The Tide Of Refinancing Of Listed Companies: The Embarrassment Of Smith Barney Clothing

On the evening of February 14th, new regulations on refinancing were issued. The enthusiasm for refinancing of listed companies has been aroused for a while.

According to Choice data, as of the end of the time, there were 83 listed companies such as fixed increase, issuance and issuance of convertible bonds.

The 83 figure does not include companies with refinancing intentions. According to incomplete statistics of times finance, Lok Xin medical, Sanfo outdoor, aide, Lai Mei medical care, Lu Xiao technology and other companies also issued a suggestive announcement on planning non-public offering stocks.

In the announcement tide, some companies stood on the tide and took the lead in throwing out a "starry gleam" plan to create a strong combination of star companies and star organizations; some companies were slightly embarrassed, the stock prices were sluggish, the fund-raising amount was constantly lowered, or the number of shares issued was extended to maintain the amount of funds raised previously.

In February 25th, Zhu Qicai, director of investment fund investment, told times finance that the standards of participating agencies were very similar when they screened targets. The industry, fundamentals, fixed price discount rate and capital use were all concerned.

In addition, two registered companies in Hubei also adjusted the fixed increase plan according to the new regulation, namely, San an photoelectric and Guangji pharmaceutical industry. Financial Times also called the two companies to make public phone calls to see if the epidemic will affect the increase and daily operation. The former staff said there was no effect, and no one answered the phone as at press time.

　　 Mei Bang clothing three degrees easy to draft, but the stock price is disappointing.

In February 22nd, Smith Barney also announced the third revised version of the 2019 annual A share issuance plan (hereinafter referred to as the "three draft plan").

When the clock was returned to February 1, 2019, Smith Barney threw out a 2019 year plan for non-public offering of A shares, raising the maximum amount of 1 billion 500 million yuan, while using two items, namely brand upgrading and product supply chain transformation projects, and repayment of bank loans.

In June of the same year, the first amendment was made to the program, and the ceiling was reduced to 1 billion 320 million yuan. After 3 months, the amount limit was lowered to 1 billion 304 million yuan again.

Compared with the second draft, the three draft is unchanged. The change is mainly aimed at the adjustment of the new regulation of refinancing, including the 80% of the average price of the company's stock transaction on the 20 trading days before the issue of the base price is adjusted to the non-public offering price. The target investor is no more than 35 specific investors, and the stock subscription period for the issue of the issue is changed to half a year.

However, as the share price fell again, the number of shares issued in the three draft of the plan increased by 251 million 250 thousand shares.

If the same amount is raised and the share price falls, the number of shares issued will increase. Zhu Qicai, director of investment fund investment, told Times financial analysis, "this situation is quite damaging to a shareholder, because the shares of former shareholders have been diluted. But if we still want to reduce our holdings, we will continue to raise money in this case, which means the company is still short of money.

Zhu Qicai believes that "fixed growth" is essentially a big shareholder and fixed increase investors, and the game between fixed investors. The game between big shareholders and investors will also affect the game between investors. We need to analyze and analyze the attitudes and behaviors of major shareholders in every investment. "

In these plans, the total investment of the US state clothing investment project has been maintained at 3 billion 505 million yuan. That is to say, even after the completion of the increase, the funding gap faced by the United States and the state of the apparel industry is still large and needs to be solved by itself.

From the point of view of cash flow, according to the US bond dress announcement, the cash flow generated by its business activities in the three quarter of 2019 was only 50 million 566 thousand and 400 yuan, while in this year's report, this index was -3882.22 million yuan. In addition, as of the three quarter of 2019, the net cash flow generated by the United States apparel investment activities and the net cash flow generated by fund-raising activities were -1.23 billion yuan and 21 million 188 thousand and 400 yuan respectively, and the balance of cash and cash equivalents at the end of the year was 329 million yuan.

In recent years, the profit data of Smith Barney apparel are also hard to see.

Mei Bang apparel annual report from 2016 to 2018, and net profit after deducting non recurring gains and losses in the three quarter of 2019. Unit: 100 million yuan

In the process of several revisions of the public notice, the price of Smith Barney's clothing has also been in turmoil. Before and after the release of the scheme, its share price fluctuated from 2 yuan to 3 yuan, and it fell again after reaching the highest price of 3.53 yuan in April 10, 2019. At the end of last year, after a small peak of 2.93 yuan, the price of Smith Barney apparel continued to slump. In February 25th, it closed at 2.11 yuan.

That is to say, the upper limit of fund-raising in the three draft will account for about 1/4 of the total market capitalization of the US bond market (in February 25th, 5 billion 327 million yuan).

It is worth noting that in addition to the United States and other countries, after the release of the new regulation, 2 refinancing companies with a stock price below 3 yuan have also made new developments, namely, Li Peng and Shengli precision.