Wartime "Patch" Half Month Notes: Wait-And-See, Change The Plan, Sign The Agreement, The Enterprise Action Is Different "Strength Faction" The War Throws The Superior Natural Person Is Still Unwilling To Desolate.

As of April 7th, the "War Patch rules" landing for more than half a month, the listed companies have also entered a heavily refinancing process of preparation or promotion.

On the evening of March 20th, the SFC issued the regulatory requirements concerning the introduction of strategic investors in non-public development stocks of listed companies (hereinafter referred to as "regulatory questions and answers"), which clearly defined the basic requirements of refinancing strategic investors and caused a lot of trouble in the market.

In twenty-first Century, the economic news reporter noted that in the past half a month, there were preparations for further analysis and demonstration of whether the relevant issue objects met the requirements of strategic investors. Some enterprises submitted the application materials earlier, and had received the acceptance letter from the SFC. Some enterprises also modified the refinancing scheme according to the relevant provisions of the SFC.

On the whole, the enthusiasm of listed companies to introduce strategic investors is greatly reduced compared with the previous rules. Wind data show that after March 20th, a total of 45 refinancing enterprises were released, but only 19 of them adopted the pricing issuance mode, accounting for only 42.2%. However, the total number of enterprises that disclosed the refinancing scheme in February 14th 20 months in February 14th was 169, of which 94 were used in the pricing issuance mode, accounting for 55.6%.

In addition, according to the incomplete statistics of journalists, in the past 60 listed companies that have introduced strategic investors as target investors, about 2/3 projects have not been updated or the impact of refinancing schemes has been discussed.

"After the patch, the new regulations will be introduced after the plan to discuss why the strategic investors, some difficult to discuss the plan may be stranded, for example, some involving insurance, public funds, Dong Jiangao plan may be very difficult to advance." A broker dealer in Guangzhou said to reporters on twenty-first Century economic report.

7 enterprises were accepted

Since the standards of strategic investors have been greatly improved, many listed companies have been trapped after half a month's landing.

Prior to the refinancing scheme, it announced the introduction of a number of natural and private equity investment funds such as Futian electronics, a strategic investor, and cancelled the second "provisional shareholders meeting" of 2020, which was originally scheduled for April 9th.

Fuli electronics pointed out that the company still needs to further analyze whether the relevant issue objects meet the requirements of strategic investors, and according to the results of the demonstration and the actual situation of the company, comply with the corresponding decision-making procedures and information disclosure obligations according to the law.

This is not an example. According to incomplete statistics of the twenty-first Century economic report, there are at least ten listed companies in Dalian, including electric porcelain, Jilin Xiang, Hongchang electronics, hi-tech development, Maddie technology, Dr. Peng, Zhong Guang Tian Zhu, and Chifeng gold. The risk is pointed out in the announcement. The existence of the target does not meet the requirements of the regulatory questions and answers about strategic investors.

While most enterprises are still in the stage of watching or wondering, there are a few lucky ones who have submitted the application materials prior to the introduction of the patch rules and have won the SFC's acceptance first.

According to incomplete statistics of economic report reporters in twenty-first Century, there were at least 7 listed companies listed in the pre disclosure refinancing scheme, including Beijing lier, Ju can optoelectronics, Guiyang bank, colida, Caltech, Guyue Longshan, and pharmaceutical science and technology, which were accepted by the SFC, many of which were issued by natural and private equity funds, but only the kleida family " A supplementary announcement was made on whether the target of non-public offering meets the requirements of strategic investors ".

According to the regulatory questions and answers previously disclosed by the SFC, "after the issuance of this regulatory question and answer, a listed company that has not submitted a refinancing application to me will be dealt with according to the above (regulatory) requirements." There is still controversy about whether the listed companies need further demonstration and supplementary consideration procedures.

In April 7th, the staff of the pharmaceutical and technology securities department pointed out to the reporter who called the investor. "We are meeting before the" patch "policy, and the acceptance time is earlier than our announcement time (March 24th). As for the later stage, whether we need to supplement the argumentation or bulk strategic investors related information in the process of audit, we are not clear.

Beijing lier securities department also pointed out: "if they need to update us there, we will add that we are waiting for their audit opinion."

Wang Jiyue, a former senior security officer, believes that it is possible to supplement information about the war, but it has no rigid requirements for the enterprises that have been accepted.

The target is still more diversified.

Faced with the confusion and frustration of some enterprises, some listed companies take the initiative to make quick adjustments according to the requirements of the SFC, so as to promote the normal operation of the refinancing. Specifically, the way it adopts includes adjusting the target of the issue, signing strategic cooperation agreement, and supplemental discussion whether it meets the requirements of strategic investors.

Last Friday evening, Huazhong CNC, East Pearl ecology and other enterprises quickly revised the scheme of non-public offering.

Among them, Huazhong CNC will issue specific objects to be adjusted to 2 specific objects: "drow intelligence and national manufacturing transformation and upgrading fund". Chen Jihong and other 33 natural persons will no longer participate in the company's non-public offering, and the total ceiling of the total raised funds will be reduced from 857 million yuan to 814 million yuan. In addition, Huazhong NC also signed a strategic cooperation agreement with the national manufacturing transformation and upgrading fund.

In addition, a number of listed companies such as Longquan stock, palmar technology, Nelson stock, Desheng technology, Lian Shi aviation and nine strong organisms signed a strategic cooperation agreement with investors. Lok medical, Fuxiang shares, Yawei shares, Xingxing technology and Miao Ke Lan Duo are refinancing plans disclosed after March 20th.

On the whole, most of these enterprises are large and medium-sized listed companies. As of the evening of April 7th, there are no enterprises with a market value less than 2 billion yuan. The total market capitalization of more than 6 billion yuan accounted for more than 60% of enterprises.

"The degree of difficulty in financing of listed companies is inevitable. Some listed companies that lack investment and investment projects and small market value companies will certainly have financing constraints." A strategist at a medium-sized brokerage firm in Shanghai said.

At present, according to the rules of patch, the introduction of strategic investors has significantly improved the threshold, and most of them have relatively strong financial strength, high-quality resources or business synergy.

Such as Khlong Ying's introduction of high allocating capital, Baidu group's Baidu investment group, and so on, are resource rich investment platforms; the Hong Kong Group to introduce Hong Kong Group, the Jiangsu residential construction introduced by corida, all belong to the same industry as listed companies.

However, in twenty-first Century, the economic news reporter also found that there are still more diversified strategic investors, including investment companies, private investment funds, partnership enterprises and natural persons in the limited cases that have been disclosed.

If Desheng technology intends to introduce strategic investors, it is a limited partnership of Beijing and Jun consulting, but the latter also shows some sincerity, indicating that it will be appointed. 1 directors participate in the operation and management of the listed companies, and assign not less than 3 professionals as the fixed liaison persons of the cooperative projects under this agreement, and agree to take the lead in assisting Desheng technology to establish the "De Sheng and Jun think tank" based on the industrial environment and policy system of the listed companies.

The two strategic shareholders to be introduced by new state are natural persons, but two natural persons have experience in real estate or equity investment, and can bring relevant resources. The strategic cooperation is valid for three years, and it is recommended to recommend directors. However, it is not known whether these explanations can be approved by the market or regulators.

"The purpose of patching is to avoid" regulatory arbitrage ", mainly to increase investment in the market and make it more long-term, stable and sustainable. A reduction in the number of projects is bound to happen, but from another perspective, it may also promote higher quality projects and better performance. " The analyst pointed out.

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