Refinancing The Shareholding Ratio Of War Investment Is Not "One Size Fits All" 76 Plans To Be Changed Or Spread To Approved Companies.

"Weekend has been studying strategic investors to identify new regulations, while communicating with customers, the proposal before may be terminated." Zhang Hao, who was a large brokerage firm's investment banking department in Shanghai, was complicatedly told reporters last Sunday night.

In just one month, the market participants are in such a different mood to face the policy of refinancing.

In February 14th, the SFC announced the revised refinancing new deal, which was considered to be the spring breeze in the spring in the market. In March 20th, the SFC announced the "regulation question and answer - regulatory requirements on the introduction of strategic investors in listed companies' non-public development stocks". 。

After a weekend of fermentation, the market is busy again. On the one hand, it is a continuous digestion policy. Through communication and communication, we will further understand the details of the policy. On the other hand, the listed companies and brokerages are ready to introduce the plan of war investment, and make further decisions: to replace or replace the case, or to further advance after the completion of the identification.

Shareholding ratio is not "one size fits all".

Although regulatory requirements have been released, some agencies have suggested that there are still some statements that are not clearly defined or need to be further clarified.

One of them is the "willingness to hold a larger share of listed companies" in the regulatory requirements. In twenty-first Century, economic news reporters and organizations learned that the market wants to be clear about how to quantify the two points of "long-term holding" and "larger proportion", that is, how long and how big the proportion is.

In response, the Commission's responsible person told reporters on twenty-first Century economic report: "there is no rigid requirement for shareholding ratio. The main consideration is for large, medium-sized or small companies. The appropriate proportion is not suitable for all trades, which requires further consultations between listed companies and strategic investors. And how to define the long-term ownership of shares, at the present minimum period of 18 months, requires at least 18 months.

At the same time, the person in charge also stressed that there is no explicit quantitative requirement. It is hoped that we can give the market a full choice and the final decision depends on the market mechanism. At the same time, the SFC also hopes that the listed companies can take into consideration the legitimate rights and interests of small and medium-sized investors and make prudent decisions.

For this statement, a senior broker in Beijing's prefix broker said: "that is to say, the larger proportion is likely to be discussed at once. Based on the accumulation of cases in the first line regulation of the exchange and the refinancing of the SFC, the law is gradually summarized."

In addition, for the identification of "larger proportion", the responsible person also suggested that we should look at other conditions together, and do not separate the understanding of the "larger proportion" requirement.

In addition to the "larger proportion" of the hot point, there is a market that is more difficult to achieve the requirement is, "appoint a director to participate in corporate governance."

"The actual operation of this process is much more difficult than that of paper regulations. Unless it is well connected with the company, it can be identified with the big east station. There are many cases of stock ownership struggle in listed companies. It is very hard for a listed company to give up board seats, which directly raises the threshold for the introduction of war investment. The chief financial officer of a large private placement in Beijing thinks.

The first plan after the new regulation

At the same time of digestion policy, the listed companies have also acted quickly.

In March 22nd, Yawei shares issued a A private placement plan for 2020, introducing strategic investors. This is also the first non-public offering plan that explicitly introduced war investment and detailed instructions after the release of regulatory requirements.

Public information shows that Yawei shares this non-public offering target is build investment and investment limited liability company (referred to as "construction investment and investment"). Before the issue, investment in construction investment did not hold shares of listed companies. After the issuance was completed, the proportion of investment and investment held by the company will reach 6.43%.

According to the combing of reporters, the plan of Yawei shares has fully followed the requirements of the SFC's new rules, and has disclosed detailed information about strategic investors. Including investment and investment in the company's operation and management, Yawei shares and construction investment and investment cooperation agreement signed, etc., the information is very detailed.

"Yawei shares should be communicated with regulators in advance, and its disclosure should also be a template for other listed companies to introduce additional investment." The aforementioned senior security professionals believe that.

According to the statistics of institutional statistics, 76 companies have adjusted the fixed price increase plan according to the new financing policy, but have not yet applied for an audit, involving a scale of over 71 billion 100 million yuan. Among them, only a few companies, such as San an photoelectric, Kai Laiying, hailing Jinhui, Longquan stock and nine strong biology, are in line with the requirements of strategic investors. That is to say, these companies need to modify the plan.

In addition to these companies, the reporter noted that there had even been received approval before, but because of the modification of the plan, the plan might be ruined.

In March 23rd, the golden cup car announcement, the application of the company's non-public offering was approved by the SFC in January 17th. However, according to the new regulation of refinancing issued in February 14th, the company was amended by the board meeting and the general meeting of shareholders. Some of the contents of the proposal were modified. In March 11th, the Liaoning provincial SASAC's "golden cup automobile Limited by Share Ltd" was adjusted for non-public issuance. Approval of stock option.

Now the regulatory requirements have further refined the requirements of the war investment. Therefore, the object of this issue is whether the Liaoning M & A equity investment fund partnership (limited partnership) is in line with the requirements of strategic investors. It is necessary to further demonstrate that there is a possibility of not meeting the requirements of strategic investors.

From the above listed companies' reflection, after the war voted to amend the storm, there will be obvious differentiation in the fixed market.

Sun Jinju, assistant director of the open source securities and research institute director, said: "pricing increases investment opportunities better, but the threshold of participation is higher. In the future, it will develop towards the direction of" less and more sophisticated ". The number of projects will be reduced, but the quality and performance of projects will be better. The bidding price will be increased by 20 percent off of the base price, 6 months' lock up period and no restriction on the new rules, which will gradually be favored by investors and become the core variety of the fixed market.

Cong Hui, head of the capital market department of CICC, said: "it is also true in overseas markets. According to our statistics, only about 1/3 of the Hongkong equity market has introduced strategic investors in the past three years of equity issuance. Most of the projects are still for institutional investors, and they are issued through enquiry bookkeeping.

(Editor: Wu Yan Ling)

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