Over 5 Billion Refinancing Or Restricted Listed Companies Make Their Own Strategies

The suspension of refinancing is a test for the listed companies that urgently need new funds to launch new projects.

Although refinancing has been postponed, the number of fixed increase plans for listed companies is still in blowout.

Although listed companies generally believe that

The suspension is only temporary, and the relevant process is still being actively carried out. However, a reporter interviewed found that listed companies are generally cautious about refinancing 5 billion above scale.

As a part of the bailout policy, refinancing, if restarted, means that the rescue market policy starts to start the "withdrawal" process, so the psychological impact on the market is huge. 22 days trading time, a refinancing restart message circulated among investors, which triggered more than 50 adjustments in the Shanghai stock index.

Has refinancing been restarted? If not, why did many listed companies get the approved approval? In the face of the current situation that refinancing can not be restarted temporarily, the listed companies will have to rely on refinancing expansion.

And how to raise it?

"Although we have not received any documents limiting the refinancing of more than 5 billion yuan, we have to go to the side to understand. In the light of all the circumstances, we feel that the scale is too large to affect the progress of refinancing, and the reduction of scale is favorable."

Great laser workers said.

Although refinancing has been postponed, the number of fixed increase plans for listed companies is still in blowout.

Flush iFinD statistics show that in from July 10th to 22nd,

A total of 45 board of directors of listed companies have passed and disclosed an increase plan.

In July 22nd, 002131.SZ announced that its application materials for issuing shares and paying cash to purchase assets and raising matching funds have been accepted by the SFC.

"We are restructuring, raising matching funds will be better than pure refinancing, I understand."

Leo stock related people said.

"Fixed increase refinancing issuance audit is only suspended, and it is estimated that it will not stop for too long. Now the SFC is still collecting materials."

Jianghuai Automobile (600418.SH) staff told the twenty-first Century economic news reporter, "the fixed advance plan has to go a long way, the suspension will not affect the early procedures, and the regulatory authorities will not oppose the introduction of the listed companies."

According to the non-public offering plan disclosed by Jianghuai Automobile in July 22nd, the company intends to increase 329 million shares by 13.88 yuan / share and raise 4 billion 500 million yuan for new energy vehicles.

Over 5 billion refinancing or limited

Although the listed companies generally believe that the suspension of refinancing is only temporary, the relevant process is still being actively carried out, but reporters found that the listed companies are generally cautious about the refinancing above 5 billion scale.

Flush iFinD statistics, in from July 10th to 22nd, the 45 listed companies that announced a fixed increase plan, in addition to the Great Wall motor vehicle (601633.SH) refinancing scale reached 16 billion 800 million yuan, the remaining 44 were below 5 billion yuan.

This is not a coincidence.

"There are restrictions on refinancing more than 5 billion yuan, but this restriction may be abolished in the period of market turbulence."

In the evening of July 22nd, the the Great Wall automobile stakeholders told reporters, "the company refinancing 16 billion 800 million yuan is a plan. It will take several months to plan for implementation. We are not sure about the timeliness of the restriction (more than 5 billion yuan refinancing), but we will pay attention to it and adjust it according to the policy changes."

In order to adapt to the 5 billion yuan "hidden rules", some listed companies have already voluntarily lowered them.

In July 22nd, the big family laser (002008.SZ) announcement said that considering the company's actual situation and the initiative to stabilize the securities market, the fixed increase refinancing scheme adopted by the general meeting of shareholders in June 30th was adjusted, and the scale increased from 175 million shares and 5 billion 228 million yuan to 137 million shares and 4 billion 100 million yuan.

"Although we have not received any documents limiting the refinancing of more than 5 billion yuan, we have a side view to understand that in all cases, we feel that the scale is too large to affect the progress of refinancing, and that the reduction of scale is favorable."

Great laser workers said.

600804.SH, who plans to refinance nearly 5 billion yuan, simply terminates the fixed growth plan.

According to its July 21st announcement, the stock price of the company has been lower than the fixed offer price determined by the abnormal fluctuation of stock market in recent capital market.

"The company's termination of fixed refinancing is not a rigid regulation of the regulatory authorities. Now, the refinancing of more than 5 billion yuan is in a state of suspension. The regulatory authorities do not expressly prohibit it. It should be internal control."

During the interview, Dr. Peng revealed that "we have to consider the restrictions on large refinancing in the planned growth plan, but investors also have some suggestions."

Listed companies seek countermeasures

For the regulatory authorities deciding to start and refinance, only feedback will be given, the trial will be stopped and the trial will be heard. The relevant listed companies will also give the answer.

"The SFC will suspend the trial session and the trial committee from July 9th onwards."

China Railway Construction (601186.SH) responded to investor questions through SSE e interactive.

The planned refinancing of Guangyuan energy (600256.SH), which is 7 billion yuan, also refers to the approval and approval of the SFC related refinancing policy.

In July 17th, 300055.SZ accepted several agencies' joint research and said that at present, the issuance audit of the SFC's refinancing is suspended. When to start again, there is no definite time point.

"Now is the first trial and the audit suspension, but the feedback is normal, when the resumption of the issuance of audit, the company will certainly not know at the moment."

Wan Bang Da told the twenty-first Century business reporter.

However, 002303.SZ staff said that although the normal procedures for increasing refinancing applications are still moving, "speed" has not been as fast as usual.

The suspension of refinancing is a test for the listed companies that urgently need new funds to launch new projects.

"It is possible for regulators to control the pace at present, only to further track the trend of policies. Of course, we hope not to stop. Refinancing is a basic function for listed companies."

Pan Hai Holdings (000046.SZ) staff told the economic news reporters twenty-first Century, "before refinancing is implemented, the company will raise funds through medium-term notes, corporate bonds and so on."

Prior to this, pan Hai holding announcement is expected to increase 1 billion 351 million shares by 8.88 yuan / share, raise 12 billion yuan to increase capital livelihood securities, invest in Shanghai pan Hai Residence Internazionale project, Wuhan pan Hai International Residential Area GUI Hai garden project and repay financial institutions loan.

"Suspension of refinancing and trial issuance is nothing more than financial pressure for listed companies, but this policy is a facet problem, and all refinancing listed companies will be affected."

600410.SZ said that "for funds pressure, we will solve the problem through self financing, bank loans, issuing bonds, or allow other strategic investors to join the recruitment and investment projects."

And WAN Bang Da invested 2 billion 500 million yuan to guarantee the normal construction of the project through controlling shareholders' guarantee and loan.

"Support for listed companies is a commitment of large shareholders to reduce their holdings. If the support of large shareholders is not enough to push forward the progress of the project, there will surely be other options, but now we can only wait for the progress of refinancing."

The above Wan Bang Da people said.

But after Dr. Peng terminated the refinancing scheme, "the scale of the project may have to be adjusted."

Dr. Peng said before.