The Refinancing System That Has Been Lacking In Gem Has Finally Landed.

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

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< p > the China Securities Regulatory Commission recently issued the Interim Measures for the management of securities issuance of listed companies on GEM (hereinafter referred to as < a href= "http://www.91se91.com/news/index_q.asp > > < /a >), and the refinancing system which has been lacking in gem has landed at last.

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< p > "because of the long absence of gem refinancing system and other reasons, many GEM listed companies have lost the opportunity to refinance at the right time, which is not conducive to development."

GUI Hao Ming, a marketing director of the SAM Securities Research Institute, said that after the announcement of the new "country nine", the gem refinancing system was introduced, indicating the strong determination of the management to promote the innovation and innovation of the gem, which is worth paying attention to.

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< p > < strong > no recommendation is not underwritten < /strong > < /p >.

< p > < strong > support for self sale < /strong > /p >

< p > gem company's independent refinancing can not only meet its demand for capital in time, but also exert its market force at all times. < /p >

< p > the "measures" consists of 6 chapters and 68 articles, including general provisions, conditions for issuing securities, procedures, information disclosure, supervision and punishment, supplementary provisions and so on.

The main contents include: first, set up concise and unified issuance conditions, strengthen the restriction mechanism for refinancing; secondly, introduce the "small quick" private placement mechanism to allow "no sponsor not to underwrite", make approval or disapproval within 15 working days from the date of acceptance; three, support the listed companies to sell their private shares in a specific range and reduce the financing cost; four, increase the self-restraint function of the board of directors, and strengthen the sense of responsibility of management refinancing.

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< p > from the relatively mature market experience abroad, refinancing, as the financing behavior of Listed Companies in sustainable development, is mostly operated by itself. From the management system, it is generally more relaxed than IPO.

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< p > "gem enterprises are mostly in the initial stage of development, and its fast development is one of its notable characteristics."

In this case, the gem company's self financing refinancing can not only meet its own demand for capital, but also give full play to the market's binding force, said Rong Rong, a senior securities analyst at cowboy network.

"The result is that the degree of marketization of listed companies is higher and higher, but the impact on the company's share price is relatively small, which is expected to achieve the goal of win win."

Zhen Rong added that an efficient and reasonable refinancing system would be a more effective way for GEM companies to further achieve new leaps and bounds.

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< p > Guotai Junan investment consultant Zhao Huan believes that the biggest new highlight of the proposed refinancing policy is the introduction of a "small, fast and flexible" private placement mechanism.

That is, a single issue does not exceed 50 million yuan, and the total amount of financing within 12 months does not exceed 10% of net assets, and is applicable to simple auditing procedures.

"This will greatly shorten the time interval between issuing and listing, reduce market related risks, and at the same time save costs, it is more conducive to orderly and healthy development of the market."

Zhao Huan thinks.

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< p > however, Zhang Yan, analyst at Tianyu Jintai securities, thinks that the refinancing of gem will achieve a small increase, but the amount of capital limit is very low. It is only applicable to light assets companies, and it is difficult to solve the capital demand of more entities listed companies.

Moreover, the limited coverage and the significance of replenish the capital chain of listed companies are not very significant.

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< p > < strong > financial index hard constraint < /strong > < /p >

< p > < strong > the expansion rhythm needs to be grasped < /strong > < /p >.

< p > most of the listed companies are short of the conditions of asset liability ratio, so it is difficult to start refinancing.

If we can effectively control the pace of expansion, it may not cause too much adverse impact on market valuation. < /p >

< p > the "method" opens a door for the GEM listed companies which need to be refinancing urgently, but also sets some conditions for the refinancing of listed companies.

According to the "measures", the current Finance Companies intends to meet the following requirements: profits in the recent two years; the latest three years and the first phase of the financial statements have not been issued by the CPA with negative opinions or unable to express their opinions; in recent two years, the cash dividends have been paid according to the provisions of the articles of association of the listed companies; the asset liability ratio at the end of the latest period is higher than 45%.

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< p > according to Wind data statistics, combined with the above indicators, the eligible listed companies only have 14 environmental protection (market, interrogation), Wanshun shares (quotations, interrogation), Huayi Brothers (quotations, interrogation) and so on, accounting for 3.69% of the total 379 GEM companies, less than 4%.

In view of this, at present, there are not many listed companies that are eligible for refinancing, and most of them are locked out because of the index of "asset liability ratio at the end of the latest term is higher than 45%".

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< p > at the same time, when the gem launched < a href= "http://www.91se91.com/news/index_cj.asp > refinancing < /a > system, as at the end of May, the SFC issued the total number of IPO pre disclosure list has exceeded 400.

This can not help investors worry that the entire market will be diverted funds, or will face the risk of continued decline in the market.

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< p > "although it is advantageous to the listed companies, with the opening of the second board of the gem, especially the conditions itself is relatively loose, it will inevitably make people worry whether this will further exacerbate the imbalance between supply and demand."

Gui Haoming told reporters that from the recent market reaction, there are some partial negative interpretation.

"What we need most now is to solve the fundamental problems of the market by top-level design.

If there is no fundamental improvement in supply and demand, the A share market will only have a structural market and the market will remain weak.

Gui Haoming said.

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< p > Zhen Rong thinks, "at present, most of the listed companies are short of the conditions of asset liability ratio, so it is difficult to start refinancing.

As far as market conditions are concerned, if we can effectively control the pace of expansion, we may not have too many adverse effects on the market valuation, but if the rhythm is not well controlled, it is likely to trigger the reconstruction of market valuations.

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< p > in the view of Li Daxiao, director of the British Securities Institute, gem refinancing and IPO are all pressure acts on the market.

"This is related to the refinancing approval and the speed of new issue.

If both speed is faster, the two level market pressure will increase; if both speed is low, the pressure will be reduced. "

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< p > Li Da Xiao admitted that the "a href=" http://www.91se91.com/news/index_cj.asp "gem" /a "will have greater adjustment space, facing enormous adjustment pressure, and the adjustment period has just begun. It is suggested that investors with low risk bearing capacity should stay away from the gem.

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