The "Olive Branch" Survey Of Private Placement: Rui Yuan, Xingquan, Jianxin And Other Runners In The Field Were Called "Rejection Items".

The new rules of refinancing make the enthusiasm of fund companies participate again.

"Due to the fact that we will be in the period of intensive reporting of project issuance and fixed increase, we will have a very frequent interaction with enterprises." In February 27th, Liu Kaiyun, general manager of the investment center of the Kowloon Thai fund, told the business reporter in twenty-first Century.

Recently, according to the statistics of twenty-first Century economic report, as of February 27th, a total of 6 fund companies participated in the 5 listed companies, with a total increase of 1 billion 750 million yuan.

According to the reporter, there are a large number of fund companies to actively prepare for entering the fixed market.

Running admission

"After Mashimatsu was set up, on the one hand, the listed companies have increased the enthusiasm of the issuance increase, and on the other hand, the fund companies have also increased the enthusiasm of the fixed increase." In February 27th, Yang Delong, chief economist of Qianhai open source fund, said.

In fact, there is a strong demand for listed companies. The new policy of refinancing has just started to land, and the supply and demand of market funds will be relatively tight.

Due to the sharp decline in the fixed capital raising market over the past 3 years, many unissued projects have been accumulated. After the introduction of the new deal, there are more refinancing projects waiting to be issued. Public figures show that as of February 14th, the total number of outstanding projects increased by 72, with a planned financing of 109 billion 100 million yuan. At the same time, due to the small investment growth in the past 3 years and the sluggish issuance of fixed investment funds, the existing fixed investment fund is very small, and the market has limited funds to increase investment.

"It is foreseeable that in the next period of time, a large number of projects waiting to be issued will chase a small amount of fixed investment funds, and the discount rate will be higher if the issuance increases, and the margin of safety of fixed investment will be very considerable. In the future, with the gradual increase of fixed investment funds, the discount rate will be gradually reduced. The early fixed investment fund will enjoy a 3-6 month policy dividend period. Liu Kaiyun said.

At this time, a number of powerful fund companies enter the fastest speed.

According to incomplete statistics of economic report reporters in twenty-first Century, after the new regulation of refinancing in late February 14th, in from February 15th to 27th, there were 62 listed companies in Shanghai and Shenzhen two cities to disclose plans for additional issuance, of which 54 had a fixed discount rate of 80%, that is, they had been deregulation under the new regulation of refinancing and adjusted from 90% of the old regulation to 80%.

After the new regulation of refinancing, the number of fund companies has already appeared in the first batch of disclosure plans. According to the twenty-first Century economic report reporter, as of February 27th, a total of 6 fund companies participated in the 5 listed companies since the new plan for refinancing has been announced. The total increase has reached 1 billion 750 million yuan.

In February 20th, 300010.SZ announced a fixed increase plan, and the subscription amount of Xingquan Fund (including 9 public offerings and 1 special account products) was 250 million yuan. The subscription amount of the construction trust fund was 40 million yuan, and the subscription amount of Rui Yuan fund was 230 million yuan. In February 21st, the subscription amount of 300470.SZ, the Wells Fargo fund and the Xingquan fund were 60 million yuan respectively, and the February 25th announcement was fixed. 002237.SZ, Qianhai's open source fund subscribed for 200 million yuan, and the subscription amount of the financial fund was 100 million yuan. In February 25th, the 300725.SZ was announced, and the subscription amount of Xingquan fund was 650 million yuan. In February 27th, the Maddie Technology (603990.SH) with a fixed increase plan was announced, and the subscription amount of the rich country fund was 60 million yuan.

In addition to the above 6 fund companies, there are a number of fund companies are on their way to increase.

"At present, we have reserved some key targets and will participate in some key projects in March and April." Liu Kaiyun told reporters that the nine Thai fund kept a close track of all the fixed assets in the market, and chose to increase the target according to the criteria of selection and selection.

In addition, according to the reporter, a number of fund companies are preparing to declare a fixed increase fund.

"Is preparing for the declaration process." Liu Kaiyun said.

"CAITONG fund will be combined with the current market situation in the future, and plans to increase the issuance of public offerings and special account products." People of Finance and communication fund told reporters.

Several fund companies have told reporters that the meeting has already discussed the issue of fixed increase, and public offerings and special accounts have many products in design and preparation.

Discount advantage

The new regulation of refinancing in February 14th has become a watershed for the fund to participate.

In the past 2015-2016 years, there has been a happy time for the fund's participation. In 2015, the total volume of blowout increased by twice as much as that of the previous year.

"Issuance has always been the most important way of equity financing. Every year, enterprises get more financing than the IPO and other equity financing channels." An introduction to a finance and communication fund.

After 2017, the size of the financing increased sharply from the 1 trillion and 70 billion of the peak period in 2016 to 122 billion 900 million in 2019.

It was not until February 14th that the new rules for refinancing landed, which allowed the fixed increase to return to the good old days, which made significant difference in the increase of participation in the past two years.

On the one hand, the issue discount rate is raised. The discount rate should be revised to 20 percent off from 10 percent off of the average stock price of the 20 trading days before the day of the benchmark price, and the margin of safety margin can be increased obviously by increasing investment.

"It is expected that the average discount rate will be substantially increased by 5%-10%." Liu Kaiyun said.

Discount rate is one of the core concerns of fund companies. Looking back on history, data show that the contribution rate of discount rate to yield reaches 53%. The long lock in period and low discount rate after 2017 led to a continuous decline in the attractiveness of capital to capital, which is reflected in the failure of the issuance and the increase in the amount of capital raising. In 2018, the probability of failure to increase issuance was as high as 52.4%, and in 2019 it continued to rise to 52.6%. Meanwhile, in 2018, 52.7% of companies did not raise funds, and in 2019, the proportion rose to 56.6%.

On the other hand, the fixed increase of new regulations has greatly increased the number of issuer, significantly reducing the investment threshold of a single increase project, which is conducive to the construction of investment portfolio through decentralized investment, and reducing the volatility risk of fixed investment funds due to over centralized ownership.

In addition, the new rules provide more convenient exit mechanism. After the lifting of the fixed share sale period, the new regulation will not be reduced, and the time and scale of the project exit will be more flexible so as to facilitate the lock in revenue. Meanwhile, the lock period will be further shortened and the efficiency of product capital utilization will be higher.

After the new regulation of refinancing was increased, the listed companies showed a high degree of enthusiasm for fixed growth.

"At present, a number of listed companies have contacted me and hope that our company will participate in their subscription." A fund company personage told reporters, but because of the risk, so the fund company has rejected many listed companies olive branch.

How do fund managers choose projects?

In the fixed increase, the fund company has the right to speak as the capital side. Fund companies generally have strict control over fixed increase risk.

Liu Kaiyun said, "on the one hand, we found the risk point through in-depth study of fixed increase. Through the systematic research system, the Jiu Tai fund will carry out the first, second and final rounds of the evaluation of the fixed increase projects, and strictly control the project risks. On the other hand, we set a certain margin of safety by controlling participation in the valuation level of the target. "

"For the screening of fixed increase projects, we should comprehensively measure from all aspects such as market, cost and value, dig out potential incremental projects, choose the right time to enter and exit, and strive to increase investment returns." Jianxin fund people briefed reporters.

"We choose the target mainly based on the competitiveness and growth of the listed companies in the long run, and hope that the bidding has been tested for a long time." Liu Kaiyun introduced.

Yang Delong believes that when the fund companies increase, three points must be noted: first, the fundamentals of listed companies should be better; two, the fixed stock will be locked for 6 months, and the market will go well when the lifting of the ban is expected; three, it is necessary to add stocks to meet the fund managers' investment style, that is the stock they originally wanted to buy; four, to increase the price must be attractive.

"Fund companies are likely to make profits if they participate in the fixed market growth, such as better market and better corporate governance. The fixed price increase will be twenty percent off lower than the market price, but there are risks. Therefore, when fund companies participate in the market, they also need to adhere to value investing, do more basic analysis, and focus on the long term. Yang Delong said.

"At present, companies with good quality are more likely to be bought by powerful fund companies, which is the result of the best two-way choice." Zhang Ting, a fortune researcher, said that for fund companies, they should focus on the company's texture, development prospects, current profits, valuations and fixed price increase. "For fund companies, it is difficult to select high-quality and discount prices in the growth of many small and medium enterprises. It's a challenge. "

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