Finance, Kowloon Thai, Ping An Start The Declaration To Increase The Fund "Wave Again" Breaking The Point?

In twenty-first Century, the economic news reporter learned that many fund companies met urgently after the issuance of the new regulation of refinancing, and had already declared and increased relevant public offerings and special account products.

If the new regulation of refinancing comes to the ground, whether the private placement of listed companies will be relaxed or not will make the fixed market once again usher in the golden era. Will the accompanying fixed fund increase again?

The last round of the fixed growth fund has not yet healed the trauma to investors, especially in the 2015, including the finance and fund, and the nine Thai fund. Even to the "PE+ listed company" mode, the flood irrigation type of pathological development has played an important role.

Previously, this category of products has not been seen since its decline in 2017.

Declare the tide

On the evening of February 14th, the new rules for financing came to the floor for less than a week, and a number of fund companies quickly put in the rush to increase their products.

"The new fixed growth fund is being planned in the near future, and it will be reported soon. "In February 20th, people from the Kowloon Thai Fund said they were planning to increase the issuance of new products, including public offerings and special products, with a closed period of 1 to 3 years.

The Kowloon Thai fund has been popular for a while in the wave of fixed fund growth in 2015.

"At present, the meeting has been discussed, and there are many related products in the public offering and special account in the design and preparation." People of Finance and communication Fund said.

"The company has prepared corresponding product solutions, including two forms of public offering and special account." People from Ping An Fund said.

According to reporter understanding, at present, many companies have made clear that they are paying close attention to the design and declaration of fixed increase funds. It is reported that the approval of fixed up funds will take up to 6 months, but some fund companies will apply for regulatory approval departments to take a fast track.

However, when many fund companies are running into the fixed growth fund's track, some fund companies will be sorry to miss it.

"When the last round of the fund was very hot, we originally wanted to report it, but then the market changed greatly, and it was put aside." A fund company official said that if we want to declare a fixed increase fund, we must first find the corresponding talents.

In fact, the last round of fixed growth has led many investors to experience ups and downs, great joy and great sadness.

In 2015 and 2016, it was a happy time for A shares to increase into blowout. At that time, the increase was almost meant to "lie on the back to make money". Therefore, all kinds of funds were in hot pursuit.

In 2015, the fixed rate increased by 670 billion 960 million from the previous year, and the 468 listed companies suddenly doubled to 1 trillion and 221 billion 54 million yuan and 810 listed companies. The fixed amount increased further to 1 trillion and 681 billion 143 million yuan in 2016, and the increase in 2017 began to drop from high to 1 trillion and 270 billion 531 million yuan.

In the same period, Masui's 2015 has also become the "first year of the fixed increase fund". With the increase of the fixed market, the issuance amount of the fixed increase fund has also risen.

The so-called fixed increase fund refers to the fund that participates in the private placement of listed companies, that is, the investment fund that mainly invest in non-public offering shares of listed companies.

Statistics show that in 2016, a total of 30 fixed increase theme funds were set up, and the scale was 43 billion 825 million yuan at the end of 2016. Among them, the establishment of the financial strategy in 2016, Multi Strategy upgrading, financial strategy and Multi Strategy share share reached 4 billion 647 million and 4 billion 584 million respectively.

However, in February 2017, regulators issued new regulations for refinancing, and set clear requirements on the issue price, issuing scale and issuing rhythm. Thereafter, the uncertainty of the increased investment income increased, and the fixed increase project became "chicken ribs". These products directly resulted in a loss in 2017. The fixed increase fund has changed from "Xiang Bo Bo" to "chicken ribs".

In 2017, with the adverse changes in the fixed growth policy, some of the fixed funds were temporarily closed to active equity products, quantified investment funds or new funds. Only a limited portion of the fund with a longer closed period was left.

According to the statistics of journalists, there are currently 24 (A/C shares separately calculated in the market), which are set up from 2015 to 2016. The share of the thematic funds which have been set up from 2015 to 2016 has declined by 65%-99% compared with the total share issue.

Part of the growth fund is also in a predicament that can not be redeemed. For example, in the near future, there is a fixed increase fund which is limited to open redemption. On the 5 trading day, there are investors "20 thousand yuan only to redeem 7.41 yuan".

A new blowout?

When the fixed growth fund falls into the lowest valley, the new regulation of refinancing will fall on the night of February 14th, and the increase will be relaxed.

The refinancing policy of listed companies is relaxed, including pricing 20 percent off, lock up period for 6 months, no reduction in holdings, increase in issuance to 30%, increase in fixed assets to 35, and lock price fixing benchmark date can be extended to resolutions of resolutions of the board of directors, resolution day of shareholders' meeting or the first day of issue, and the validity of the approval is extended to 12 months.

In order to set new rules for refinancing, many listed companies quickly revised or issued new fixed announcement.

Since the 4 trading day since February 14th, the composite index has increased by 8.11%. The growth rate of the index was increased by 8.6% and 7.32% respectively. It is far higher than the 4.27% and 5.92% of the Shanghai Composite Index and gem.

The increase in fire has also spread to the fund market, and a large number of new fixed increment funds are heading for the declaration.

Will the market reappear in the last round of growth craziness? And the accompanying fixed growth fund boom?

According to the research of CAITONG fund, with the elimination of the main constraint of increasing demand under the new deal, the fixed rate of issuance and the rate of fund-raising are expected to take the lead. Since the failure of the issuance in 2019 amounted to 52.6%, the proportion of fund-raising was not up to 56.6%, and the improvement of these two indicators is expected to double.

According to its calculation, there are 291 companies that have issued fixed share increase plans for A shares, and the total financing scale is 476 billion 300 million yuan. If the implementation of these companies is successfully implemented this year, the scale of the additional shares in 2020 is expected to grow by 288% over the same period in 2019.

"The current round of refinancing is unlikely to repeat the last 2013-2016 years' surge." Cai Zhiwei, manager of financing and growth enterprise board, said.

People close to the regulators revealed that in fact, regulators had taken full account of the market problems caused by flooding in the last round of the new deal on the eve of the launch of the new deal, and strengthened supervision in the regulatory links.

The investment fund also believes that in the future, under the guidance of registration system and strict supervision, it is difficult to increase the market for 2015-2016 years.

"The previous round of growth fund has seen a loss, and the fixed increase fund is not a good impression for investors, but the heat of the fixed increase fund is definitely higher than that of last year." Qianhai open source fund Yang Delong thinks.

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