"18 + 8 War Investment" Policy "Brake" Early Signs, 57 Listed Companies' Refinancing Plan May Need To Be Adjusted

The listed companies that adopt the 18 month lock-in period and introduce the strategic investor scheme (hereinafter referred to as "18 + 8 battle investment" scheme) for refinancing with a lock-in period of 18 months and a 20% discount of the stock price on the base date, ushered in a wave of intensive program revisions.

The "No. 22 subscription price" was revised to "No. 22 investment plan" of "keying", and the "No. 22 subscription price" was revised to "No. 22 investment target".

Prior to this, Carling has launched a detailed demonstration on whether "Hillhouse capital can be identified as a strategic investor".

On July 23, Carling opened lower than 4%, but then narrowed its decline. Combined with the day's closing, it rose 0.78%.

This signal, let many market people shout "investment wind direction changes", "18 + 8 war investment is pressed pause key".

As a matter of fact, as early as early as June, when the nine strong biological and Zhongcheng shares adjusted the refinancing plan, and strategic investors voluntarily extended the lock-in period to 36 months, the market had already smelled the current situation.

21 century economic report reporter previously reported that "A-share refinancing: lock up period extended, approval faster?"? The "voluntary" lock up of subscription objects has been controversial for three years. It has been revealed that the announcement of regular change of the lock up by listed companies is the result of communication with regulatory authorities.

The proliferation and change of kaleidine once again caused an uproar in the market.

On July 23, a medium-sized securities firm investment bank in South China confirmed to reporters: "there is a window guidance" and "before we felt wrong, we changed the bidding.".

As early as the evening of July 13, Kangchen pharmaceutical and Yaoshi technology withdrew the application for non-public offering of "18 + 8 war investment" issued by the company in late February and late April respectively. Picture Xu Hui

Enterprise intensive reform plan

Kaleyin's experience is only one part of the change of the "18 + 8" policy.

As early as the evening of July 13, Kangchen pharmaceutical and Yaoshi technology withdrew the application for non-public offering of "18 + 8 war investment" issued by the company in late February and late April respectively.

The reasons for termination of both are "prudent decisions made after considering the internal and external factors and the changes of regulatory policies and capital market environment and the actual situation of the company.".

At the same time, the two companies also issued new fixed increase plans. Among them, the issuance mode of Yaoshi technology was adjusted from lock price fixed increase to inquiry fixed increase with lock-in period of 6 months, and the issuing object was adjusted from "Xingquan fund" to "no more than 35 specific investors".

The issuing object of Kangchen pharmaceutical was adjusted from "Wang Xijuan, the company's first phase Employee Stock Ownership Plan" to "Wang Xijuan and CBC investment (a wholly-owned subsidiary of Kangqiao phase IV US dollar fund controlled by Kangqiao capital)" and the lock-in period was extended from 18 months to 36 months.

However, at that time, there were some disputes about whether the "ESOP" and "public funds" could produce strategic synergy with the listed companies, and the changes of the plans of the two enterprises did not cause great waves in the market.

Recently, the adjustment of the fixed increase plan of Carlin and ofight has caused great controversy.

On the evening of July 22, ofight also adjusted its earlier non-public offering of A-shares, which also changed the fixed price increase to the fixed price increase through inquiry. The issuing objects were changed from "no more than 35 specific objects in line with the provisions of the CSRC, including China Construction Investment Group and Hefei Heping screen" to "no more than 35 specific objects in line with the provisions of the CSRC", with a lock-in period of six months.

"Hillhouse has a strong strategic synergy significance for Carlin and Construction Group for ofight. The plans of these two enterprises have also been knocked back, and the risks must have changed." An industry fund in South China said.

As the above-mentioned enterprises enter the stage of adjustment, the refinancing probability of many listed companies will also face variables.

Wind data shows that since the issuance of the new refinancing rules, 617 listed companies have issued refinancing plans. Among them, 57 companies are in the normal state of review, with the purpose of "introducing strategic investors" and adopting the "18 + 8 war investment" mode, including Tencent, Alibaba and other large enterprises.

In addition to the additional capital of Kailing group, which is planned to increase by RMB 2.18 billion, the capital of Kingtech is expected to increase by about RMB 0.73 billion, which is planned to increase by about RMB 0.83 billion in the period of capital increase Issue shares.

The dispute on the fixed increase of "18 + 8 war casting"

Our reporter learned from investment banks, investment institutions and other people that most of the enterprises adopting the "18 + 8 war investment" fixed increase mode are facing the withdrawal of materials or modification of plans.

Meanwhile, the refinancing plans of the top nine bio and Zhongcheng shares, which have extended the lock-in period to 36 months in advance, have been approved and approved by the CSRC.

The refinancing project of Ningbo port, which was approved by China Securities Regulatory Commission (CSRC) on July 20, adopted price lock and fixed increase, but the issuance price was "10% of the average trading price of a shares of the company 20 trading days before the pricing benchmark date", and the lock-in period was 36 months.

All kinds of signs show that the regulatory direction of the "18 + 8 war investment" policy in refinancing has changed greatly, and there are also four market disputes.

Some people in the industry believe that the change of regulatory wind direction may cause certain interference to market expectations.

From the above-mentioned cases, most enterprises modify the refinancing plan mainly from two aspects: one is to extend the lock-in period; the other is to adjust the lock-in issue to a six-month lock-in auction.

Another person in charge of the investment banking department of another medium-sized securities firm in South China pointed out to our reporter: "the auction seems fair, but it will lose the real long-term investors, especially the introduction of state-owned funds and insurance funds. If the price is not locked, the process can not be carried out. This is a problem of market efficiency."

"Pricing is a very good system, but the conditions are too broad, which makes it impossible for the market to distinguish between" pricing issuance for speculative purposes "and" pricing issuance for investment purposes ", which leads to today's situation The person in charge added.

Wang Jiyue, a senior investment bank personage, pointed out: "if the refinancing rules are indeed unreasonable, they should also be adjusted, but we should be careful when formulating the rules, and should not patch after the rules are issued, let alone back to the window guidance."

In Wang Jiyue's opinion, it is more reasonable for the board of directors to lock the issue with a 20% discount on the benchmark date for 36 months. It is more reliable to determine the identity of strategic investors by long-term shareholding than to determine the nature of funds or whether there is actual industrial support. Strategic investors should be a common concept, and should not be different due to the different varieties of refinancing and IPO. It is unreasonable to meet the criteria for strategic investment in the growth enterprise market of the science and technology innovation board, but not the standard of the war investment in refinancing.

"The development of listed companies may require strategic investment of industrial capital in the upstream and downstream of the industrial chain, and may also need to focus on the investment of financial capital or PE capital in the industry. Of course, the investment of national IC industry fund is strategic investment, and the investment of Hillhouse capital can also be strategic investors." Wang Jiyue added.

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