New Regulations For Refinancing Lead Listed Companies To Increase The Number Of Big Adjustments

17 refinancing issued by the SFC

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Cause great waves.

According to incomplete statistics, following the announcement of the termination or change of the proposed scheme by Xingye securities and current shares, on the morning of the 20 day, Bo Yun's new materials, aerospace development and LIAN Internet announced that the planned increase would be changed.

Among them, the former two companies are clear that their adjustment plan is affected by the new policy of refinancing.

A number of mainstream financial media have actively evaluated the new policy of refinancing. They believe that the new deal will squeeze out arbitrage funds, which will benefit the stock market for a long time and help to safeguard the interests of minority shareholders.

Statistics show that the growth of private placement in 2016 is staggering.

A total of 811 companies completed the fixed increase scheme, raising a total of about 1 trillion and 690 billion yuan, far exceeding the IPO listing.

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The industry believes that the new regulation of refinancing is intended to curb arbitrary "money" and limit the "no shortage of money" increase, improve the pricing mechanism, will help to clear the source of financing behavior, guide listed companies to plan more reasonable financing needs, compress pricing arbitrage space, avoid idle capital and resource waste caused by frequent financing.

On the one hand, a large number of financing, on the other hand, listed companies will invest huge sums of money in the "virtual" areas such as financial management, and the original commitment to the market to invest in different industries.

This may also be the policy focus of regulators to curb the tendency of "de going to reality".

It can be expected that the new deal adopts the practice of "combination of blocking and blocking". The new regulation of refinancing will help improve the financing structure, and also help to make the use of financing more reasonable.

According to "the processing is complex, we will not dare to save labor, but we will not dare to reduce the material resources even though we taste it".

Recently, some media reported that Beijing Tongrentang boarded the blacklist of quality inspection 6 times a year, which involved in the production of related products, the results of sampling tests were not qualified, and the sale of inferior medicines.

Regarding this, Tongrentang, a listed company, issued a Clarification Announcement in February 18th, saying that the media concerned about the production and sale of "licorice", "(hot) rhizome and rhizome", "Rehmannia glutinosa", etc. for the Tongrentang (Bozhou) company, and the company did not produce such products.

In February 18th, Tongrentang introduced the clarification Bulletin of Tongrentang (Bozhou) Company as the controlling shareholder of the company. Beijing Tongrentang Group Co., Ltd. (hereinafter referred to as Tongrentang Group) affiliated to Beijing Tongrentang Pharmaceutical Co., Ltd., a Chinese herbal medicine producer controlled by the company.

For Tongrentang's explanation, it may still make people "unclear". Whether or not the quality of the unqualified drugs is related to Tongrentang is still not clear.

Generally speaking, there is something to do with the production of the company under the banner of Tongrentang and the name of Tongrentang company.

For example, "Tongrentang (Bozhou) Decoction company" may not have anything to do with Tongrentang, or whether it is a branch of Tongrentang, or a subsidiary, or a shares of Tongrentang, or other cooperative relations with Tongrentang (such as franchising, commissioned production) and so on, which will be linked with Tongrentang more or less.

From the point of view of responsibility, the problem may be slightly lighter than the responsibility of the company itself, but it should not be pushed one or 625.

What is more important is that drugs are related to the safety of people's lives. The so-called "human life and responsibility" is more serious than ever, and the quality problems appear again and again.

Of course, if counterfeit products are counterfeit and shoddy products, it is another problem, and we need to work hard to combat counterfeiting.

Last week (from February 13th to 17th), a total of 22 enquiries were issued, of which only 5 were involved in restructuring enquiries.

Recently, the upsurge of high delivery and disclosure has been coming on schedule. This year, while monitoring the performance match, regulators are more concerned about the company's disclosure of various restructuring messages before and after the high pfer rate, and strictly guard against the tricky arbitrage of shareholders and related parties.

In addition, Wanjia culture sharply reduced the proportion of pferable shares because of the failure of Zhao Wei's Long Wei media financing and was urgently asked by regulators.

The listed companies that are urgently asked by regulators are Shandong ink Dragon (performance "collapse style"), Dongfang Tong (whether there is information leakage), and Huadong CNC, *ST Hengli, Jiaozuo Wanfang and Chengdu Luqiao. They are asked by the exchange because of the changes in the ownership and shareholding of the controlling shareholders of the company.

It is undeniable that the essence of some high pfer plans is to seek excess income for the protection of large shareholders.

We can not predict in advance that such actions must be illegal, but we must be very vigilant.

Now, it is not surprising that enterprises with good returns dare to send high profits, and even those with low profits or even losses.

This is also the main reason for the market participants to worry about and finally be severely questioned by regulators.

Regulators first pay attention to whether there is an early leakage of high delivery information. Secondly, they pay attention to the justification and rationality of the high pfer procedure and the impact on the company's future financial position and cash flow.

It can be said that the purpose of regulation is to protect small and medium investors more effectively, and urge listed companies to conduct various market operations legally and properly, maintain order in capital market, and maintain the environment of fair competition in capital market.

Any high delivery and pfer activities should be carried out under legal compliance. They should be conscientious enterprises and accountable to investors. Only in this way can the market value management behavior of enterprises enter the right way, and the high pfer behavior can benefit oneself and benefit people.

In February 16th, Shenzhen Xingyuan material Polytron Technologies Inc (hereinafter referred to as "Star source material") announced that shareholders Lhasa mayor garden Ying Jia Investment Co., Ltd. mortgaged 4 million 870 thousand shares of the company to the Bank of China International Securities Limited liability company, accounting for 4.06% of the total share capital of the company.

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As a hi-tech enterprise in the field of lithium ion battery separator, Xingyuan material has always been concerned by capital market and securities companies.

Data show that Star source material has diaphragm dry production capacity of 140 million square meters, wet production capacity of 30 million square meters.

In the two phase, the company will set up a new 50 million square meter dry diaphragm production line in 2017.

In the context of rapid expansion of capacity in the industry, the move raises concerns about its possible overcapacity.

Publicly available data show that the sales of domestic lithium battery diaphragm increased from 55 million square meters in 2010 to 628 million square meters in 2015, with an average annual compound growth rate of 62.7%. Meanwhile, the scale of the lithium battery separator market increased from 420 million yuan in 2010 to 2 billion 130 million yuan in 2015, with an average annual compound growth rate of 38.4%.

A startling prediction is that the current domestic planning capacity has reached 840 million square meters, but there are about 40 enterprises in the construction or plan to invest in the lithium battery separator project. If all the projects are put into operation, the capacity will reach 2 billion 300 million square meters, or even exceed the global market demand.

On the other hand, the competition of lithium battery separator Market is becoming increasingly fierce.

According to the published data of Star source materials, the average selling price of products (including tax price) dropped from 6.11 yuan per square meter in 2013 to 4.49 yuan per square meter in 2016, and the reduction rates in 2014, 2015 and 2016 1-6 were 6.32%, 12.07% and 10.70%, respectively.

If the above prediction is established, the surplus and even serious excess of related industries and products is unavoidable, and the sharp fall in product prices is inevitable.

We really do not want to see the "high fever" rush forward and the low tide come to a scene of mass destruction, which has been staged many times in recent years, especially in the high-tech industry.

It is hoped that relevant industries and enterprises will be able to assess the situation.

The deeper question is how the industry can sustain its development and remain competitive. How can enterprises and regulators grasp the speed and scale of new technology expansion?

More interesting reports, please pay attention.

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