Da Xiao reminded.

"one of my basic judgments is that the bottom of the blue chip stock is already on the market. As a catalyst for the preferred market, the blue chips will have more opportunities than risks, and the risk of GEM stocks will be increasing."

Li still insists on his past view.

He believes that the current opportunity lies in blue chips, especially as the main target of preference shares of the Shanghai Stock Exchange 50 stocks.

Ceng Xianzhao said that A shares will face two-way expansion: on the one hand, the preferred stock can be issued to small and medium investors in the form of financial products, which is conducive to the introduction of off the field funds; on the other hand, it is from the expansion of financing. IPO reform intends to change the profit margin from the original 3 year profit to 1 year profit, which is actually relaxing the listing conditions of GEM companies.

"The pace of expansion will speed up, which is not a good thing for the gem which is already very high valuation."

whether the issue of preference shares can be rewritten "a href=" http://www.91se91.com "A share market" /a "pattern, Ceng Xianzhao makes such analysis: the impact of preferred stock issuance on the market is neutral and positive, while the impact of IPO restart on the market is negative; the macroeconomic fundamentals are not good enough, and the RMB exchange rate continues to decline; the US quantitative easing monetary policy continues to withdraw.

Under the combined influence of these factors, the stock index will slightly increase, but the differentiation between the plates will be serious.

Ceng Xianzhao said that the current opportunity is to pay close attention to stocks directly in the Shanghai Stock Exchange, which are directly benefited from the issuance of preferred shares, especially those that can effectively reduce the financial leverage of enterprises, and the real estate and electric power stocks that are significantly enhanced in valuation.