The New Deal Palpitates: 75 Refinancing Schemes "Secret"

"This is a historic opportunity." A senior investment bank member in Shanghai lamented the twenty-first Century economic report.

On the evening of February 14th, the long-awaited revision of the refinancing rules finally came to the ground.

The new rules for refinancing, moderately relax the scale of financing of non-public offering stocks, support the introduction of strategic investors by listed companies, and relax the conditions of pricing and locking mechanism, issuing objects, and approving the validity period of non-public offering stocks, and further delimit the new and old ones. The whole issue is "completion time". It is requested that listed companies and their controlling shareholders, actual controllers and major shareholders shall not be able to make more details through stakeholders.

According to the twenty-first Century economic report reporter tracking, the new rules fell to the ground for a week, and 75 listed companies rushed to disclose the refinancing scheme.

If we look at mergers and acquisitions that are directly related to refinancing, the Fed's latest merger and acquisition regulations will have three predictions. First, the backdoor market will remain weak. Two, 2020 will be a mixed year. Three, the expansion of listed companies is still difficult.

This kind of judgement is quite popular among the people in the industry. Behind the short-term hot spots, opportunities or risks?

Quality inspection report of 75 listed companies

This is a capital story with a very simple logic line.

For example, the new rules for refinancing from February 14th were settled only two days. On Sunday evening of February 16th, Longsheng technology, Yuan Li shares and Kai Laiying quickly disclosed the revised or new refinancing scheme.

Those who rob dividends always flock.

In February 17th, a total of 14 Listed Companies in the Shanghai and Shenzhen two cities disclosed refinancing schemes, with 22 in February 18th and 24 in February 19th.

According to incomplete statistics of twenty-first Century economic report, as of February 21st, at 9 o'clock in the evening, 75 new listed companies have revised or released a new refinancing scheme (excluding supporting fund-raising) after the new regulation has been landed.

Overall, the 75 listed companies are facing greater cash flow pressure.

In twenty-first Century, according to the statistics of net cash flow per share in the three quarterly report in 2019, the economic report reporters found that 53 of the 75 listed companies were negative, accounting for 70.67%. The total proportion of 3792 listed companies in A shares is 61.29%.

Of the 75 listed companies, the vast majority of the listed companies are fixed increase schemes, up to 73. Only two of them are 603822.SH and 601966.SH.

Among them, Linglong tires was the first public disclosure plan for public issuance in February 17th. Jiaao environmental protection disclosed its public disclosure plan for the first time in March 5, 2019, and the latest disclosure was issued by the trial committee in February 17th.

Most of these projects are aimed at financing projects, and dozens of them are simply used to supplement liquidity, such as Jinsheng intelligent, nine strong organisms, China Fortis, Tian Wo technology, Xiangdian shares, Dongfang Silver Star, win win technology, poly electronics, Kai Laiying and so on, mainly from the manufacturing industry.

For the gem, the new regulation abolished the limit of asset liability ratio above 45% at the end of the latest period, loosening the requirements for raising funds and making profits for 2 consecutive years.

In twenty-first Century, the economic report combing reporters found that 75 listed refinancing schemes listed companies, the largest number from gem, there are 31. There are 21 and 23 from the main board and the small and medium-sized board respectively.

From the geographical distribution, the number of households in Guangdong is far ahead, with 23, followed by 8 provinces in Jiangsu and Zhejiang, and 7 in Beijing and Fujian provinces.

Of the 23 listed companies from Guangdong, 8 came from the electronics industry. Three of them, Rongda, overclocking three, and Guang Hong technology 4 came into the market in 2017, and the net cash flow per share ended at the end of the three quarter of 2019.

In terms of industry, 75 companies, 12 from the electronics industry, followed by 10 mechanical equipment, 9 chemical industry, 7 biological medicine and 5 computers.

In terms of time to market, the earliest listed companies were listed in 1994. There were 36 listed companies in 2014, 18 in 2015-2016 years, and 20 in 2017.

Of the 75 companies, 39 companies had made fixed increases, the most frequently increased number was the San an Optoelectronics (listed in 1996), totaling 5 increase, followed by the 4 times of Pui Li, Li Si Chen, Grammy and Li Peng, and the time to market was between 2008 and 2010.

Scramble for star players

"We have called for the first time (refinancing loosening). The current source of the project is a group of people who are deliberated before the draft is issued, and the market has this demand." Yin Zhong Yu, head of the securities investment bank of the Federal Reserve, said to the twenty-first Century economic news reporter.

According to the reporter's understanding to the market, as early as the new regulation of refinancing comes into operation, the convenience has entered the intensive preparatory stage.

"After the release of the new rules for refinancing, the market is clearly warming, and many companies are planning. A listed company can first come up with a plan and modify it after landing. A large brokerage firm in Southern China said to reporters.

Unlike the previous draft, the new regulation will further liberalize the new and old time points. It will be adjusted according to the "approved approval time point" as the "completion time point", which will enable more listed companies to fully enjoy the new rules.

For example, the new Zhou, Shen Yu shares and Guang Hong technology have been approved by the SFC, but they have not yet been issued. Now they are revising the refinancing scheme according to the new regulations.

"It is estimated that the 2-5 month increase plan will continue to blowout. Some listed companies are expected to synchronize disclosure plans when disclosing annual reports. Yin Zhongyu pointed out.

In twenty-first Century, the economic report combing found that most of the new refinancing schemes that had emerged after the new rules came into being were revised in accordance with the new rules. The price fixing was twenty percent off, the lock up period was 6 months, and the issuing objects were not more than 35.

For example, in February 17th, San an photoelectric (600703.SH) revised the scheme of non-public offering of shares, changing the base price date from the first day of the issue date to the announcement date of the resolution day of the board of directors, and the issue price dropped from 10 percent off to 20 percent off, and the price was set at 17.56 yuan / share. The specific target of the non-public offering is a guide to high core, GREE electrical appliances, a total of 2 specific objects, of which the pilot high core intends to subscribe for 5 billion, GREE electric appliances (000651.SZ) intends to subscribe for 2 billion, and lock regularly from 36 months by half.

GREE electric as the subscription star of increasing star has aroused concern. However, there are more star players than GREE in the recent fixed increase scheme.

On the evening of February 16th, the company announced a new fixed increase plan. The high leverage capital will be subscribed for all its fixed stock by 2 billion 300 million yuan in cash. If the increase is completed, it will become a shareholder with more than 5% shares.

What's interesting is that high allocating capital determines the cost in lock price mode. If the price falls below the corresponding price, the subscription agreement can be terminated.

San an photoelectric and Kai Lai Ying are leading enterprises in the field of subdivision.

"We need a vision of industrial layout." There are institutional investors to evaluate the current strategic investors.

The "net red" fund, the yuan yuan fund, also appears in the fixed growth target.

In the early morning of February 20th, 300010.SZ announced that it would raise no more than 1 billion 530 million yuan through the way of non-public offering of shares. The targets were Dou Xin, Ma Xudong, Chen Bang, ivy, Xingquan fund, CITIC Securities, Zhongjin asset, Jianxin fund, Rui Yuan fund, Wulian Association, new macro investment and cloud chart assets.

Among them, one day, "crazy sell" 120 billion yuan "net red" fund Rui Yuan fund to spend 230 million yuan to subscribe for 19 million 118 thousand and 900 shares. Chen Bangyi, the actual controller of 300015.SZ, invested 30 million yuan to subscribe for 2 million 493 thousand and 800 shares.

Risk or hot spot?

The A share market has always coexisted with risks and hot spots.

Many people in the market remembers fresh memories of the "goodwill impairment" in the 2018 annual report.

After refinancing, the market participants are worried that the refinancing of listed companies has become more and more easy, which has further created conditions for mergers and acquisitions of listed companies, which may lead to the re emergence of goodwill.

The gem bull market opened in 2013 is accompanied by a rapid increase in the number of mergers and acquisitions of listed companies. The tide of mergers and acquisitions reached its peak in 2015 and 2016.

Among them, the small and medium-sized board's goodwill increased from 25 billion 500 million yuan in 2013 to 380 billion yuan at the end of 2018, rose by nearly 14 times, and the goodwill of the gem rose from 15 billion yuan in 2013 to 270 billion yuan at the end of 2018, or up to 17 times.

In 2019, the GEM listed companies still raised about 34 billion of the goodwill impairment, plus accounts receivable, inventory and other assets impairment, the total assets impairment scale is about 48 billion.

In fact, the problem of goodwill is still worth noticing for some companies that capture hot spots in the current round.

At this stage, it is regarded as the game giant's century Huatong. It started from the auto parts manufacturing industry. Until 2014, it purchased the seven cool network and Tian You software with 1 billion 800 million yuan to cross the boundary into the game market.

Since then, century Huatong has acquired a number of game companies in succession, and has brought the dot interaction and Sheng game main business Sheng Yue network into the arms.

In June 4, 2019, century Huatong completed the asset delivery process of the underlying assets Sheng Yue network. By 2019, there were 15 billion 313 million goodwill in the three quarterly report, and Sheng Yue network accounted for half of its goodwill.

On the evening of February 18th, the announcement of the century Hua Tong said that the issue of assets purchased from the issue of shares had been completed, and the supporting fund matters were still being pushed forward. The board of directors of the company intends to extend the relevant validity period to the CSRC's reply issued on May 23, 2020.

From the 75 listed companies that disclosed the refinancing scheme after the new regulation, 55 had goodwill at the end of the three quarter of 2019, and 12 of them accounted for 30% of the net assets.

Among them, 300143.SZ accounted for the highest proportion of net assets at the end of the three quarter of 2019, 89.95%, followed by 82.47% of Li Si Chen (300010.SZ), 61.84% of Jin Sheng intelligence (300083.SZ) and 54.88% of Kaiser culture (002425.SZ). Among them, Jin Sheng intelligence was set up in November 2015. Ying Kang life, Li Si Chen and Kaiser culture were fixed in 2016.

Hot spots in the capital market are often linked to stock prices.

According to Wind statistics, 75 new listed companies issued refinancing new draft rules from November 8, 2019 to February 21st, closing up 56. Since February 14th, the new regulation of refinancing has been officially settled to 72 in February 21st, and only 3 of Kangtai biological, Grammy and Jiayao environmental protection companies have fallen.

There are even many delisting risk companies in the listed companies.

Such as 600416.SH, the net profit attributable to shareholders of Listed Companies in 2018 is negative. It is estimated that the net profit attributable to shareholders of Listed Companies in 2019 will be around 1 billion 456 million yuan, which has been implemented as a warning of delisting risks.

On the evening of February 18th, Xiang electric shares disclosed plans for non-public offering of shares, and planned to issue no more than 209 million shares to Xingxiang group. The issue price is 5.17 yuan / share, and the total amount of raising funds is no more than 1 billion 81 million yuan. After the completion of the non-public offering, the SASAC of Hunan province is still a real controller of the company through the actual control of Hunan Electric Group and Xingxiang group. In addition, the company intends to transfer the 100% equity interest of Hunan electric power in Hunan joint stock exchange.

Subsequently, Hunan Electric shares closed for 3 consecutive days.

"Now the core is to see whether the pricing system in the stock market can maintain its strength." A senior M & amp; a personage said.

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