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    The New Regulation Of Refinancing Will Promote The Gem To Become More Active.

    2014/5/30 11:24:00 13

    RefinancingNew RulesGem

    < p > the world is < a target= "_blank" href= "http://www.91se91.com/" > dress < /a > a target= "_blank" href= "_blank".

    < /p >


    < p > gem is on fire again.

    The fuse is the latest way to refinance the gem.

    < /p >


    < p > starting from the 19 day of this month, the gem index has pulled six lines, and has risen more than 100 points, becoming the focus of the market again.

    < /p >


    < p > May 16th, the China Securities Regulatory Commission officially promulgated the "IPO listing and listing management method" and the Interim Measures for the management of securities issuance of listed companies on GEM (hereinafter referred to as the refinancing method).

    In addition to relaxing the financial conditions for refinancing of GEM companies, the revised approach also introduced innovative mechanisms such as "small and fast" to reduce administrative thresholds.

    < /p >


    Sun Cunzhao, chief investment officer of Guangzhou Zhi Yi investment company, believes that the refinancing liberalization will greatly solve the fund worries of the GEM companies, and stimulate the implementation of more mergers and acquisitions of listed companies, and then get super normal development. P

    < /p >


    < p > < strong > < a > href= > http://www.91se91.com/news/index_cj.asp > > refinancing < /a > new regulations bright spot > /strong > /p >


    < p > in the industry view, the latest gem refinancing method is relatively loose and concise in terms of issuing conditions, not only allowing GEM listed companies to conduct private placement, but also allowing public issuance.

    < /p >


    "P >" according to the set, the listed companies of the gem must meet the core conditions such as "the last two years' profit", "the last two years to implement the cash dividend", "the latest phase of the asset liability rate is higher than 45% and there is no large trading financial assets and the financial assets available for sale".

    In contrast, the conditions for private placement in the new regulation are more relaxed. In addition to the requirement that the assets and liabilities ratio is higher than 45%, if the funds raised by the private placement are used for acquisition and merger, they may not be subject to the "profit in the last two years".

    < /p >


    < p > on the other hand, this gem refinancing method has also launched several innovative policies, among which the most concern of the market is the "small quick" private placement mechanism.

    The so-called "small fast", that is, the GEM listed companies to apply for directional issuance of stock financing amount of not more than 50 million yuan and not exceeding the net assets of the latest year 10%, the Commission will be within 15 days from the date of acceptance whether to approve the decision.

    < /p >


    < p > a investment broker of a large brokerage firm in the south said to the securities times that the above innovation can reduce the administrative examination and approval time of refinancing of GEM companies, shorten the interval between issuance and market, and help reduce market risks.

    < /p >


    < p > in addition to innovation in the process, gem issuing companies will also enjoy unique policies in the issue of underwriting and issue pricing.

    According to the refinancing method, if the gem is targeted at the "top ten shareholders", "controlling shareholders or actual controllers and related parties", the listed companies can also sell their own products, and no longer need to be underwritten by the securities companies, so as to reduce the financing cost.

    < /p >


    < p > in the pricing mode of the issue, the price of the public offering will still refer to the original regulation, that is, "no less than the twenty trading days before the prospectus of the prospectus or the average price of the stock on the previous trading day".

    < /p >


    < p > the issuing price of private placement will be linked to the duration of the shareholding. The specific performance is: if the directional issuing price is no less than the average price of a company's stock on a trading day before the first day of issue, it can be listed on the stock market from the date of issue; secondly, if the issue price is lower than 90% on the twenty trading day before the first day of issue, or if the issuing price is lower than the average price of a company's stock on the first day before the first day of issue, it shall not be traded within twelve months from the date of the end of the issue.

    < /p >


    < p > listed companies look forward to greater innovation < /p >


    < p > for the introduction of the refinancing method, the reaction of the listed companies on GEM is quite different. Some companies think that the new regulations are conducive to solving the fund problems in the rapid development of the company, and greatly reduce the financial burden and market risk of the enterprises, while others say that the intensity of innovation is not enough, and they need to be increased.

    < /p >


    < p > the Securities Times reporter interviewed many directors of Guangdong GEM board. Almost all of them expressed concern and understanding of the latest refinancing measures for the first time. But for the listed companies, they will not start related matters immediately.

    < /p >


    < p > in fact, if only according to the standards of public issuance, refinancing of GEM companies is not easy. The most critical condition is "the latest asset liability ratio is higher than 45%".

    According to a quarterly report this year, only 11% of GEM listed companies meet this requirement. If we add "two profit in recent two years and cash dividends in the past two years", only 8 companies meet the requirements, accounting for 2% of all 379 GEM companies.

    < /p >


    < p > "if the public and private placement conditions are quite similar, most of the enterprises will be willing to choose the public issuance, because the public offering will not worry about the subscription, and it will bring a sensation and enhance the corporate image."

    Shenzhen a gem board company secretaries so called.

    He also said that from the specific provisions of the refinancing approach, regulators will undoubtedly encourage more listed companies to achieve financing through private placement.

    < /p >


    < p > while a Pearl River Delta GEM board director thinks that compared with the previous model, the new regulations on self sale and issue price innovation attract enterprises most.

    "As long as the price of a targeted issue is no less than the average price of a company's stock on the first day before the first day of issue, it can be traded from the date of the end of the issue, which is likely to preemptive increase for some companies whose stock price is undervalued or their large shareholders. When the price is low, the price will be sold after the valuation is repaired, and the price difference will not be affected by the 12 month restriction period."

    The director told reporters.

    < /p >


    < p > however, the above-mentioned secretaries further pointed out that the new regulation of the refinancing issued by this time has not been completely liberalized. "For example, for the requirement of two years profit index, since the gem IPO has already failed to consider whether it is profitable or not, why do we insist on" refinancing "? < /p >


    < p > M & A or increase will be less than /p.


    < p > it is understood that the refinancing of gem is not active until the new regulation comes into effect.

    According to statistics from the securities times data Department, the current mode of gem refinancing is all private placement, of which 23 companies completed fixed investment in 2013, raising a total of 7 billion 920 million yuan. In 2013, 278 companies in Shanghai and Shenzhen stock markets completed the issuance of additional funds, totaling 359 billion 800 million yuan to raise funds, indicating that the scale of the refinancing of the gem was relatively small.

    < /p >


    < p > The Research Report of Xingye Securities pointed out that in view of the high efficiency brought about by the innovation mechanism in the new regulation of refinancing, the refinancing of gem will probably spread quickly, and the acquisition and merger of private placement will increase.

    < /p >


    < p > > as far as I know, there are many listed companies' m & A enthusiasm rising. Under the background that IPO can not be smooth, many companies ready to go public are inclined to backdoor or merger.

    So there is no shortage of bases for buyers and sellers.

    Shenzhen Ming Yuan investment Han Yuefeng told reporters.

    < /p >


    < p > and considering that most GEM companies are in a smaller industry, the industry generally believes that the next gem acquisition may focus on the development of upstream and downstream industries and two aspects of intra industry mergers.

    < /p >


    Song Liping, general manager of the Shenzhen Stock Exchange, said recently that the introduction of the gem refinancing method has made up for the lack of refinancing mechanism in the past five years, and has also set up a small and fast financing system that is urgently needed by innovative enterprises, just in line with the characteristics of the high efficiency of investment decision making by the emerging enterprises.

    < /p >


    < p > "take M & A as an example, the gem merger is mostly the integration of the same industry or industry chain, and the acquisition of talents and technology. The frequency is high, the scale is small, the speed is fast, and the business opportunities are fleeting.

    The establishment of small scale fast financing mechanism for gem is the beneficial exploration of capital market to meet the characteristic needs of innovative enterprises.

    Song Liping said.

    < /p >


    < p > however, not all a href= "http://www.91se91.com/news/index_cj.asp" > gem "/a" can be duplicated by refinancing completed and purchased cases.

    Sun Cunzhao pointed out that mergers and acquisitions can really speed up the growth of GEM companies from small to large, but the integration problem after mergers and acquisitions will also test the wisdom and vision of leaders of listed companies.

    < /p >

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